I would highly recommend watching this presentation about trading and taking risk.
https://www.tastytrade.com/tt/shows/tasty-extras/episodes/change-the-game-tom-sosnoff-03-06-2017?utm_campaign=archive&utm_medium=link&utm_source=social-share
I hope to figure out what to post here and start posting again.
Showing posts with label Goals. Show all posts
Showing posts with label Goals. Show all posts
Wednesday, March 15, 2017
Tuesday, January 1, 2008
2008 Goals 1/1/2008
Bottom line - trade more, trade bigger, risk more. I need to grow bigger balls - period.
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I believe I know what I am doing but my results are not showing it. I cut off way too many trade too soon with out allowing the trade to work. More times than not, the trade would have worked. I have the account size to trade bigger. I am not talking at lot bigger but most of my trades are 50-200 shares when I think it should be more like 200-300 shares per trade. Most of my YM trades are 1 contract and they should be 2 or 3.
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So here go my daily goals -
To trade at least 1 Big Mouth play per day.
To risk at least $100 (more likely $200 or more) per stock trade.
To trade at least 5 of my YM signals per day.
To risk a $100 per contract per YM trade.
To allow myself to lose $1000 in a day before I quit trading.
To only continue to trade one trade at a time after making $1000 in a day and only make those trades if I continue to profit.
To quit trading if I have 3 loses of more than $200 in a row.
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My monthly goals-
To make $1000 per month in the first quarter.
To make $2000 per month in the second quarter.
To make $3000 per month in the third quarter.
To make $4000 per month in the fourth quarter.
To have a trade win/loss ratio above 60/40.
To have an average win/loss above 2.
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My yearly goals-
To keep my trading capital above XXXk with removing 3k per month for living expenses. (Starting capital is 40k bigger than XXXk and if I fail this, I need to find a real job again)
To begin to cover my living expenses by the end of the third quarter.
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This is a work in process and I may update these over the next couple of days. I am also taking the time to write a detail trading plan on the only trades I will make with the targets and stop losses for each trade just as Corey wrote about on his blog. I want my actions to be more planned than just reacting to the market on a daily basis.
-
I believe I know what I am doing but my results are not showing it. I cut off way too many trade too soon with out allowing the trade to work. More times than not, the trade would have worked. I have the account size to trade bigger. I am not talking at lot bigger but most of my trades are 50-200 shares when I think it should be more like 200-300 shares per trade. Most of my YM trades are 1 contract and they should be 2 or 3.
-
So here go my daily goals -
To trade at least 1 Big Mouth play per day.
To risk at least $100 (more likely $200 or more) per stock trade.
To trade at least 5 of my YM signals per day.
To risk a $100 per contract per YM trade.
To allow myself to lose $1000 in a day before I quit trading.
To only continue to trade one trade at a time after making $1000 in a day and only make those trades if I continue to profit.
To quit trading if I have 3 loses of more than $200 in a row.
-
My monthly goals-
To make $1000 per month in the first quarter.
To make $2000 per month in the second quarter.
To make $3000 per month in the third quarter.
To make $4000 per month in the fourth quarter.
To have a trade win/loss ratio above 60/40.
To have an average win/loss above 2.
-
My yearly goals-
To keep my trading capital above XXXk with removing 3k per month for living expenses. (Starting capital is 40k bigger than XXXk and if I fail this, I need to find a real job again)
To begin to cover my living expenses by the end of the third quarter.
-
This is a work in process and I may update these over the next couple of days. I am also taking the time to write a detail trading plan on the only trades I will make with the targets and stop losses for each trade just as Corey wrote about on his blog. I want my actions to be more planned than just reacting to the market on a daily basis.
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