Binary Options Trading Signals Win 2014 Look How I make Money ,000 A Month
Binary Options Trading Signals Win 2014 -Look How I make Money ,000
Having a trading plan is important no matter how you trade, but for a 60-second trader, a plan is even more critical. Why? Because there is a lot to think about and deal with when you trade, and when you are trading fast, you have even less time to get it all done. For a beginning trader in particular, it can be easy to forget to take important steps, which can cost you money. Even if you have been trading for years though, a plan can be helpful, because it can keep you on track and oriented. Even veteran traders can make mistakes, and why make mistakes you can avoid?
Here are some of the elements which should be included in your 60-second binary option trading plan:
1. A trading method or system.
This is one of the most important elements in any trading plan. This is a set of rules for entering and exiting binary options trades. It tells you what to look for in terms of indicators or events, and what constitutes a good setup. It also tells you when you should consider closing out early or doubling up or rolling over. It is helpful to have this written down. Again, when you are trading 60-second binary options, things go fast. You want to have your trade rules in front of you so that you can immediately spot any changes that might prompt you to take action during a trade.
2. Money management rules.
How much of your account will you risk on each of your trades, as a percentage? How will you calculate that percentage?
3. When will you look at the charts?
As a 60-second trader, even if you are using trade alerts, you are probably planning on spending a fair amount of time sitting in front of your computer looking for great trading opportunities. It’s tough to manage 60-second trades from a distance. If you do use alerts, odds are you’ll be using auto-trading to help you execute trades, since the opportunity may be gone by the time you get to your computer to manage a trade.
Most traders who work with very short expiry times like this will plan to spend a couple hours a day in front of their computers, looking for entries and actively trading. You will need to figure out the best days and times based on your schedule and the assets you are going to be trading. Make sure to not only plan times to trade, but also time off. You need to take breaks now and again, and you should not be spending all your time 24/7 in front of your monitor. Also in the scheduling arena is the question of how many trades you will be in at a time. Many people can only handle one. As a 60-second trader, you probably can handle several at most.
4. Assets to trade
You may trade a lot of different assets or only one or two. It is all up to you based on your trading method and your schedule.
A plan may sound a bit like a checklist, and in a sense it is one, but it is a broad checklist, and you also are going to want one for trading in real time. This checklist will include elements like this:
• Are my entry criteria all met?
• Is the trade located in a sound context?
• Am I already in another trade?
• Did I correctly calculate my investment amount?
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