Binary trading is simple and easy to learn, which is why there are so many binary traders all over the world. However, not all of them are equally successful. While the concept itself is easy to master, if you want to earn money, you should invest a lot. It does not require only financial investment, but also spending your time, and energy to learn and get informed. One of the important components of trading success is keeping track of the results, and in this article we will give you some advice on the best methods for doing it.
Why it is important to keep track of your trades
Keeping track of the trades you make is important for several reasons. First of all, it helps you stay rational and have a clear insight into real results of your trade. It prevents you from self-deception and thus reduces the chance of being unrealistic about your success. Then, from the data you collect, you can observe the patterns and regularities in your trade. This can help you spot the strong points and sick with them, and identify the weak points and try to correct them.
Keeping track of your trades enables you to increase trading success. By observing the number of won and lost trades and the trading details, you can change and improve your trading strategy.
What you should include in the record
Keeping track of your trades is not too demanding, yet it is very useful. You can develop your own system and determine what is most important for you to note. Still, there are some elements that need to be included regardless of your preferences.
First, keep track of the number of trades you execute daily, and you can sum them up at the end of the week or month. Include the information of the asset you traded, the duration of the trading session and the outcome. Also, if you trade different types of options, specify which one you used for which trade. Write the prediction you made and whether it was correct or not.
Additionally, you can record what made you make a certain decision at a given moment, and why you think it was good or bad. You can add notes about your emotions and environment at the time of each trade, but it is a matter of your personal preferences.
Methods of keeping track
As you can find your own style when it comes to the information you write down, you can also choose how you want to run your trading journal. You can use a notebook where you will write down all the information needed for you to keep track of the trading results. Alternatively, if you are tech-savvy and like computers, you can create an Excel table and fill it with information about your trades on daily basis.