A Trading Diary – An Important Tool For Every Binary Trader

Posted by on Nov 4, 2016 in Binary Trader | Comments Off on A Trading Diary – An Important Tool For Every Binary Trader

A Trading Diary – An Important Tool For Every Binary Trader

Every successful binary trader has their own secret to success. What they all have in common is knowledge, effort and staying informed about the situation in the market. Also, those who are the most successful are also good in making decisions regardless of the emotions. But there is one more thing that boost success in binary trading – a trading diary. It involves keeping track of each trade you make, and it has plenty of benefits for the traders.

Why it is important to keep a trading diary

Trading diary is an important part of binary trading for several reasons. First of all, it helps you maintain discipline and control over every aspect of your trades. Since it involves entering lots of data about each binary trade, it enables you to have a clear insight and see your progress from a very rational and accurate point of view. It also helps you control emotions and leave them out of decision making. Then, it helps you adjust and change your strategy. Because you have all the details about each trade, you can see when something went wrong and what it was. This will help you make better conclusions and reconsider your strategy if it is necessary.

What you should note

Basically, the more information you note, the better. Every trader chooses how much he wants to write down in the diary, but there are some things you should not skip. You absolutely need to note the number of trades you execute each day, and the details about each of them. These details include the time of the trade and expiry period, the asset, the amount of money you invested and whether the trade ended in or out of money. These are the basic information that can help you track your progress and the amount of money you spend and earn.
However, there are other pieces of information that can be important as well. If you apply a certain trading strategy, you should note it in the diary. Also, if there were any personal factors affecting your decisions, you should note them too. This way, after you revise the diary entries, you will be able to see what caused you to make certain decisions and if there is anything you can change. Of course, if you use a trading robot you could choose from Top 7 Binary Robots, you should also note it and write down the parameters you gave to the automated trading system.

Which medium to use

Depending on your preferences, there are several ways to note the progress and details of trades. Some traders prefer the old school method and use a simple notebook and pencil. Others choose to make tables in Excel or some similar program.

This can be a good option because it also enables you to create charts and calculate the earnings and losses automatically. Still, whatever you prefer is fine as long as you are disciplined in keeping track and revisiting the diary regularly.

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