2007.... What is Realistic?

This year had been my first yearin trading and to be honest I haven't lost any money but I haven't set the world on fire either... Both of these outcomes prevented largely to the fact that I haven't had enough free time to concentrate on this fully...

Well this year will be different... Why? well lets examine what Trading means to me and what it can do for my family....

1: Give me the ability to manage my own time

2: Actually watch my daughter grow up... I don't want to be one of these people who have o ask permission and book a day off just to go and see her in a school play!!!!

3: Give me the ability experince financial independence and maybe actually use my time to do other things like helping other people. I don't believe we are on this earth simply to work and die... We must have some sort of purpose to our lifes and I believe too many people are just going from day to day continuing the routine. In my life I would like to help others less fortunate and hopefully with the extra time an money trading could free up I will be ableto do this.

4: Enjoy life to its fullest.


How am I going to do that....

1: Deal with the Psychology of trading....
a) Plan my trades before I enter and rigidly follow my plan
b) Document each of my trades... but not only after the event but before I enter so I can begin to understand my thought process
c) Stick rigidly to my systems - Give them at least 6 months to work or not.... Under no circumstances will I system hop. So from this day foth I will not look at any other systems and I will give my current box of set-ups the best opportunity to be successful
d) Finally understand that losing is just part of the business and accept or even welcome those losses as an opportunity to learn.
e) Understand that we cannot see the future and all we are doing as traders is simply working on Probability... So with that in mind as per my system rules I will only be taking those trades with a high probability of working.

2: Set Realistic Targets
a) By March be trading profitably and Consistently
b) By June be earning enough money from trading to pay for half of my bills
c) By September be earning enough money to cover all of my bills
d) By this time next year be in a position to trade full time



This is my motivations and targets for 2007... I believe having this in front of me everyday will give me the discipline and motivation I need to achieve my ultimate goal of trading Professionally Full Time.

If any of you guys or Girls have Targets set out yourself then please feel free to post them as well.

As this thread here can act as a measuring stick to where you want to be and where you currently are and maybe we can all look back this time next year with the satisfying knowledge that we did actually achieve what we first set out to do.....

I look forward to all of your motivations and targets...

To the successful trader, trading can offer freedoms never thought possible, and it is a career like no other. I agree that many people who have the common 9 to 5 job have not as much room for advancement as a trader, and many jobs are dead-end with little or no future. However, it is important to keep the day job until one is consistently profitable. If one can make any money consistently, one can make an unlimited amount of money as in forex there is no such thing as size limits, only mind limits. To what degree of consistent profitability depends on what kind of lifestyle one wants, and as one advances higher and higher, there's the path to which a dead-end 9 to 5 job just could not offer.

I too want to be successful enough as a trader to be a philanthropist.

As a trader, we are in for the long hual. All we are doing is taking good trades, and trade to the best of our ability. Sometimes the market isn't just there and we may lose a few here and there. That is why good money management is extremely important in trading as I believe money management is the closest thing to the holy grail as one can get in trading. After all, that is what puts money in the bank. One has to make sure that at the end of the month, he/she is profitable and comes out on top. Take one step at a time, first things first, and let it happen.

Well, here are my plans for 2007

1. Make a living for myself to move into the city.
2. Make some money, any money every month in forex that is consistent. (I have my own monthly goal according to my learning curve in terms of pips every month, consistency, and up in size.)

Plans for 2007 and beyond.
3. Make a good living in forex where I have the option of dropping my day job (at this stage, I probably still would not drop it, but we will see)

Ultimate goal.
4. Make a very good living where I can enjoy the freedom and life this career offers to those that are successful
5. Make a wealth.

Micardo, those are great goals. I also strive to be able to make enough money to help others.
My goal is to move to the Philippines with my wife, and help others to get into trading.
I just want my family and us to be confortable, and the rest is just added bonus.

I wish you the very best.