1. Define what you really want to achieve!
Before you start with trading, you should think about where the journey should take you. What do you want to achieve through trading? Is it maybe just a side income for you or do you want to experience the exciting life of trader in the medium-term? Once you have answered this question, you have come a lot further already!
2. The Trade Book – more than just a diary
Write down your plans on a piece of paper – your Trade Book. This way you never lose sight of your goal and can even look to see if you have achieved your goals in return. Write down where you see yourself in 3, 6 and 12 months. Write down exactly what you want to earn and how your workday should look like. Only in this way, you will manage to plan and deal with success.
3. The strategy
Who doesn’t have a strategy will stumble over his own legs.
Think about a strategy and write it down in your Trade Book. Let’s look at a simple and extremely profitable strategy in the field of binary options: trading in accordance with the economic calendar. Write down exactly in your Trade Book what you do. My Trade Book for example says: economic calendar filter settings on maximum relevance to adjust and act at the appropriate time according to market data. What sounds like a very simple plan at first, works very well for me for the binary options. This way I have my strategy always firmly in mind and can assign my profits.
4. Keep your eyes on your profits
What sounds like a very positive thing at first can become a boomerang in practice quickly. If you, for example, have several alternative strategies in your Trade Book like I do, you should always keep track of what strategy you currently gain the highest profits with. Finally, you can then focus on your most successful strategies. It happens all too quickly that you mix profits together from different strategies and therefore lose track of where in the market the highest profits can currently be gained. Although you get constant income, you could have had more money in your trading account at the end of your day with a corresponding overview.
5. Learn to deal with your success!
You should be aware that the world of binary options is a completely different one than that of normal people out there. People change because of quick profits. Friendships may break because of envy and resentment. Therefore, I suggest that you include your friends and family. Tell them about how you earn so much money and don’t just simply show up to the next family reunion with a new sports car. Private support is important and common success is even more beautiful – believe me!