Binary Options Trading Log

trader's journalFor a while I have been recommending you to start your own trading log if you really want to succeed in binary options trading. Till now we’ve only discussed it briefly and now it’s time that I explain to you in details why it is so important to have your trading log in place while trading binary options.

Trading Log Helps to Discipline Yourself

When you become a binary options trader discipline is one of the core elements of your long-term success. Have you ever thought of how much time you spend trading (or learning trading)? How many binary contracts you have purchased today? Yesterday? If you don’t have a definite answer for all of these questions, this means you are falling into beginners’ trap.

  • There are two types of beginners in binary options trading– those who barely spend time learning and trading – they think it will be ok somehow. And there are those who spend countless hours absorbing new knowledge and trading, exhausting themselves and not noticing how much effort they have already invested. Both are no good.

To be honest, first “illness is treated very fast and efficiently – people just lose the money they’ve deposited, they get disappointed in trading, blame brokers and leave this area for good. The second type of “illness” is much more popular among the beginners, but at the same time much more dangerous for your health.

To avoid this unfortunate behaviour you MUST decide in advance on how much time you are going to devote for trading, or alternatively, how many contracts per day you are going to buy. That is why trading log is so essential. It will help you keep an eye on your progress and not to wake up one day with your keyboard on your forehead =)

If you are asking what my approach is I would say that I recommend trading not more than 6 hours per day and divide it into bulks of 2 hours max. Obviously if you put everything in the trading log you will soon see what time division is more suitable for you.

Trading Log is Good for Your Learning

With regards to your learning process, trading log is essential. You just can’t learn as fast and as efficient as trading log allows you to. The thing is, just in one week of having a trading log, you will be able to see certain patterns and learn from them.

  • For example, you can notice from your trading log notes that you have much more successful trades on one asset rather than on the other. Just by excluding this less profitable asset you can sufficiently increase your revenue. Yes, just like that, without doing anything with trading strategy and so…

This is my binary options trading log template. It is a simple Excel table, but you can see that I have put there some formulas, so once you fill in the necessary details about your binary options contract, the table will colour your cell in a red or green colour and will automatically calculate your revenue.

trading log template free download

Download now for FREE and start your own trading log!

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