Binary Options Dreams or Delusions? Unreasonable Dreams Could Lead To Losses
We all have dreams and as a trader it is easy to dream of wild profits. Are you a greedy dreamer with unreasonable ideas of guaranteed binary options profits?
Pro or beginner, we are all dreamers. We fantasize about becoming good at sports, traveling around the world, making money on binary options, saving whales and about a whole world of things. Nothing wrong with having dreams, they make you happy and keep you fighting during difficult times. Dream about success and you might become successful but don’t get too carried away, because that’s when it backfires. In my time as a trader I have come across many binary options traders, beginners and experts and one thing connects them all; dreams of profits. The difference is how they dream of profits. This is the first in a series of three articles outlining what different types of traders dream about.
The Greedy Dreamer
Beginners sometimes have the funniest dreams ever! They see one ad; “make 500$ and hour” and their imagination goes wild then they lose touch with reality thinking of all the money that is about to fall into their lap. I remember this guy who was so up in the clouds that he was going to sell his motorcycle and hand the money over to an obvious scammer. He was dreaming that he could soon turn his cheap scooter into a Harley Davidson… and make enough to send his kids to college. He didn’t even know what binary options were, much less how to trade or read charts. Pure greed is what it was. I guess the wroom wroom of the Harley was so loud it clouded his judgment. . . or maybe it was the exhaust fumes. In any event it is wise not to let your dreams grow out of control and lead you astray.
I think we’ve all been this person at some time… You know, the guy who thinks he is being smart with his excel calculations and fancy mathematical equations, projecting all the profits he’s going to make and then spending money he doesn’t already have. You may think of this person as being a smart mathematician but I say no, this a math magician and nothing more than a reckless dreamer, trying to conjure profits right out of thin air, never taking into account what it takes to be successful as a trader. Recently, one of these math magicians was telling me that according to his calculations he would be making several millions within the next two months and was looking into renting a jet, a jet! This was because his ultra-fool-proof strategy would lead to a steady and exponential income, as outlined by his calculations. At first I thought he was joking but he was dead serious and even showed me his spreadsheet! Soo naïve… The funnies part of this story is that the guy was already worried about whether the broker would pay him his millions or not and he hadn’t even made a first deposit yet.
The Lazy Dreamer
Trying to reason with anyone from this group is very frustrating because they have basically next to zero interest in learning how to trade. Their dreams are far from becoming self-sufficient pro traders. They just want someone else to do all the hard work, they dream of finding a Guru, a signal service or autotrader that will turn their money into millions while they lay on the beach drinking Mai Tais. The funniest part about this group is that they usually have the audacity to complain about all the signal services they’ve tried of which 99% have been scammers. If you didn’t get it after the first, second… or fifth bad experience maybe the problem is your stupid lazy dreams in first place? How about making an effort for a change? But no, they keep dreaming about taking a nap or watching TV all day while a robot makes them thousands every week! Good luck… trading is hard, if it was that easy wouldn’t we all be drinking a Mai Tai (or other personally appropriate celebratory drink) right now?
Dreaming Of The Magic Bullet
I can’t really blame some people for dreaming about finding the ultimate map that leads to success. In fact, I sympathize with them because I used to think in a similar way myself. I mean; if there was someone successful I wanted to know what he or she was doing! But the problem is that this dreamer thinks the formula for success is something simple, just a 1-2-3 system that they can understand in minutes and copy for themselves. They want to do the work of trading, just not the work of learning to trade. In their imaginations, all the struggles and hard work that a pro trader has put into his trading is blurred out and neglected. Instead, they keep chasing something that does not exist. It can be a hidden ultra-strategy, the secret coaching service or the formula of a pro… While they are busy desperately looking for a secret, they forget to spend time on learning – which actually is the secret they were searching for all along! The funniest thing is that they often put in as much work, or more sometimes, searching for the secret answer than they would have they had just started learning to trade.
Conclusion – Dream on, it Helps!
Having achievable goals is important and sometimes it is favorable to exaggerate them. Keeping your goals a little bit out of reach is a good method reaching greater success. If you aim for 30 pushups you might end up doing only 20 but if aim for 50 you may do way more! Having dreams helps because they are encouraging and make you try even harder, and help you stay committed to your goals. The caveat is to keep them reasonable. Some wishes and dreams are just not achievable; repeatedly failing to achieve unreasonable dreams can lead to a lot of frustration and for us traders a lot of loss. There are no secret formulas or strategies to guarantee success, no Guru’s or autotraders either. The only secret is hard work, education and patience. It’s OK to dream of wild profits so long as you understand the path is not as easy as the ads like to say.