In order to aid you in thoroughly keeping a detailed record of all binary activity and utilizing it properly, you can consider maintaining a binary options diary. This can not only provide insight on how to improve the future of your binary options dealings, but also allow you to have an effectively accurate record of the activity.
A necessary form of upholding discipline and a solid foundation of your trading interactions, you are creating a specific plan for options in binary trades. You document the details of your involvement, and this creates a permanent record of dealings for future reference. In addition, doing this helps prevent you from making spontaneous and unethical choices when conducting a trade.
You only need to keep a record of pertinent information in your past dealings, plenty for it to be adequate to refer to in the future; going overboard will not help you in this process more than it will hurt you. No reason to invest into technical analysis software, you are able to obtain the same results with simple spreadsheets or journals online.
Some key things that should be recorded into your binary options diary are:
Being beneficial, it is imperative to keep a detailed record of the specific items you are trading, as well as an accurate record of your ‘strike price’ or the level at which you entered the market. Documenting the time stamp that you made the transaction and the type of contract which was used is vital information to record.
Though this may seem very tedious, you will need to keep in mind the fact that you are most likely involved in multiple trades on a weekly basis, which could potentially begin to run together if you do not keep an effective and accurate dated record of what happened at what time.
There are several reasons as to why the trade had taken place to begin with, was it technical or fundamental? You have to have a good reasoning behind the point of the transaction, no matter the motivation to go through with it.
You also have to track the indicators that came into play, what motivated you to make the transaction take place. Was the trade technical, or made because business was low, you have to be forthcoming to yourself and all dealings. Making notes as to why the trade surfaced, and even the mood you were in at the time is a vital process in keeping your journal/spreadsheet operating correctly.
Our emotions have outstanding effects on our dealings in the business aspects of our lives; feeling overwhelmed at the time of the initial trade can cause unwanted decisions to come into play. Making a note of this in your binary options diary could help you better control your trades and emotions in the future.
The “End Result”
In order for you to be able to show better results in your future transactions, you should take full advantage of your binary options diary as a reference. By taking the time to analyze properly and thoroughly your trade history while documenting every trade, you will improve your future binary options deals and offer better recommendations.