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What is the Price of Success?

Recently I read a thread on a trading website where a trader asked others how their trading affected their relationship with work and with others. The trader did not detail his situation, but it was clear that work and relationships were taking a toll, apparently because of the trading. That could have been interpreted as a gambling problem or not; some traders are just so bent on success that they get tunnel vision, and block out everything else in their lives. And then they realize that while they may be making money, they are losing other things that were just as important.

Another trader contributing to the thread explained that he had everything he needed to succeed at trading: the system, the testing, the capital, the time—but not the discipline. So he struggled for years to achieve success, but still ended up falling flat and not reaching his goals. In the meantime, he managed to lose his girlfriend, and other aspects of his life also took a downturn. “When I started trading, I basically thought anything was worth the price of success,” he states in his response.

Whatever It Takes?

This “whatever it takes” attitude is very common among serious binary options newbies who really are hoping to make it over the long term. At first, it may sound like a laudable quality, and in some ways, it is. Determination is a key trait in successful people. But so is balance. And by definition, saying you will do “whatever it takes” to succeed at binary options trading is an imbalanced statement. It means that you will sacrifice anything to achieve one thing. But ask yourself, would the price be worth it if you no longer were happy? On a practical level, there are a lot of other more material things you risk when you are willing to do “whatever it takes”—even money.

Here are some aspects of your life you need to learn to balance with trading. Ask yourself if you really want to lose these things to turn a profit:

Any time you make a major change to your life and start something new, you are inevitably taking risks with what you already have, because things will change. There is no steering around that, no running away from that fact. But you do not have to risk blindly, and you should always be asking yourself “Is the price of success worth it?” when you find yourself compromising too much on any one aspect of your life. Learn to take reasonable risks, and also how to stay accountable to yourself and to other important people in your life. Keep the lines of communication open, and you can learn how to balance trading with the rest of your obligations.

Do You Have the Courage to Win?

Are you getting ready to fund your first binary options account? If so, you hopefully have a plan in place for success. But ask yourself, do you really have the courage to win? Or do you only have the courage to lose? This may seem backwards, but it is actually a very reasonable question. A surprising number of binary options traders have the courage to lose a lot of money. Not nearly as many have the courage to win.

“But wait,” you may be thinking. “Why would winning take courage? Surely it is losing that requires courage, because losing is scary, and winning is not.” That is not true, however, because losing does not require as much courage to achieve. In fact, achieving losses while trading is effortless. Winning however means having the willingness to make difficult decisions. It means being ready to take the long road to success, even though you will have to put more effort in and you will not be able to expect instant results. Ask yourself the following questions:

Losing at binary options trading may be scary, but it does not require nearly the effort that winning does. It does not demand that you develop such traits as courage, perseverance, patience, consistency, discipline, and accountability. Nobody acquires those things overnight, and building character can be just as time consuming and challenging as learning the technical aspects of trading. Winning at binary options takes longer, and while the destination is rewarding, the journey itself is quite challenging.

Think about your own personal habits as a trader and ask yourself, “Am I brave enough to win? What could I be doing to trade better? Am I setting myself up to lose because part of me knows that losing is easier?” And if you have not opened your account yet, ask yourself if you are really ready before you invest your money. That does not mean you should hold off forever though; any new venture demands a leap of faith, and eventually you will have to take that leap, in full conscience of the road ahead.

Photo credits: Kabul province mountain

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