No matter how long you have been in the trading industry, sometimes you tend to deviate from your routine. You may have a trading plan and some strategies but probably because of boredom you go against them. There are times that you skip trades and there are times that you feel you are taking the right trades but end up failing. No matter what these problem are or what are the things that cause it, they have to be controlled immediately.
Trading badly once or twice is an issue in itself but it does not have to happen all over again in many trading sessions to come. You have to put in mind that trading is a business and that if you have bad business practices you have to stop them the moment you notice them happening. There is always a chance that the same thing will happen again but every time it will happen you have to stop it before it becomes worst. This is why you need to understand some tips that can help you get rid of the same mistakes or same bad habits over and over again. This can actually help your bank account remain healthy.
BE AWARE OF THE ISSUE
There are many trading issues out there but even when you have a full proof plan that you are following there are still problems that you will most likely face. These problems could include not trading a trade or trades that you should, taking a trade that you should not have, and messing up a trade by taking profits too late or too early. Another problem would be taking too much risk and trying so hard to get do away risks. However, the last two problems are not big concerns when it comes to binary options.
Despite of such issues, you have to know what is happening and when it will probably happen. For example, out of boredom or if there is a quiet market you may try taking extra trades. You do this because you believe that some extra cash can be worth risking for even when using a new strategy. If you mess up you can have to take some notes by writing down what messed up including your thoughts that moment you failed. If your chart does not have any writing feature, you can screenshot your trades and then save them. As the day ends you can type your comments beside the screenshot. You can screenshot every trading day so that you can have a visual journal of everything you did.
HAVE A DAILY REMINDER
It is also good to constantly remind yourself of the things that you need to do and the things that you have done during the day. You can do o by writing to yourself as a reminder for what shall transpire the next day. Make sure to make it brief and concise. For example, make a simple note when you have recently been skipping trader and you had to be awestruck when those trades earned while you were simply sitting pretty. Your notes can be from personal issues to your ideas and proposed plans on how to overcome future trading errors. As morning comes you look at your notes and you can briskly move on with your day. Make sure your mind is actually clear before you fill it up with some new reminders.
HAVE A RITUAL
You might think that having strict rituals can out you under the Obsessive Compulsive category of mental disorders. However, this is not the case. Rituals can help you get on with your day in a progressive manner. When it comes to trading your ritual may involve issues on your charts and writing comments on your state of mind when you messed up a trade. Taking screenshots can be part of your routine. Remember to take shots of all your trade so that you can keep track of the right data. You can always learn from what you have saved in your computer. This is basically good because it’s hard for you to notice trades in real time. So reviewing them could be a good idea.
When you wake up every day, you repeat all of these point and even say them aloud.