How Adaptable Are You To Change?
What is the most important trait you can have as a binary options trader? There really are a number of qualities that could make a top ten list. Honesty is vital, as is diligence. One key quality which is something of a challenge for many traders to develop is adaptability. Adaptability is actually a combination of two different personality traits: flexibility and versatility. One is in the mind, whereas the other is an actual skill that you learn. Your adaptability may very well determine your successfulness as a trader. The market is always changing. Those who can keep up with it can surf the ups and downs. Those that cannot will be overcome by the next major wave of change, and sink.
Flexibility is an attitude. If you are flexible, it means that you are open to change happening around you, and open to making changes in your own behavior to accommodate what is happening. Flexible traders are not intransigent. If they see the need for change, they are ready to do something to comply with the new requirements of the market.
Versatility is the ability to put flexibility into action. It is entirely possible to be flexible, but not have the competence to follow through. Flexibility as an attitude may or may not be a learned trait, but versatility is something most people need to practice at before they get good at it. Oftentimes, to become more versatile, you need to have a plan for responding to change. You also may need to cultivate other positive mindset attributes, such as confidence, to set your plan into motion. Note that you can also have versatility without having flexibility. Some people have the ability to change, but refuse to do it because they have the wrong mindset. Each without the other is useless.
Are You Flexible?
How do you feel when you realize that you may need to make a major change in your life—or even a minor one? Do you immediately feel ready to embrace change and take whatever actions are needed, or do you feel psychological resistance to the idea?
Here are traits and mindsets which indicate that you are not a flexible person:
• Rigidity or intransigence. “If things don’t go my way, I am not going to put up with them.”
• Competitiveness. “My system is the best and can outperform any other binary options trading system any time of day.”
• Despair. “Now that I have to change everything, I do not know where to begin, and cannot imagine how everything is going to work out. This is not worth my time.”
• Unhappiness with ambiguity or loose ends. “I need to get this tied off right now.” This is often a problem with “judging” personality types in the Myers-Briggs system.
Here are some traits which may indicate that you are a flexible person:
• Comfort with uncertainty and the unknown. “I like to keep my options open and see where things may lead.” This gives you the psychological resilience you need to stay flexible. In the Myers-Briggs system, “perceiving” personality types excel in this regard.
• Open-mindedness. “I enjoy learning new things, and I would like to learn how other people solve problems like mine.” If you are open-minded, you are more willing to try different approaches, which may help you to find the solution that is going to work out.
• Confidence and optimism. “I may not see my way to the solution, but I know there is a way to make things work, and I can find it.”
• Willingness to accept help from others. “I know that I am capable, but I may sometimes need some ideas or perspective from others to help me realize my potential.”
Are You Versatile?
When you are confronted with the need to act during a time of change, do you step forward wholeheartedly, ready to transform with your circumstances? Do you immediately put a plan into action and follow through? Or do you struggle to know what do in those critical days?
Here are traits and mindsets which indicate that you are not a versatile person:
• Excessively subjective thinking. “The situation looks like X to me, so I do not understand how it could be Y.” When you think this way, you fail to find the perspective you need to make real-life corrections.
• Slothfulness. “I know I need to make a change, but I can do it tomorrow.” Gradually, tomorrow becomes the next day and the next and the next, until you never make the change, even though you see the need.
• Non-pragmatic decision-making based in pride or other motives. “I do not want to make the change because the system should work. I bought it and paid for it.”
• Single-mindedness. “As long as I accomplish my goal, it does not matter what has to happen in the meantime.” This can, ironically, blind you to the fact that what you are doing is not working and never will.
Here are traits and mindsets which indicate that you are a versatile person:
• Organization. “I have come up with a simple step-by-step plan which I can follow each day until I have made the necessary adjustments to come out on top.”
• Perseverance. “I am going to continue to follow through and make adjustments without despairing.”
• Competence. “I can solve this problem with my knowledge. If I cannot do it without help, I will find someone who can bring their knowledge to my aid.”
• Pragmatism. “I may not want to make this change, but I will do it because if I do not, I will never become profitable and reach my goals.”
• Self-awareness. “I recognize that I am making a mistake if I continue to do things the way I always have. I will not repeat mistakes when I can correct them.”
Here is what a trader looks like who lacks both flexibility and versatility:
Joan has been trading binary options for a year. During that time, she has lost a lot of money while trading a system mechanically that she purchased. The system worked fine at first, but lately has not been performing up to par. When others question her about her poor results, she responds, “My system worked great for ages. There is no need for me to change.” Furthermore, she fears any attempt to change, because she does not understand her own system well enough to modify it. She makes no attempt to learn, but simply continues along her current path of failure.
Joan is resistant to change both because she lacks competence (versatility) and because she has a stubborn mindset (she has no flexibility). She is as stuck as you can get.
Here is what a trader looks like who lacks versatility but has flexibility:
Ken has noticed that his trading method, which used to work great, has stopped working for unknown reasons. He intelligently stops trading live until he can solve the problem, recognizing the need for change. He has no desire to continue with what he has been doing. He doesn’t know what to do next, though, which causes him to freeze. He spends months sitting on his hands, wondering what to do, struggling to comprehend why something that worked before can just suddenly stop.
Ken is not an intransigent person. He does not fear the reality that things are not working on their present course. He has accepted that much. But he has not moved onto the next step of taking action, because he still lacks the competence and organization skills to be versatile. His flexibility alone will not pull him out of this mire. He needs to learn how to implement an action plan.
Here is what a trader looks like who lacks flexibility but has versatility:
Kim has been studied binary options in-depth for years, and knows a great deal about the reason things work or do not work. She is more than capable of implementing an action plan, and has done so on many occasions n the past. In this particular case, however,, she lacks flexibility. She has been relying on a trading method which is no longer delivering top shelf results. But since she paid good money for the method, her pride and anger stop her from abandoning it or modifying it.
Kim above is a competent, capable person. She has the versatility to change, but lacks the flexibility, because her emotions are standing in the way of her practicality. Her competency is wasted because of her negative attitude. She will only be able to move forward when she adjusts that attitude.
Here is what a trader looks like who is both flexible and versatile (adaptable):
Roger has discovered his trading method is no longer delivering. While he is upset and anxious, he recognizes that if he continues to use his method as it is, he will keep losing money. He knows the problem will not solve itself, so he immediately sets about analyzing the situation. He comes up with a step-by-step plan for recovery, and takes a step each day. When he needs help, he immediately posts on a binary options trading forum online and solicits the advice of others. He learns from their perspective, discovers what he needs to fix his broken system, and grows as a trader and a person.
As you can see, Roger’s way is the best way. A binary options trader needs both flexibility and versatility to succeed. If you have one and not the other, you will languish, because adaptability requires both. Once you cultivate the right mindset and the ability to follow through with intelligent, practical decisions, you will be ready to embrace change and the unknown. An adaptable trader has the positive outlook and the skills to succeed.