Reasons to keep a Binary Options Diary

keep a Binary Options DiaryIf you would like to keep an accurate record of your binary options activity, you might want to consider keeping a binary options diary. This can aid you in keeping a thorough and detailed record of all your activity and if utilized properly, can give you insight on how to improve future binary options dealings.

In recording the details of your interactions, you are creating a permanent record of your dealings that will be recorded for future reference. It also aids in the trading process by creating a specific plan for binary trading options. This is necessary as a form of maintaining discipline and structure in your trading interactions. It will keep you from making unnecessary, spontaneous and even unethical choices when conducting a trade.

Don’t go overboard as you only need to keep a record of pertinent information. This will be adequate enough to allow you to reference enough data to retrieve any references to past dealings. And don’t worry, you don’t have to spend a lot on technical analysis software programs. You can achieve the same result with a basic online spreadsheet or even a journal.

Below are the key things you should record in your binary options diary:

The “What”

It is imperative to keep a record of specifically what item or items you are trading. It will be beneficial to keep an accurate record of your “strike price” (or level at which you infiltrated the market), the timestamp at which you made the transaction, and the type of contract that was used.

While this may seem a bit frivolous, you need to keep in mind that most likely you will be making several trades on a weekly basis and they might all start to run together unless you keep an accurate and dated record of what transpired at what time.

The “Why”

There is obviously a legitimate reason as to why the trade transpired in the first place. Was it fundamental or technical in nature? Whatever the reason, you need to be certain of the purpose behind the transaction.

For technical trades, you should also keep a record of the indicators that came into play. Always be completely forthcoming in all dealings. If you simply made the trade because business has been slow, duly note it for the record. You might even find it beneficial to make a note of your particular mood at the time of the negotiation, as our emotions can certainly have a direct effect on our business dealings. If you felt overwhelmed at the time of the initial trade, make a note of this in your binary options diary. It could help you learn to better control your emotions in future transactions.

The “End Result”

By taking the time to do a proper and thorough analysis of your trade history, you can greatly improve future binary options dealings. You can utilize your binary options diary as a reference for evaluating and making future recommendations and overall improvements so you can have better results in forthcoming transactions.

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John Miller

John Miller is the main author of content here at 7 Binary Options. He’s also the brand’s lead investment consultant. He’s been working for 7 Binary Options since April 2014 and brings a wealth of knowledge and experience to his role. He’s played a crucial part in developing the site and helping it grow. In his role as writer and consultant, John’s keen to help others get ahead in the ever-changing world of binary options and forex trading. He’s always happy to advise others, whether it’s complete beginners learning the ropes or more experienced traders looking for some hints and tips. John certainly knows what he’s talking about. He graduated from California State University in 2008 with a Master’s Degree in Investments and Securities. Since entering the world of work, he’s continued to put his degree to use. He’s spent over a decade working in the investment banking sector and thanks to his foresight, skills and education, he’s in a prime position to offer help to others looking to start investing.