Negative problems exist in every trader that gradually leads you to failures in IQ Option. You should recognize the core causes and resolve them with determination. If you want to be a successful trader, you must have specific goals to strive in each specific stage.
Think of the good things about being successful to motivate yourself to step further in the financial world. This article will address the causes of trader failures and review on the T.L.S strategy in week 3.
Video about the T.L.S trading strategy in week 3
The main reasons for failures during online financial trading in IQ Option
In order to become a successful trader, there are many obstacles for you to overcome. If you make up your mind, you will be stronger and harder to hurt day by day. On the contrary, the more you fear and run away from the problems, the longer you will be a losing trader. Let’s find out the barriers and overcome them to reach the destination.
When the fire of passion gradually fades
To be successful in trading or any other field, passion is always an important factor. To reach the finish line, you have to go through many difficulties, challenges, failures, etc. The thing that can lift you up after each fall can only be passion. Passion keeps the motivation in you from ever going out.
If you are not really passionate about options trading, with a single dead account or even a few losing orders, you will quickly quit the game and find new shores. Thanks to your passion, you will be able to make a lot of money doing what you love.
To think that options trading is easy to make money
You may see advertisements from all over the world bragging about examples of millionaires from options trading or professional traders who show great achievements with unbeaten trading skills on all fronts. You dive into options trading like a moth, recharge quickly, and … burn out money.
The cause of failure lies in yourself. Professional traders out there also had to go through many ups and downs or even drop their own blood to reach the stage of making profits.
Define that options trading is not an easy money-making channel. According to statistics from reputable websites, only 20% of traders are successful in this field.
Of course, confidence is a must in trading. However, do not be too confident or else your account will go down to zero in the blink of an eye.
To be scammed by bad guys
This is a very painful problem that options traders have to endure. Fraud can come from platforms, from courses, from strangers, etc. If you accidentally get involved in a scam, your money will surely be gone. However, trust is the hardest thing to get back.
You will lose your trust in options trading and assume it is scamming. Accordingly, the journey to becoming a trader ends.
The best way to avoid scams is to research reviews (on platforms and courses) from the predecessors. Don’t believe any strangers who jump at you saying there’s a great opportunity to make money. Do not believe too much on things that come easily.
Fear of failure is the cause of IQ Option failures
The cause of IQ Option failures belongs more to trading psychology. If your mentality is not tough enough, you will suffer great pain from losing trades. Or even worse, it leads you to burn out your account.
If you want to become a professional trader, you have to train a spirit of steel. Firmly standing against the turbulent daily market is the secret to success. That is all the secret, not an unbeatable divine strategy.
There are a number of seasoned traders who are active and sharing how to succeed in the community. They also share psychological training that is appropriate for themselves and their beginning. All people have the same beginnings. The only thing that sets them apart is the mental strength that few traders have.
Laziness in learning
Investing is different from gambling. Gambling is too easy with simple rules. While gambling, you are playing with luck in which bad luck overwhelms. Trading is different. You must use your knowledge to analyze market price movements. If you think trading is just sitting in front of the screen and clicking, then I congratulate you. You will be the main source of income for the platform to cover operating costs.
Trading requires you to invest not only money but also knowledge from books, community, experience, etc. You have to spend hours reading from one document to another, looking at the chart from day to day. Then, there may be a little hope of guaranteeing a profit in the long run. Laziness is the cause of failure in all jobs, not just in trading.
Not planning specifically is the cause of failure
Traders often suffer from this, including longtime traders. Trading planning is something very tedious and not that fun. However, this keeps you from deviating when your psychology is affected.
You will manage your account balance better if you have a plan. And you will also know when to trade or to stop because there are specific targets. You will not be itchy to trade things that you do not have the basics such as other currency pairs, other sessions, etc. if you have a plan.
Please make a suitable trading plan right after reading this article. Don’t work in a disoriented way. That is the cause of failure.
A few words about trading in week 3 with the T.L.S strategy
If you have watched the video about trading with the T.L.S strategy in week 3, then you probably understand why I only open 8 orders per week. It is because the losing streak happened within one day, making my mentality unstable. Those losing orders took away the profits that I was trying to find in the first days of the week. Therefore, the decision to stop was probably the best at that moment.
If I continued to trade more, I would get back the lost profits. However, I did not choose to continue but to stop to stabilize my mentality while falling on a losing streak.
Trade when you reach the most steady-state for making important profitable decisions. Accepting losses is also a must to learn on the trading path. Do not bring the mentality of taking back what is lost of gamblers into trading.
One last word
In week 3, I did not achieve the expected profit when losing $58. You must learn to accept losing a small battle to win the whole game. And the following week will be the final week of the making-money challenge using the T.L.S strategy. I will increase my starting capital to $1000 so that our journey will be more exciting when the profit is higher on each win.