Jan 2, 2008

Trading goals for 2008

Meant to post this up sometime last week but it didn't happen. I really hate doing things half-ass... but it's better than nothing. Anyway, here's what I'm shooting for in 2008 (no particular order):

-increase risk size (hopefully leading to increased reward)
-make 290R
-understand, papertrade and eventually trade Futures
-enter more swing positions

That's it. I mean, I could probably fill the page with shit, but really, if I achieve the above stated goals... I will be the happiest dude on the planet. Well, maybe not happier than the guy married to Kate Beckinsale... but happy nonetheless.


Anthony said...

Happy New Year!

How did you come to '290'?

OONR7 said...

anthony: Happy New Year to you too. 6.3R per week x 46 weeks per year (amount of weeks I want to work) = 290R per year. Of course, remember this is really just an average. I'm hoping I will do better some weeks and expecting not to do so well on others. Although, I'd prefer to get a good chunk in the first 2 quarters of the year.

Tom T. said...

This question is for oonr7:- I think when you first started you expressed some other competing interests - are you now concentrating on daytrading as your career, at least for the short term? I was curious how your assessment of your progress in 2007 influenced any of your career goals. These questions are for anyone: I am curious about making the jump myself to full time trading. How much money does one need sitting in the account day in and day out to generate income - I am not ready for full time given that I cannot answer this question yet for myself - if I was more consistent with profitable trades maybe I would know what I needed.

OONR7 said...

tom t: that's a really great question on your part of me. You know, I can't really say that 'trading' is my career right now as I haven't had a full year of successful/profitable trading under my belt. I think 2008 will answer whether trading is in my future as a full-time gig or rather just a 'hobby' to earn additional income. However, under my current circumstances (being in Paris without a work permit), I really want to take advantage of this time to give trading a shot. I want to go back to the US (mid-2009) knowing that I will be trading full-time. With that being said... I also realize that to be a successful trader, I need to diversify my trading knowledge. I don't think strictly trading gappers (with the setups I look for) will bring the financial reward I'm looking for. That's why I'm interested in trading futures as well.
As for switching over to daytrading full-time... I think you need to find a high-probability trading style that can be utilized throughout the year in many different conditions. As for starting capital, I think on the low-end you'd need about $35k to start and on the high-end $50k (both on margin). Although you could also go with a prop firm and lower your initial investment overall. That's also something I'm thinking about once I get back to the US.

Hammer Trader said...

Tom T
Daytrading minimum is 25K and if you want to trade for living, you need to make about 1.38 times of your current income,to cover insurance/401k etc..