Minimalist Approach to Binary Trading
Minimalism has become a popular cultural trend over recent years, and it is easy to understand why. The emphasis with minimalism is always on “less is more.” With rampant consumerism and not enough resources to go around to everyone on the planet, it makes sense as a society to learn how to start cutting back.
Minimalism speaks directly to the mistakes of traders:
So many of us choose complexity over simplicity.
We add indicators to our charts or pursue paths we do not really need.
We act without clarity or intention.
The minimalist trader retrains himself or herself to let go of these bad habits and embrace a more elegant path to success.
7 Steps to Embracing Minimalism in Trading
Focus on a single system.
I recommend you stop torturing yourself trying to learn and test a dozen systems simultaneously. Just pick two or three you really like; or even better, think about focusing on a single trading method. Learn it until you become an absolute pro at it, and you will give yourself what you really need to succeed as a binary options trader. You will make far more money trading a single system really well than you will ever make trading a dozen systems poorly. You will also free up tons of time and energy and stop confusing yourself mixing up signals between systems.
Stop using a million indicators.
Quit trying to trade every asset your broker offers you.
How many assets does your binary options broker allow you to trade? 50? 100? 200? More than 200? These days there are so many different currencies, stocks, indices, and commodities you can trade. That is a really great thing, because it gives you all kinds of flexibility and opportunity.
That does not mean you need to be trying to trade them all, or even that you should. The minimalist trader will pick just several assets to focus on, at least as a beginner, and maybe even just one. Every assert has its own little nuances and quirks, and trying to keep those separate in your mind can be confusing and complicated. When you just have a few assets to focus on, it is much easier to really learn their personalities. This is how you really cash in on the flexibility of binary options trading. You have all those assets to choose from, so choose the assets that are best suited to your personality and trading method!
Stop paying for services, software, and equipment you do not need.
A big part of minimalism is the rejection of materialism. Oftentimes we trick ourselves into believing we need a lot of expensive things, but really, we just want to say that we own a lot of expensive items. It feels good to get on a trading forum and boast offhand about your expensive signal services and your five monitors and your super-expensive charting platform, because it means you have more than other people.
Clean up your trading environment.
Do not take on more trades than you can handle at a time.
Create simple checklists and routines.
I love checklists for trading. They turn complex mental procedures into simple, codified steps you can follow again and again to great results. That is the idea, anyway. In truth, a lot of traders misuse checklists. This is not an issue specific to trading either. How many of us have to-do lists which never get done, and not only that, but actually tend to pull us away from what we really need to do?
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