The Lucky Underwear Strategy or How Not To Trade Binary Options

 I’ve a Lucky Underwear, Should I Start Trading Binary Options?

So, you think you’ve got a winning binary options strategy and you can now make easy money with binary options? If it’s based on your lucky pair of underwear or some other hokey trick then think again. Even though there is some luck involved with trading and Binary Options, relying on luck for profits is like relying on the lottery for the grocery money. It’s something you just don’t do. Trading Binary Options take dedication, focus and patience. You can not base a strategy on random events, lucky charms or hocus pocus and expect to keep your shirt. Besides, I find it hard sitting around in dirty underwear waiting for a trade, my butt gets itchy.

Luck And Binary Options

There are many what I will call recognized alternative methods for trading financial markets. These include lucky charms, rituals and even astrology. It’s no wonder that these types of superstitious trading tactics have evolved because superstition, luck charms and ridiculous rituals are a part of daily life. Digging deeper into this I wanted to touch base for a minute on just what luck is. According the Merriam-Webster online dictionary, luck is “a force that brings good will or adversity” and “favoring chance”. Wikipedia goes on to add that luck, also known as “chance”, is an event which occurs beyond one’s control, without ones will, intention or desired result.

Does Luck Work In Binary Options?

Many of you are out there shaking your heads vigorously in the yes direction, but I have to say not a chance. No pun intended. Luck is beyond your control and is not affected by your will or desires. Waiting for luck to come along and deliver profits is like standing in traffic, hoping you don’t get hit. You might have a string of lucky breaks, but sooner or later a truck is going to come along and give you the smack down. The thing about luck is that it’s whimsical. It doesn’t care. Good luck or bad luck, there is just no telling what is coming down the pipeline. You could be in need of a lucky break so you can buy new shoes for your kids but luck doesn’t care. Luck just might go honey badger on you ’cause it don’t give a shit, no it don’t’. One well-known example of a luck-based approach is the Martingale binary options strategy, a not recommenced strategy. A scammer may try to tell you Martingale is risk management, if you believe that you need to read Introduction to Binary Options Risk Management.

What Lengths People Will Go To…

Knowing that luck is a completely random event does nothing to stop its many devotees from thinking of new and interesting ways to invoke the good and avoid the bad. It’s kind of ridiculous if you think about it. Grown ups, adults who have an understanding of the real world, resorting to tricks and wishes. Seriously, do you really think that wearing your lucky ball cap, not washing your underwear or keeping a rabbits foot hanging on your terminal will make the markets move in your direction? I know one trader who didn’t shower all week. Really. He would sit in front of his screen all day, every day, five days a week. In the same clothes, unwashed, and really stinky. He was a good trader and made a lot of money, but his wife left him because she couldn’t stand the smell. His lesson, you can’t Impress Your Date with Binary Options Trading Knowledge.

Astrology And Options Trading

Astrology is one esoteric science that many practitioners tout as profitable. They claim that since astrology is based on time and timing and that trading is also based on time and timing the two go hand in hand.  I have seen several trading systems based on astrology. They range from using your daily horoscope to make your picks all the way through creating a star chart for each company you follow. One astrologist I know will prepare full natal charts for any company based on its inception and IPO date. These charts are then used to help predict turning points in the asset’s life. Seriously, if you don’t believe me we even have our own Astrology guide for making trades based on the lunar cycle.

Create Your Own Luck – Education and Training!

Even though luck is supposedly random and out of our control it is possible to make your own luck. This is a practice employed by successful persons throughout history. Making your own luck is akin to putting yourself in the right place at the right time to take advantage of known or unknown events and opportunities. In Binary Options this might mean getting ahead of an earnings announcement, anticipating a central bank’s move or simply employing a strategy that allows you to tap into a wide variety of markets. How do you create your own luck you may be asking yourself? Through work, dedication and focus but most importantly, by avoiding these 6 (Too) Common Mistakes Binary Options Traders Love Doing.

Creating your own luck in binary options is as simple as learning technical analysis, keeping up with the markets and market events, using risk management and trading regularly. You can learn all about trading in our Binary Options Trading School. In short, making your own luck is the same as developing your trading system. Take some time to learn about the markets, how to trade, develop a strategy and put yourself in the right place at the right time to make a profit. There is no need to rely on a stinky old pair of underwear for trading success, get smart and learn how Connecting The Dots To Become A True Binary Options Trader really works.