The Christmas period is a busy time, with turkey to be beaten and a whole lot of overindulgence to be had. However one this is out of the way we often find ourselves with spare time.
For the binary options trader, this can often be the point of the year where they have more time to sit down and trade. This can be particularly for those people who use this form of investment as a second income.
However the unfortunate reality is that this time of year is one of the worst times to try to trade. With many city traders starting to leave their desks to start vacation in December, the volume across markets drops away. This lowered level of trading activity makes it less likely that moves on the chart will be followed through and can even see extreme unexpected price movements as portfolios are re-balanced in readiness for the New Year.
So given most of us are going to have spare time on our hands, here are five suggestions to fill your time over the break.
1. Review Your Performance
The end of the year is a great time to look back on the previous year and make new plans for the upcoming one. Carry out an investment review and as part of this look at your binary options investments. How did you do? Hopefully you will have made a profit, but if you didn’t try to understand why and focus on how you might fix this in the coming year.
2. Refine Your Trading Plan
Part of your review should be to refine your trading plan. You do have one don’t you? If you don’t then this should be priority. Open a new document or grab a piece of paper and note down a plan for your trading. What markets are you going to trade, when will you trade, which trading strategies will you use? And of course don’t forget to include your risk control rules. It may be Christmas but even while celebrating money management is one thing you must never neglect!
3. Sign Up For A New Strategy
If you’ve not made the returns that you expected from binary trading then now is the time to think of using a new strategy. You can use any spare time that you get to investigate new trading approaches. Backtest and research any potential trading methods that you like the look of. You could even get a demo account configured to try them out in the New Year.
Alternatively you could sign up to follow some professional trades if you want the opportunity to increase your trading frequency and profitability for less work.
4. Get A New Broker
How has your broker performed? Are you happy with the way in which they have dealt with you over the last year? If the answer is yes then great. If not, then it is time to look elsewhere.
The Christmas period is a great time to get good sign up offers from brokers. If you want to take advantage of their seasonal generosity then why not set up a new account? This is also worthwhile if you want to be able to more easily track the performance of your different trading approaches in the coming year.
5. Enjoy Your Profits
The final suggestion is nothing to do with trading at all! If you have traded well, have your accounts and strategies in place and feel confident in taking on the markets in 2013, then just sit back and enjoy your profits.
The point of trading is to make investment gains but you also have to your profits to make the whole undertaking worthwhile. Enjoy the rest, spend your gains and enjoy your loved ones. Then get ready to take on the markets again in 2013!
Wishing you all a ‘Merry and Peaceful Christmas’ and good fortunes for the New Year. From Philip Moore and everyone at BinaryOptionsProfits.net.