CogBay is Born

Dec 09

CogBay is Born

My Weekend Cool-Off

In a way I am glad that I started my induction into binary options on a Friday. As the market is open during normal weekday hours only, the weekend has afforded me some breathing space, allowing me to collect my thoughts. Certainly if I carried on trading like I did last Friday, I’d soon lose my starting funds pretty quickly.

I’ve used this weekend to take a look at some of the strategies that others talk about out there. I’m looking forward to seeing if they work in practice tomorrow. I’ve also started to write about my thoughts and intend to log my experiences from day one in this journal. Right now I have zero readers of this blog (which is good – it’s pretty bare at the moment!). My plans are to build it into a resource for others who also start from the beginning and take their own path through the dark art of binary options trading.

CogBay is intended to be a resource. There are lots of people out there who say they’ve earnt hundreds of thousands of dollars from binary options. To be honest, I’m skeptical. I’m going to go on being honest, by the way – If I lose everything, believe me, you’ll know about it! Well – I don’t intend to lose everything – I have a breaking point – It’s going to be how much I can afford to lose before I stop altogether.

I suppose it’s at this point I should reveal to you now that I have been a small-time gambler in the past. Not horse-betting, or casinos, or indeed any of the online betting websites – But pub fruit machines. I did have somewhat of an addiction to them, for many, many years. Thankfully it is no more, but I must have plied thousands of pounds into those stupid machines in my not-so-glorious past.


The House Always Wins

If there is one lesson I took away with me from my fruit-machine gambling days, it was that the house always wins. Now, I’m an intelligent guy with a university education and honours degrees. So why after all those years did I continue playing fruit machines when I knew the owners of those machines were the real winners? It’s a good question, but the answer lies deep into the roots of human psyche. In psychology class, we called it ‘token-reward’ conditioning. Most of the time we lose, but it’s those times when we win, however seldom, that count. It’s the expectation, the trepidation, the excitement, the thrill of the chase – the win. It’s why online gambling and casinos are big business and the industry is a multi-billion-dollar one. Hell, the ‘token-reward’ system has had century-old experiments with lab rats and mice proven to show how real token-reward can play games with the mind.

So you can imagine that I come into binary options with some degree of self-caution. Last Friday saw me take the same kinds of stupid risks I took with fruit-machine gambling. However I have allowed myself these early exceptions as I crash-course the craft. I don’t plan to go about trading binary options without trying various systems and strategies – Taking advantage (if indeed there are any) from the beginning – One thing is for sure, I already know the odds are stacked against me, it would seem, in the ‘house’s’ favour yet again.



One comment

  1. Jonathan /

    Wow! Why is it that every binary trader I come across always say they were bad gamblers in the past?
    Well, as for me I wasn’t a gambler and detested it but had to venture into it to earn money after someone told me it fetches money; although I have faced losses till now.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>