Day One - $1K Binary Trading Challenge

$100 to $1k Binary Challenge Forex Challenge Forex Series

Ok, so technically it's $150 to $1000 challenge due to the 50% bonus I received from (I did however only deposit $100 of my own money).

You've got to admit you'd happily take those returns every few weeks from trading right?

Of course you would!

Also technically my first day of trading is tomorrow, however even with me trading binary there are a few steps I like to take to prepare for the week ahead.

Every week in which I trade binary I follow a quick three step plan.

  1. Review my trading rules
  2. Check my accounts
  3. Review last weeks major pairs

Review My Trading Rules

Every week I review my trading rules as a reminder of the standards I am setting myself but also to see if anything needs changing or adjusting as the markets change week to week.

Rules can be as flexible or as strict as you want them to be.

They do however need to allow you to trade profitably without restricting you too much, but reigning you in when you need to be reigned in.

Your rules also give you a good path and a good indication of how you want to trade.

As the next few days unfold you will see how I use my rules as a reminder.

Check My Accounts

This is a simple check, however it is extremely vital.

There have been times my I have logged on to start trading but have been denied access for one reason or another.

The last thing you want is prep yourself in the morning and then waste time trying to get access.

Review Last Week

I know a lot of traders do this, however few binary traders take this step.

Reviewing last weeks major pairs allows me to understand how the markets have been moving, what opportunities, there have been, how volatile the markets have been and what kind of strategies I should be looking to use.

Built into this is also a review of my weeks trades, where I went wrong, what I did well and how I need to improve.

All of this gives me a good indication of when I should be looking to trade. Sometimes there is a need to be a little flexible with your time and when to trade.

And that is basically my binary forex preparation work done within the space of 10-15 minutes. In fact it took me longer write this article than it did to do my preparation.

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