Binary Options MistakesNo one will go through their life or working career without making a mistake.  Each of us probably make at least one every day.  However, the fewer we make the make the better we feel.  Making as few mistakes as possible when it comes to binary options trading is key to a successful career.

Binary Options Buff gives us the low-down on five very common mistakes in this industry that you should be looking to eradicate as soon as possible:

  1. Several Accounts Across Different Platforms

This is something most commonly associated with rookies.  There’s no advantage in opening several accounts, in fact it could be to your disadvantage.  It is better to focus on one, reliable account that has everything you’re looking for.

This does not need to be done in a hurry and there are several sites out there, including mine that will help you decide which is best for you.  Reading reviews, even trying the free demos are a good way to help you work out which is best for you.

  1. Self-Investigation

Don’t dive in at the deep end in hope.  Take your time to learn and test different strategies.  Psychology plays a big part here – if you feel a winner while trading, you will win more often.

Good, tested methods and strategies are the way to go.  Each trader is different though – what works for one doesn’t always work for another.  Find what works for you.

  1. It’s Trading, Not Gambling

Some people think that binary options is gambling – that’s not the case.  Sure, binary options can bring the same risks, nerves and excitement that gambling does.

However, a good trading strategy makes it completely different that your typical bet.  Following your passion and relying on luck is not a successful approach to binary options, whereas it may work for some in gambling.

To make consistent profits, find a trading strategy that you feel comfortable with.  Trading allows you to have low risks for high rewards.

  1. A Lack of Necessary Knowledge

It’s not a case of simply signing up and then begin trading to get off to a winning career.  Before you dive into real life trading you must test a demo trading account, ideally having done your research, and better still with the guide of an experienced trader.

Quick training and quick decisions often leads to bad results.  Understanding that learning involves practice and patience.  In no field of work are you born with the knowledge nor do you pick it up in an instant.

At least, do not neglect the opportunities for learning that brokers offer binary options to its customers. Carefully read reviews of and about the brokers, platforms, traders, assets, market news, make some useful subscriptions.

  1. Money Management

A great trading strategy is not enough to win at this game.  No strategy or analysis is ever 100% successful.  In order to make a consistent profit, you need to have a good money management strategy.

I don’t.  Actually not at all.  But the irony is that I’m a vegetarian and love fresh vegetables and I love fresh cut flowers.  Actually I love everything about flowers: the look, the smell, absolutely everything.  However I just don’t get to enjoy them very much because a) Nick and I live in an apartment so we can’t grow a garden and b) I can’t afford to buy fresh flowers on a regular basis – special occasions only.

Did you get it from your parents?

I honestly think my lack of an attention span and my unwillingness to pay attention to anything other than myself have a lot to do with the reason I can’t take care of anything.  As you know Nick and I don’t have kids.  We also don’t have a dog or any plants.  Actually the only living thing in our apartment is us.

I would really love to have a dog, but as my Dad says I’m way too selfish for that.  My Dad on the other hand is Mr. Green Thumb.  I grew up in a house full of plants and a backyard full of flowerbeds and vegetable gardens.  Nick also grew up with a backyard that could be featured in Country Living Magazine.  So I’m not sure why neither one of us inherited this quality from our parents, but yet here we are.

Now is time for change

Not to steal anything away from Obama but I’ve declared 2015 a time for change.  As you may remember from my New Year’s Goals I vowed to learn SEO, save $10k and stay debt free this year.  So far I’m on track with all three goals.  I’ve taken a course in SEO and attended a session at a recent conference, I put my yearly bonus into savings and so far I’ve paid off my credit card balances (we have two) every month.  All in all 2015 has been awesome.

With summer upon us I am reminiscing about the days of my childhood when I would pick fresh cherry tomatoes from our garden and wake up to the smell of fresh flowers outside my bedroom window.  So I’ve vowed to make another change this year, I’m going to learn to garden.

Of course I don’t know anything about it so I turned to the one man in my life who does…my Dad.

Here’s how to get started gardening

He says that gardening just like any other hobby or skill takes time to learn.  I don’t expect it to happen overnight but my Dad did give me some tips on how to get started and not be discouraged when I kill everything after a week.  I think he’s actually proud that I’ve taken on this project because it gives me something to be responsible for.

