Whom to Blame for our Trading Losses?
Who’s to blame for trading losses? Is it the broker because of platform issues? Is it because of expiry scams? Is it because the news was not as expected? Or was it because you made a bad trade? Knowing who is to blame is a step in the direction of long term profits.
Who is to blame for trading losses? This is a question not often asked by traders because they have already decided it is somebody else’s fault. Usually it will be the broker, the platform, the news or some other third party or event unveiled as the culprit. It is just too easy to think that it is somebody else’s fault when in fact it could be your own. Now, I am not saying there are not legitimate reasons why your trades may be failing but, as a favorite musician of mine used to sing, “before you judge me, take a look at yourself”. Or in other words, first make sure of the cause before you go laying blame somewhere else and write up a big stinking article about how your broker is screwing you over. At the same time you must look at complaints you find on the internet with a grain of salt. The web is an easy place to post information and who knows how much of it is actually true.
When you go online looking for complaints ( some people call it looking at reviews but aren’t we really looking for the complaints?) it is easy to find wild stories about how this person did that or that company did this. The thing is, they are mostly stories. If you dig into what is being said more often than not you find a disgruntled person. A study conducted in the Netherlands found that about 23% of people posting on line do so purely for vengeance. A slightly larger group was said to have negative intent. The same study also found that older men were the most likely to complain on-line which at first seemed unusual until I thought of my dad and his use of the internet. Lets just say his digital presence is a little crotchety. So, based on this statistic you can assume that at least 23% of the bad reviews or complaints you see on line about how a broker cheated some poor trader are driven purely by spite and may have very little in the way of truth to back them up.
Bonus is Someone to Blame
One area of concern regarding binary options scams are the bonuses. Yes bonuses are on the shady side but the terms are always clearly (at least in the case of trusted brokers) stated. How many times have you read a bad review or complaint about a broker not delivering on a withdrawal request? A lot I’d bet. I’d also bet that a fair number of those complaints and bad reviews come from traders who accepted bonuses without fully understanding how it would impact their ability to withdraw profits. This is not to say that some complaints are not legitimate or that you should not complain if the situation merits it. Complaining, venting, is a good thing when done in moderation. Negative feelings can build up to the point where they can have a negative impact on your life. Venting and complaining can releive you of that burden.
One researcher has pointed out though that even better than venting is finding a solution. While venting can relieve stress and allow you to move on it does not provide the closure and satisfaction solving the problem. Traders who continuously blame the brokers will never have the satisfaction of learning to trade successfully because they refuse to accept the blame for their losses. Trading is difficult, changing yourself is harder, laying blame is easiest of all. Picture this, a trader chooses to use 60 Second options, a known risk, without understanding the brokers sell options at rates that do not necessarily reflect the spot price of the asset. If 60 seconds is not enough time for the asset to move into the money is it the brokers fault for offering a risky trade or the traders fault for not understanding how the trade works?
So, Who Is To Blame?
I know this article was a little bit of a ramble but I think I got my point across. Complaining is good, in the right place, but you have to know when to complain and when to understand that it may be your own fault. Trading can be very stressful if not approached with the right frame of mind. I would like to say that I have overcome the fear and greed that drives that stress but I know that it still lives in my heart. However, I have been able to accept the responsibility for my own trading decisions and that has allowed me to find peace with trading, a kind of zen balance. If you find that trading is causing you so much stress that you need to lash out with a complaint I suggest to you take a step back and get a fresh perspective because it could be your own fault.