Lesson: .101A - THE PLAN

The most important thing to consider when pursuing trading for a living or just for fun, is that you can lose a lot of money real fast.  So while the appeal is that it's fun and glamourous it can also kill you and turn your ego or sensibilities to mush.  So it's best to have a plan and stick to the plan.  In this post I will provide to you my approach, how I started and provide a checklist of items you should start with or activities to have completed.

Here is rough outline of the steps to follow:

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Welcome curious onlookers, naysayer’s or seekers of truth, redemption and the pursuit of a great trade. In this BLOG, I plan to share my lessons learned with new traders so that you may avoid the pitfalls that I encountered. My First Goal is to educate struggling new traders or folks thinking about trading, fulltime. Second, is to discuss what I have learned so I can do it better. I have a trading account that contains on any given day $2,000 which allows me to trade on margin with my broker. With this modest amount I am able to turn that capital over 1.5 X per month, meager yes. I can do this with 15 “day trades” per month. My short term goal is to achieve capital turnover of 2.5 XPM. At this level of “Tradecraft” I will be able to fund a second account which I have opened so that I can consistently day trade two accounts. My long term goal is to earn/raise enough capital to pursue algorithmic high frequency trading using what I have learned. There will be two threads to follow in this BLOG. #1. What you need to START. #2. What you need to WIN. I share my most recent trading experience so that everyone can laugh applaud or shake their head along with me:-)

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