Binary options trades are almost always short term in nature, but when it comes to making more money, having a long term strategy is a must. One of the strengths of having a goal and a strategy to achieve that goal is that it gives you a metric for your success. If you find that you are not as successful as you want to be, there are always ways to change your methods and get to the next level. Setting a timeframe to achieve your goal helps you to better figure these things out so that you can more clearly see when you are not achieving the things that you want to be.
Before you set a new timeframe and a new goal, take a good long look at what you’ve accomplished. What have you gained in knowledge as you’ve progressed over the last several months? What do you know now that you didn’t when you set your last goal? Was this goal too easy? Too hard? There are so many things to consider before you start over, so don’t rush this step. Just like your last goal guided you toward success, this new goal will get you to the next level of success. That means more profits, bigger trades, and more money in your pocket.
The End is What Makes the Play
What happens when your timeframe is over? You start over, of course! This is the time for you to reflect on what you’ve done over the past months, take away the good and the bad points, and then focus all that you’ve done and all that you’ve learned so that you can set your next goal. Many traders use percentages in order to translate things for them as it makes profits more universal. Saying that you’ve made 400% in profits is something that you can use if you have $100 in your account, or $100,000. Yes, you should have a dollar goal, too, but the percentage points will help you to translate goals over time, and take your growing account size into consideration. If you had $1,000 in your account to begin with, and you made 100% in profits, you can keep your percentage of growth steady if you wish. In this case, your account is now $2,000, and if you wish to make 100% in profits, your end goal is now $4,000.
Of course, you can always change your percentage growth if you wish. And most binary options traders should be striving for this. You’re not the same trader that you were at the end of another year. You’ve gained experience and new ideas. If you made 100% in profits last year, it’s reasonable to bump this number up. How much you increase it by is up to you, but be sure to keep the number realistic. Otherwise you will find yourself questioning your trading at the next scheduled checkpoint and need to reconsider the goal number.
Our goal with this long term strategy and system of evaluations is to help you be the best trader that you can be. Haphazard, poorly planned trades will allow you to make profits once in a while, but you will not be maximizing your potential. It’s by setting a goal, and taking slow and steady steps toward achieving it that you can better see where you’re going based upon what you’ve actually done. It helps you to better decide when you need to make changes, use different trading tools, and other pivotal decisions. Is tracking your progress so methodically easy? Definitely not. But, if you are serious about becoming a better binary options trader, it’s something that will prove to be invaluable to your growth.