Binary Options Trader? Trade like the Dragon!
Most of us know who Bruce Lee was. Some of us might remember him as a great actor, others as a great martial artist or both, but I’m not here to discuss that. What I want to say is that he had an amazing way of self-improving by focusing on himself and turning that focus outward. I have discovered that any famous phrase Bruce Lee has said about life and martial arts can be adapted to trading! I’ve practiced martial arts myself from the age of 13 and would like to share with you how to apply Brue Lee’s teachings about discipline and focus to binary options and trading.
Why is Bruce Lee’s Teachings Relevant to Binary Options Trading?
Bruce Lee had the dedication that was necessary for becoming an excellent and skilled fighter and actor. He devoted his time, no his life, to improve as a martial artist and as a person. The key is that his goal, and the goal of martial arts, is to improve as a person and that has a lot of bearing on trading and the trading lifestyle. For this reason I’ve looked through Bruce Lee’s famous quotes and picked my favorites that relate that relate the most to binary options trading. They will give you a hint on how to improve your trading and overcome the obstacles so you can trade ‘Enter the Dragon’ style!
Practice Makes Perfect
“I fear not the man who has practiced 10,000 kicks once, but I fear the man who has practiced one kick 10,000 times.”
I relate this to a trader with waaaaay too many charts and assets opened at the same time. Trying to set a record or something? How can you keep up with all the support and resistance lines and grasp what is going on in the market if you keep changing charts every 5 seconds? You’ll end up completely confused and risk losing lots of actual good trading setups because you are more focused on browsing your charts rather than analyzing the market. Been there, done that… So, a good trader is someone with many hours of experience with one or a few assets rather than a trader chasing too many assets. Practice trading on one asset, learn to know it well and when you can predict what it will do before it does it then it is time to add another.
Adaptation – Be formless!
“… Empty your mind, be formless. Shapeless, like water. If you put water into a cup, it becomes the cup. You put water into a bottle and it becomes the bottle. You put it in a teapot, it becomes the teapot. Now, water can flow or it can crash. Be water, my friend.”
This is one of my favorite of all Bruce’s sayings and one that has a lot of application in trading. I see too often traders attempting to force the market or their indicators to give them the “go” so they can take a certain trade. This is where you need to consider being formless like water. Shape and adjust your strategy according to how the asset usually moves and reacts. If the market says “I’m going up”, buy a call, if it says “I’m going down”, buy a put, if it says “I’m not sure” its time to wait but don’t never force a signal where there isn’t one. Only then you can flow with the trend and profit.
The Limits of Duplication
“Always be yourself, express yourself, have faith in yourself, do not go out and look for a successful personality and duplicate it.” …. “Only the self-sufficient standalone – most people follow the crowd and imitate.”
Oh, how annoying it is with people duplicating other people just because they lack something of their own. I think we’ve all had similar friends, at least I did. Reminds me of that TV-show called “The Pretender”. Well, at least the guy in the TV-show was duplicating others for a good reason and even had his own “touch” on the jobs and skills he imitated. Don’t get me wrong, go ahead and copy trades it’s OK and a great way to learn but don’t rely on it forever. You need to learn at the same time so that one day you can be yourself and trade for yourself. Like another great man once said, “feed a man a fish, he eats today, teach a man to fish he eats for a lifetime” so don’t just copy successful traders – learn from them too!
Demo Is Good But…
“Boards don’t hit back!”
This is my absolute favorite and I relate this to demo trading. Why you might ask? Many martial artists practice years and years of hitting on “dead targets” such as sand bags, boards and bricks. It’s not until the day comes and it’s time for a real challenge, a real fight in a real contest, that they realize they have wasted a lot of their time. Surely they have hardened their fists but they didn’t expect someone actually hitting back which makes a world of difference. Yes, demo trading is the best possible way of learning how to trade but you don’t know the real experience until you face the real challenge of losing real money. Moral of the story; live trading does hit back so don’t get too comfortable with your demo trading!
Learn to know yourself, CommuniTraders 2.0!
“To know oneself is to study oneself in action with another person.”
In conclusion practice makes perfect, education and concentration is the way to go but at some point you have to walk out on your own and tackle a trade with real money. Communitraders is a great place for this progression as it provides a place to learn, a board to hit, more experienced traders to copy and the ability to move into live trading once you are ready. I think Bruce would be pleased with what we’re doing, that is, if he had any idea what a binary option was.
Live trading is a challenge and that’s why we are here. To help you learn. If you are scared to trade on your own simply use Communitraders 2.0 for demo trading and when you are ready copy pro traders, and learn from them. Eventually you can get to know yourself better and maybe improve more than just your trading.