Time management in binary options trading
Time management is considered as the ability to manage your own time. Having inculcated some simple rules in your life, you will be able not just to regulate your trading activity, having made it more effective and profitable, you will also have a lot of free time, which you can spend rationally or maybe you will let yourself relax more often.
To understand how to systematize your life and working time, it is necessary to consider the most common mistakes of time management.
The problem №1. Too many unnecessary actions
The more we do the more problem we have. You know a well-known proverb “spinning like a squirrel in a wheel”. Not many people, comparing themselves to this squirrel, can boast with effective business. Of course you can do a lot of necessary things during a day in a quick tempo. But, as a rule, only 20% of all these things are important. This percent was fixed by qualified specialists, who were examining this problem for a long time.
We spend 80% of our time, doing things, which are not so important and which do not lead us to our plans. So, there are a lot of actions, but not many results. The question arises – what for? So, if you refuse from 80% of these unnecessary actions and solve at least 20% of more important questions, finally your productivity will be higher and you will have more free time.
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There is the first necessary action for those, who want to achieve success in life:
- You should point out one primary aim and spent practically all your time to achieve it.
The problem №2. No clear aims
Have you thought why you started binary options trading? Financial freedom and independence, an easy way to get rich… What is the aim number one for you? The answer is very important, because the clearer your aim is the faster you will achieve it. Maybe you just love thrilling experience? So, the way to your aim is in trading. But it is rather strange when a person, who can think clearly and logically, gets this thrilling experience, draining money from his account.
Have you put the aim number one? Let’s move ahead.
The problem №3. Aims are clear, but the ways of their achieving are not.
When you’ve decided what aim you want to gain in trading in financial market, try to decide, how you should do to achieve it. There is one primitive example. You are a beginning trader and your aim is to earn one million dollars. What steps should you do to realize this plan?
- To choose the best broker’s company;
- to do a course in professional trading;
- to choose the best trading strategy;
- to test trading strategy;
- to start trading, using demo-account;
- to trade, using real account;
- if the strategy is really effective, don’t try another ways of trading, try to achieve your aim, using this strategy.
The problem №4. The fear of failure
There is an opinion: “To get success you should try all possible ways of failures.” If someone could do it before you, it means that you will be able to do it too. There shouldn’t be any alternatives, you must go in one direction. But if you can’t realize one of the points of your plan you mustn’t start realizing the next point. So, if you are not successful, using your demo-account, it is no use beginning your real one, if you don’t have strategy. At first you should test your strategy, using demo-account.
Remember! Following all points, that have been enumerated above, you are moving the right way, and only keeping them, you will achieve your aims.
You must straggle with your fears!
The problem №5. The target dates
One million in 40 years will be as pleasant for you as now. May be when you are at this age, you will spend this money better. However, you shouldn’t play for time. There must be target dates.
Set terms and follow them. There must be a target date for your aim number one, and all your steps must have certain terms.
The problem №6. Don’t keep everything in your mind
Look at successful business people. They always carry their business diary. It is a very necessary thing in time management. Don’t give the rein to your self consciousness, because the question of time is difficult for it. Write all your actions in diary and set terms of plan’s realization. Plan every day! People with aims always use diaries. Successful traders must have trading plan.
The problem №7. Your laziness
It’s difficult to straggle with this vice, being on distance. We would like to point out, that while you decide to start this difficult, but very exciting way to your million, a lot of people are already in the middle of this way, or they’ve already started their profitable trading. Do you know the main law of the market? How can you get the profit? When someone is earning- someone is losing. So this “someone”, having systematized his working time, having made clear plan, has already started earning, but you, being at the beginning of your way, trading without any aims and system, will feed him. The reason is that laziness and trading can’t work together.
Following everything that is above you will succeed in your life. If you have clear algorithm it is easy to realize all your plans.