How to design and use your IQ options trading log?
Traders can use many tools to improve their trading results. One of them is the transaction log, which allows the trader to identify and take advantage of his strengths and weaknesses. Today’s article explains what a business magazine is, why it is so useful, and how to make the most of it. This knowledge will bring you closer to the success of IQ Option trading.
Introduction to the business log A business log is nothing but a collection of all your past transactions. This is where you write down the details of your actions. The shape is not that important. In addition, you also need to consider soft factors, such as for example, where you are during the negotiation, the time of day, and whether you are relaxed or tired, or worried or worried, you may need to add each category. Trade journals are personal, so they should be tailored to your needs. Some operators get along well without the above points, others need more. Start with this information and see how it works. Your diary will develop with your experience. Over time, you will discover what suits you best.
Why the transaction log is so useful?
The use of the transaction log can effectively improve the results of binary and digital options trading. This is a fact. But why is it so useful? There are three main reasons for this:
Professional journals are essential for currency transactions
All traders must start somewhere, and it is often difficult to start. They don’t know what the ideal style and strategy are. You have no experience in using technical analysis tools. You don’t know how to deal with your emotions. These are the problems faced by most traders. Trade journals are a good way to get through this stage. You write a diary and come to a conclusion. Thanks to the analysis of past operations, you can distinguish between situations that are useful to you and situations that are not good for you, which means you know what makes you money and what makes you disappointed. …Your capital. For example, you will find that most of the winning trades are done in the morning. It provides you with information, and this is your best time. Or, if you make more money on a particular asset, it means that that asset should be your focus. Likewise, it applies to expiration dates, applied policies, etc. As you can see, the transaction log allows you to choose the most effective strategy for your trading and eliminate those that do not work. Use it in conjunction with the IQ Option demo account. This is an account for depositing virtual currency, so your transaction is completely risk-free. You need to practice there for a while, keep your transaction log, and then switch to a real account to earn real money.
Trade journals will help you make money consistently
However, finding that your own money-making strategy is not everything. If your strategy works well for a long period of time, it may become sloppy. When you lose concentration, you make mistakes. In addition, your strategy can only work under certain conditions, such as in a crisis. When the market is booming, it does not necessarily work. By carefully recording your results in professional journals, you can easily solve these problems. The transaction log allows you to view past transactions and the environment in which you traded. Keep track of your transactions and you will immediately know when to start losing money. Then you analyze the results and you can get back on track very quickly.
Business magazines help you better than others
In the business world, some people win and some lose. The corridor is between the two. Their role is to meditate, and of course, they will get their share for this. You want to be on the side of victory. For this, you must be better than others. Business journals will help you achieve this goal. You have more people than those who don’t. You need to understand that you need to be better than other traders, not brokers. The broker provides an average payout based on the average return that a typical trader can get.
Make the most of your transaction log
3 tips for customizing your transaction log
The first challenge is to understand yourself
You should look at what is good for you and where you feel safe and satisfied. These are then customized together with your business trip. You should consider the following:
• Your mentality: The environment affects our behavior. When we feel sad, hungry, or have other unmet needs, our behavior is different. Some people work effectively under pressure, while others do not. On the other hand, if you want to get large payouts from time to time, you can try to maximize the profit of the transaction and accept some losses in the process. Just understand your approach and act accordingly. These are just some examples. On how to first understand yourself, and then build a transaction log on this basis. It must be yours, otherwise, it won’t work.
Use table format
The journal should be ready for quick analysis. Tables are easier to read than entire sentences. For this reason, I recommend this method. You can use numbers instead of entire sentences. For example, you can create your own scale to measure emotions. Or you can just use a word or symbol to name the indicator used. A very long paragraph describes the situation of a particular meeting, which will be difficult to read later. You may not want to miss a single detail, but it is best to be as brief as possible. You will soon find that you don’t even have time to read such long paragraphs. In addition, they are difficult to compare and evaluate.
Don’t be afraid of modern technology
Use a spreadsheet file to save your log. A wonderful thing is just because it greatly simplifies calculations. Many parameters are automatically calculated in a few seconds. Save your time and help you make business decisions faster. I’m not saying that paper magazines are bad. you are not. However, the use of modern technology greatly speeds up and simplifies the evaluation process of your operating procedures. Therefore, I suggest you give it a try.
I believe you now understand why the transaction log is so important. It is a great tool to help you succeed in your business. With its help, you can analyze your mistakes, draw conclusions, choose the best time and money, and earn more. characteristic. They are presented in tabular form and written using modern technology. Keep a transaction log, learn from your mistakes, and quickly become a better trader. Don’t forget to practice on the IQ Option demo account. This way you will not risk losing money, but it will give you the opportunity to understand yourself and your trading style.