How To Target A Winning Binary Options Trading Streak
Winning streaks are one of the best things about trading. A nice long series of wins can produce enough profits to change even the most robust lifestyles. Find out how to target and produce winning streaks for binary options trading.
An article I just read postulated the thought that you can and should target winning streaks. Based on the article you would think that this is not as hard as it may sound and may in fact be a viable form of strategy, too bad the website is an affiliate marketing scheme. But the question has still been raised. What is a winning streak and how can you target one, that is, how can you have one on purpose? It seems to me the beauty of a winning streak is that it is a string of wins that goes above and beyond what you would normally expect. All professional traders, whether they are gamblers or legitimate speculators, like to have winning streaks. All professional traders, of both varieties, know that losses are part of the game and even expect them. They know that winning “streaks” are just that, a streak, something to be watched and marveled at but not something to be “expected”. So if this is so, then how can it be that a winning streak can be targeted?
Focusing on the Matters of Winning Streaks
Discipline, strategy and trading systems are how winning streaks can be targeted. However, you first must accept that losses will come and that no streak can or will last forever. Once that you have accepted losses you can then begin to look at your trading in terms of streaks. Any two winning trades placed back to back can be considered a winning streak. The more wins you have in a row the longer the winning streak. In another sense a string of trades in which you have more wins than losses could also be considered a “winning streak”, especially when compared to another set of trades in which there are more losses than wins. Discipline, strategy and trading systems are the means of accomplishing both kinds of streaks.
Haphazard and random trading can produce a winning streak. For that matter, a trader who fails to follow basic money management rules can also produce a winning streak. The thing about these two scenarios is that the streaks will be fewer, farther between and on average far shorter than a winning streak produced by a trader who is disciplined, uses a strategy and has a trading system. Think about it like this, the more you prepare yourself for losses and to recognize a winning trades the more you prepare yourself to produce a winning streak. It’s like the belief that the most successful people create their own luck. It’s not so much of being lucky, but of preparing yourself for the opportunity and being able to take hold of it when it presents itself. Every one of us has the capacity to produce a winning streak and to create our own luck.
How To Have A Winning Streak
What does it take? It takes discipline. You must be able to make rules for yourself, and then be able to follow them. A trader who makes rules and then second guesses him (or her) self, changes the rules or ignores them will not be able to “create” a winning streak. This trader is basically gambling, choosing trades at random and allowing shorter term movements to supersede their longer term analysis. It also takes a strategy. A winning streak can come without a strategy but it would be a completely random and unpredictable streak because there would be no underlying reason for the trades to be profitable. Strategy provides a framework, a skeleton so to speak, for a winning streak to stand on. Once, and until, the first two requirements are mastered a trading system will allow you the freedom, flexibility and SAFETY to keep on trading until you can generate a profitable streak of your own. Trading system uses money management rules like position sizing to guarantee that no one trade can wipe out your account while at the same time allowing your profits to grow as your account grows.
So, my last thoughts on the old winning streak. They are great, they are awesome and they can be targeted, but just not in the way you may have at first thought. You can not rely on luck or chance to produce a “winning streak” that will help you pay the bills. However, if you work hard and learn about trading, can be disciplined, use strategy and apply a system you can put yourself in position to have a winning streak. Hell, you many even put your self in position to have a streak of winning streaks. Imagine, being able to consistently produce a dozen or more wins in a row with only one or two losses between. That’s what I call a profitable proposition.