Binary option is a trading not gambling, is not a get rich quick scheme as many view it. Many traders take trade without having adequate reason why they took the trade, However, the good news is that after I finally started treating binary options trading is a business, rather than a casino, the profits steadily began to roll in. So How Do I Go About Making A Trading Plan?
By now, you may be thinking, “That sounds
great,but how do I actually go about making a trading plan?” Well, the good news is that developing a basic binary options trading plan is easy. It doesn’t have to be fancy; it can be handwritten or typed on your computer. The most important point, however, is that it must be written because a plan in your head is easily subject to abrupt change when your personal money is at risk. To be continued...

If you fail to plan your trade your trade will fail.

Do you know many businesses that haphazardly take uncalculated risks and succeed over the
long-term? I don’t.Therefore, before getting into binary options trading, it is absolutely imperative that you adopt and maintain a mindset that this is a business.
Trivia Time
Can you name the one common element that nearly every successful business owner (of any type) has in common? Yes, they pay taxes, but that’s not what I had in mind.
I would be willing to wager a bottle of single
malt and box of fine Cuban stogies that,
regardless of business size or type, the one
common link of every successful entrepreneur is each had a detailed, written business plan from the word “go.”
Furthermore, these entrepreneurs are still
following a continuously evolving version of
their written business plan to this day.
One more trivia question: Why do so many
people trade binary options as if they are in
Pool or lotto house?
For some people who attempt to trade binary options, obsessive gambling is unfortunately in their DNA. But that’s not the group I am referring to.
Rather, I am asking why intelligent, careful, and even non-gambling individuals still appear to outsiders (such as professional traders) as gamblers anyway?
Do you know why?
It’s usually because they lack a
comprehensive, written trading plan. And
THAT, my fellow trader friend, was precisely
the problem that initially caused me to hit a
brick wall. Plan Your Trades and Trade
Your Plan! Here’s a mantra you need to memorize and file away in your head: “Every day, I plan all my trades and trade my plan.” Just as a GPS unit enables you to easily drive to your intended destination without going astray,a trading plan simply keeps you focused on getting to your destination (consistent trading profits) without forgetting the key rules along
the way.

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