4 Money Management Rules You MUST Follow
Let me guess - you've tried trading on your own, won some money - maybe you've won a lot - but you end up giving it all back AND MORE. I don't care what anyone tells you, every successful trader has done it too. Unfortunately, until traders do experience this type of failure, it's impossible to reach true success. Because from this failure comes expensive lessons that teach these 4 money management rules that you MUST follow if you want to make money trading. Fortunately for you, these will be followed automatically if you're invested in any of our AutoTradingBinary portfolios.
Rule #1: Double Down Doesn't Do
Martingale trading (doubling down after every loss) is a recipe for disaster. You will get away with it today, tomorrow, maybe for a week or a month. But there will come a day when the trading gods turn against you and you lose 5, 6 or 10 trades in a row. You will lose all your money. Do NOT do it. Do NOT double down when you lose unless it's part of your plan. If you do it indefinitely, you're digging your own grave. With our automated binary options trading, we will only "double down" if strategy calls for it, and never more than once. So, you're good here.
Rule #2: Always Have a Profit Target
Before you place any trade, you should know what your goal is. Set a goal for the trade (with binary options it's easy because there are only two outcomes). Our top traders also encourage you to have a DAILY GOAL, along with weekly, monthly, etc. When you reach your goal - STOP TRADING. AutoTradingBinary success comes from every portfolio and every manager having it's own set of goals that are always adhered to.
Rule #3: Don't Over Trade!
Don't get greedy when you win 3 trades in a row and think you're hot. Stick with your strategy and follow the trades that come, but do NOT try to invent trades just because you're invincible. It will beat you in the long run. Automated binary option trading will ensure that you always have a strategy. We make rule this very easy to follow.
Rule #4: Leave Emotions at the Door
Easier said than done, right? When you're winning money, it's easy to get scared and sit on your hands when a perfect trade pops up. When you're losing money, it's easy to get extremely frustrated and over trade or, even worse, invest more money in the trade at hand than you are comfortable with. A bit of advice from every successful trader: if you feel emotions (good or bad) when you place a trade and it impacts your decisions in ANY way, you're investing too much. Trade less until the emotions go away and you can make decisions based on the market conditions and your strategy and NOT based on fear or greed.
If you're able to abide by these four VERY important money management rules, you have a very strong chance at success. If you violate any ONE of them, you are doomed.
Or - take the easy route and let us do all the work for you with our automated binary option trading accounts.