Here are two tips to start a garden:

Start small.  Don’t rush out and try to DIY a garden in a day.  Start with a potted plant or vegetables.  My Dad says herbs are a good place to start.  They’re pretty low maintenance and don’t require much more than water and sunlight..

Make sure you grow something you want.  Don’t start a garden just to start one.  You really need to want to.  Only then will you give your summer project the TLC it needs.  Check your plants every day says my Dad, but don’t overwater that’s a big mistake.

 

Good morning Dinks.  Let me ask you a question, do you have the perfect credit card?  Maybe the answer is yes, but maybe the answer is “I don’t know”.  Many of us applied for a credit card in college and still have that credit card today.  Life goes on and maybe we never saw a need to make a change, but the truth is our banking needs – just like our personal needs – change over time as life goes on.

How often do you change credit cards?

Just as you change your investment strategy for every new phase of your life and you may also change your bank account as your needs change your credit cards should also change.  Maybe a cash back credit card worked for us in college, but now we may need a travel rewards card.

Maybe we want a credit card that gives us rewards with a specific airline or a credit card that gives us cash back when we shop at Amazon.com.  Who knows?  All I’m saying is our financial needs change over time and our credit card should change with them.

Here are three reasons you should never apply for a credit card:

Whoever approved you

This is one of the biggest mistakes people make when it comes to credit and debt in general.  It is a viable reason to get your first credit card, but if you maintain a good credit score there is no reason why you should accept every preapproval you get in the mail.

This is actually one of the biggest mistakes I made in my late teens and twenties.  I was so excited to be getting credit card offers in the mail and happily accepted them all – even though a 22 year old doesn’t need four credit cards.

Introductory bonus offer

HELLO travel hackers.  I am sure that many personal finance bloggers would disagree with me because finance geeks LOVE to get things for free, especially if those things are travel rewards.  When accepting a credit card offer just for the introductory interest rate or sign up bonus it’s important to read the fine print.  It may be possible that you will be charged if cancelling the card within the first 12 months after accepting those bonus air miles or cash back.

Because it matched the colour of your wallet

Don’t laugh.  This is a real life example.  A woman in my office accepted a gold card over a platinum card because it matched the color of her Louis Vuitton wallet.  She wasn’t concerned about the credit limit, the additional perks or the annual fee.  All she cared about is that the gold colour better matched her brown and beige wallet.  Doesn’t that seem like a total ridiculous reason to apply for a credit card?

How to Maintain Good Credit

July 27, 2015

This post is a contributed post from USA.gov.  See their Financial Self-Defense Kit for advice on how to build financial confidence as well as safeguard your finances. “It takes many good deeds to build a good reputation, and only one bad one to lose it.” — Benjamin Franklin Your credit history is your financial reputation. And just […]

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Going Solo: How to Get Health Coverage When You’re Self Employed

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Health insurance is often something that companies provide to their employees. But what about the self-employed? Can you still take advantage of a health insurance policy? The Importance of Insurance for the Self-Employed Getting ill or becoming injured when you are self-employed can be a serious issue. You may not be able to work, and […]

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Should you always buy insurance?

July 27, 2015

Good morning Dinks.  The short answer is YES.  Remember how last week our rental car was broken in to?  And remember how my luggage was stolen last May on my way home from a weeklong vacation?  Oh and remember how last year United Airlines lost my luggage twice and delayed it once.  I am living […]

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How Wealth Management Has Changed Recently

July 24, 2015

In the past few years, the global economy has been through a lot. Additionally, a new age of technology took over the world and introduced automation. Everything from advertising to offered services has changed in regards to wealth management firms. Even large companies like J.P. Morgan wealth management are looking for ways to appeal to […]

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We Got Robbed!

July 24, 2015

Happy Friday Dinks.  Yes it’s true as I write this Nick and I are filing an insurance claim because yesterday our car was broken in to and all our personal belongings were stolen.  Has this ever happened to you?  I have to tell you it was a less than perfect scenario, but it definitely could […]

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Do you buy in bulk? Jet.com Giveaway!

July 23, 2015

Good morning Dinks.  Let me ask you a question, is buying in bulk worth it for two people?  I know retail chains like Sam’s Club and Costco pride themselves on offering low prices for bulk purchases and I’m just wondering if a Costco membership is worth it for two people. Should you pay to buy […]

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