Short Term Goals(2yrs)
1. To trade for a living
(yes it is doable at this point, but i need to build more wealth to let compound interest take over- jack in the box .99 burgers is not a living, as well as let my forex skill get to an elite level)
Being able to quit the fire department with confidence because i'm averaging 20k a month from trading, with 200k in my trading account. Eventually a few million in my trading account. Again money is relative, pip tally with accuracy is what it eventually comes down to.
2. To be able to have a number of systems that can trade any market whether trending or ranging.
3. To be able to identify, transition and employ what type of trading system is necessary with in a few minutes of studying a chart. Along with the money management necessary.
4. To understand the fundamentals that cause coorelation and those which move the markets while being able to capitalize on them. To trade baskets or locate the right horse in a moving market.
5. To always strive to improve on my self, be it inner or outer game. Be it my trading systems, psychological drive, or anything necessary to make me a better trader or person. To always understand to be the best you have to beat the best and do what the rest will not.
Plan(2yr)-
My plan is to continue to trade intraday, logging 3-6hours a day following or studying the markets 5days a week.
Next year i my 35th birthday, I have had this goal of retiring from the fire department come my 35th birthday for years...
I will not force this goal as it seems to be in conflict with my higher goal of being a better trader. If i focus on money my trading is not as profitable due to a variety of reasons- money management, over trading, inaccuracy.
Instead i will focus on pip tally.
How will i know i have attained my short term goal?
I will have 6months of 1000-2500pips a month. All trades will be documented. I will be very organized as it is my business. Screenshot every trade. Reasons for set ups, entries, exits, porfit targets, news, etc.
How will i feel?
I will feel wonderful, an electric charge will run thru my body providing me with a smile knowing i can trade any market from any where and be profitable.
What will i do?
I will leave the fire department. Then let my wealth build to an enormous amount as I will live humbly for the first 2-3years i trade for a living. When i get to the 3million dollar mark i will begin reducing my exposure and leverage. When i get to the 5million mark i will know i have arrived. Reaching the 10illion dollar mark is my 10yr goal(in reality trading well is more important as money is relative).
Reducing my leverage and size will allow me to continue to grow in wealth, but protect myself.
What may my day be like when i trade for a living?
5pm-6pm cat nap
6pm-11pm European session
11pm-2am cat nap
2am-6am NY session, wrap up documentation.
6am-10am sleep, eat
11am market scan of NY close
1130am-5pm play/teach with my son, go to the beach, play video games, what ever i feel like.
Of course if schedule dictates errands i can take more time off. But the heart of it this will be my schedule for years. So be it. Put in the work. Reap the rewards. Trading is fun.
Friday, August 15, 2008
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