Monthly Options Education Goals

In addition to posting trading results each month at OPEX, I'm also going to start listing my options education goals for the month but I'll do this with calendar months on the 1st each month. I'll also update my progress for the previous month. So on Saturday I'll post my first goal list for May. I made a preliminary list and its pretty daunting. I've got so many known areas of things I need to learn and undoubtedly new ones will present themselves. In the past I've struggled with trying to do too many things at once at the expense of all of them getting done inefficiently. So I then tried to step back and concentrate on just one thing (life CFA study) and hope to knock things off the list more efficiently, that didn't work either. So hopefully I can find that right mix. I don't have any time restraints so there isn't an excuse. I will continue to make the same type of small trades that I'm comfortable with and see how the learning curve goes on new material and how I incorporate that in to future trades.

My short-term goals are to just continue doing what I'm doing and learn, long-term I would like to find an ideal portfolio strategy that incorporates my style/level of risk appetite, capital levels, and income goals. I would ideally like to find a job so I can let trading profits grow with the eventual goal to have enough capital and trading results to prove to myself that I can comfortably manage my own capital for a living. I have no idea when that might be so it's foolish to put a time frame goal on that. I'll just keep working towards it and I'll know when I'm there.

Comments

WOW! I think that sums it up

Many of you have been reading this blog may have noticed that my blogging frequency has increased over the past few weeks as I got short the market. As you can imagine I am down money since getting short the market, this is the time when most people pull away from posting. But my goal is to stay active and involved and show you that trading is not always rainbows and butterflies. It is times like these that the things I have been sharing over the past couple of weeks are so important. You need to trade small relative to your account. I have a decent short position in the market and my portfolios are set up to make some awesome returns if we finally turn lower. But something I would like to point out is that my account is 70% Cash. I learned a long time ago how important it is to live by the rules you preach. Because of my discipline I am able to continue to hold my positions, I have time and capital on my side. I can't stress enough how important it is not to get to big....

Stay Small, Stay Out of Trouble

To expand on my post from yesterday about patience. I want to talk about a very important element that allows patience in a position, and that is staying small. If you trade too big RELATIVE to your personal account size, you are likely to be forced to exit the trade before the trade works in your favor. Many trades myself included have all experienced the pains of trading a position way too large given our account size. There is this predisposition out there that the only way you are going to make money in the financial markets is if you are trading 10 lots of options and 1000 shares of stock at the time. This is not the case, and if this is your mentality you will likely ensure yourself trouble. We have all read the stories of traders blowing up their account. I personally think a good rule of thumb is to not risk more than 5% of your account value on any one position. Good Luck Trading! In The Money Trades And 1 favor that we ask: If you like the hard work w...

more good news from FXStreet : Tom Fitzpatrick, senior technical analyst at Citibank in New York. Monday, July 15, 2002 "Parity is a psychological, not a technical level...and whether we pause around parity or not, we are likely to see significant further dollar losses...Our initial target is $1.03 to $1.0450. If that level is taken out, it actually casts a question mark against the whole of the dollar's rally of the last seven years, and could open up a full-blown bear market for the dollar." Julian Jessop, chief European economist at Standard Chartered Bank. Monday, July 15, 2002 "The dollar is under pressure from everything from economic problems to asset reallocation away from the U.S. and corporate accounting problems. It's difficult to see any positive factor for the dollar at the moment. The root of the problem is the U.S. current account deficit. If the U.S. doesn't have to attract an enormous amount of foreign capital, people wouldn't have to wor...

Forex Is Crazy

Search This Blog