Drugs, Booze and Trading – This is How you shouldn’t Trade Binary Options
Well, I should be able to answer that question with a pretty high degree of accuracy because I’m no stranger to either of them. As you may know, I trade and that’s a major part of my life for a few years, but what some of you probably don’t know is that I owned a pub a while back, just before I started trading. Take my word for it, drugs and booze don’t go well with any kind of business, but combining any of them with trading… well, it’s a time bomb waiting to explode. It might be safer to combine both of them at once with trading because if you have a clash with GanJack (Ganja and Jack Daniels), there’s a distinct possibility that you won’t be able to push any buttons on the keyboard. At least your money will be safe, but then again, you might need a doctor… and hopefully the man’s not drunk or stoned. Before we start, make sure to read one of my favorite stories, the story about Igor the drunk trader who lost all his profits over one crazy drinking night.
I never mixed alcohol and trading and I never will, but some guys do and just how someone goes through different stages of being drunk, trading while intoxicated has its own stages.
I’m gonna have a drink. Yea, sure, after all a drink is ok, and can’t hurt anyone. It’s a stress relief and trading is stressful anyway.
The booze is starting to take over. Most guys either stop trading or stop drinking after the first glass… but the stubborn ones keep doing them both. Because they can…
I’m the best trader I know. Ok, now things are starting to heat up: one winning trade and a couple of drinks later, our guy starts to think he is really a market wizard: “Pfff, this trading is easy! Why do they tell me to study and practice…? I am a natural born talent!”
Money management?!? Ha, I’m invincible! The poor guy is on a sure path of blowing his account but he just doesn’t know it. By this stage his vision is kinda blurry and his ego is through the roof. Of course, his normal investment amount is too small for such an invincible guru and he starts to trade like a high roller. The first loss comes and it signals the beginning of the end…
I’m gonna make it all back! A mixture of anger, regret for the losses he took and need for revenge makes him open another trade… and another bottle. The amount he trades increases again because he must make back the losses and in his intoxicated mind, this is a good decision. The account is starting to take heavy blows because our trader keeps trading with larger positions… his agony is close to an end.
The Blackout. Of course, every good party deserves a good blackout: the bottle is empty, it’s the last Call for booze and trading. One final trade is all his account is able to take and his wobbly hands place it just before he lays his head on the keyboard thinking “I’m gonna close my eyes for a minute or two until my trade expires” Yea, sure, a minute or two…make that 10 hours.
The WTF moment. Head exploding, drooling down on his chin and a keyboard pattern on the side of his face are clear signs for our “master trader” that something went terribly wrong last night. Knowing he did something bad, he quickly checks his account just to realize what he already felt deep down: “Account balance – $0.00”. “S#1t! The bad broker stole my money again!!! Scammers!!! Now I’m gonna go and expose them on BOTS for the scammers they are.” But the first thing he sees on the BOTS homepage is a little article called “Drugs, Booze and Trading – Will it help me?” … I bet he has the answer now but he wishes he would have read that article a night before…
The Sober Conclusion
Every trader is free to make his/her own decisions. Personall, ThatSucks.com (former BinaryOptionsThatSuck.com) is against drugs. Mixing booze, drugs and trading is a clear recipe for disaster. If you treat trading like a business, behave accordingly. If you want to gamble, you might as well have a drink while doing it. After all, gambling, casinos and booze go hand in hand, but when business is mixed with alcohol, a trader might end up in one of these Rehab Centers (For a list of Rehab Centers, click here) , but probably a lot cheaper ones.