My ACH with ToS has cleared so I can finally make my transfer to begin trading. I also want to clearly define my goals for this year.
2009 Goals.
1. Turn $6,000 into $6,600; an increase of 10% (pre tax).
2. Learn from both wins and losses.
3. Keep a journal (other than just this blog) for all trades. Noting the reason for entering the trade, specifying an exit plan, and marking worst case scenarios.
4. Don't trade emotionally.
I think goal 1 is entirely possible. It would involve at minimum 6 contracts at a $1 premium each, or 12 contracts at $.50. I hope to do the former. This would of course, be trading without hedging, which I don't think I'll be doing. I have a feeling it will be more like 8 or 9 contracts and 1 or 2 hedges (buying a put on SSO).
For 2, I think 3 will help with this. Since I have no experience, I want to make the most of every trade (both profit and knowledge).
I hope 4 won't be a problem. I'll pretty much be setting my targets at night after work, and not worrying to much during the day.
So that's it. Hopefully by next week the markets will have recovered from todays sell off.
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Andrew - good luck with your trading!
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