Binomo is a great platform to help you start trading and earn additional income, but it’s also essential to understand when to stop. Here are some pointers to help you realize it’s time to take a break.
Know when to stop trading
Trading requires mental energy and focuses on trading, so when you spend long hours looking at numbers, indicators, signals, and charts, getting tired is normal. Pushing your mind to continue beyond a certain number of hours can do more harm than good.
Here are two tips to help you stop trading in time:
- Set a “daily loss” limit. This is the maximum amount you’re willing to lose in a day. An acceptable daily loss is estimated to be around 3% of your capital.
- Feelings of agitation, hunger, boredom, or tiredness are all signs that you should stop trading for the day.
Invest in other hobbies and activities that not only distract you from trading but also make you look forward to them. This is an effective way of preventing trading from becoming your sole activity for the day.
Be aware of your emotions
Acting out of emotions is never a good idea, especially involving real funds. Instead of rushing, try to calm down, take a deep breath, and listen to the tips:
- Switch to a demo account. It is given to every Binomo trader for practice: learn more about strategies, watch tutorials and sharpen your skills without fear of losing real investments.
- Try practicing different ways to calm yourself down, this will help you from making more impulsive trades if you’re agitated.
- Understand the difference between confidence and overconfidence. When you feel the latter, it’s a good idea to cool down and think logically.
Specific days when your surroundings are too gloomy or hyperactive may also be days you want to avoid trading, your environment can have a lot of impact on your thinking process.
Note! Whenever you feel too excited or frustrated, train yourself to get up and take a moment to cool down and calm your emotions.
Create your trading plan
A solid trading plan is essential, it keeps your progress, trades, and hours in check. You may include some of the following points in your trading plan:
- Start with smaller trades, and once you get the hang of it, you can move on to more significant trades.
- Develop a strategy based on your needs and your market knowledge.
- Always have a Plan B and C in case of unfortunate trades.
To further work on your trading plan, you may head over to www.binomo.com for more tips and tricks on how to be more efficient when it comes to conducting your trades.
A trading plan is never set in stone, it’s custom-designed for every trader, and you may change this according to your needs and performance as time progresses.
Don’t spend too much time trading
To prevent overtrading, set yourself a certain amount of time you want to trade daily and train yourself not to cross this amount.
That’s how it can be organized:
- Understand your mind and schedule, and find the best spot to trade in the day when you’re not preoccupied.
- Head to the Binomo Help Center on the Binomo website to polish your knowledge by reading frequently asked questions and articles, watching tutorials, and more.
- Avoid Fear of Missing Out (FOMO) while trading. There will always be more trades coming in. What’s more important is to keep your emotions and time in check.
Note! You can always set the alarm to remind you that your time is up for the day and now you should get up from the computer.
Don’t get addicted
Addiction to trading is a typical case, and anyone can get this kind of experience. Having a set of rules to control your trading hours and habits is an excellent way of keeping yourself in your hands:
- Set time limits for daily trading: use time trackers on your mobile device or PC.
- Keep your devices for trading out of your bedroom to prevent the temptation to hang in them all night.
- Ask friends and family to help you stay on top of your trading limits. Your closest people can call you sometimes just to know if you’re ok and not trading a few hours in a row.
Note! Establishing a healthier routine can be helpful: discover other activities and spend more time outdoors.
Conclusion
Always remember that trading is risky. At the wrong time and in the wrong mood, decisions can be made that will entail the loss of real investments in Binomo.
While following all these steps may not be simple, it will help to keep your trading habits in place. You may review your performance every couple of months and change your rules and trading plan accordingly.
Trading is a part of your life and day. Hence it’s important to keep it at bay.
