Lucky Speculator

Trading Plan I - Know Yourself...

dtc 27 August, 2007 15:46 Educational Materials, Trading Plan Permalink Trackbacks (0)

know yourself, know your purpose.

The key here is to understand my own psyche and know why I want to be a trader.

I want to be a trader because:

  1. I am a risk taker and I love the excitement!
  2. Trading is something that I haven’t really been doing well at it and is something that I really want to be good at it.
  3. I want to achieve the total financial freedom (thru trading and/or thru the building of www.LuckySpeculator.com?) 

My objectives are:

  • My main and primary objective in wanting to be a trader is to learn all the things I need to learn to become a good trader, write down the experience of trying to be a pro to build the content for www.LuckySpeculator.com.  Then share all the content with everyone who is interested to be a good trader.
  • My second objective is to turn the $25K into a million.

These objectives are important to me because I want to make a name for the Lucky Speculator by building the content rich website, www.LuckySpeculator.com, on the subject of trading.  And I am sure I could make a good use of the one million as well, maybe buy another investment property in Columbia Maryland and rent it out to generate some residual income.  My family could use the extra income for the yearly vacation or it could also be used to contribute to my kids’ trust.

I believe I can achieve my objectives because:

  1. I have the dedication needed.
  2. I can change quickly to adapt the situation
  3. And provide me with the tool of the knowledge; I know I can chart a course to success.

I am a discretionary trader my style is somewhat aggressive which makes me suited to medium-term position and swing trading.  I can and will control myself by adhering strictly to this trading plan which is detailed, specific, tested and profitable.    

My primary strength is following this plan very strictly and react/respond to various situations accordingly.  This contributes to ‘my edge’ and helps me towards my objectives.

My primary weakness is that I am too emotionally involved and not wanting to get out of bad trades quickly enough or wanting to recoup a loss quickly which, almost inevitably, results in increased losses.  The following aspect of the trading plan will help to control this weakness and prevent losses from spiraling out of control:

  1. I have a pre-defined stop-loss.  If it hits, I cut my loss short and get out of the trade.
  2. A pre-defined daily stop.  If it hits, I will stop trading for the day.
  3. For this project: www.LuckySpeculator.com, a total allowed trading capital of $25K. 

I will only trade on days when I am rested, relaxed and not distracted.  I will be guided by my trading plan and I will adhere to it rigidly.  It will help to prevent me from making trades that are poorly conceived and executed; i.e. trades that are based on gut feeling and motivated by fear and/or greed.

I will not trade on days when I don’t feel like to for any reason. 

My financial target for the phase I of LuckySpeculator.com project is to achieve a return of 1 million dollars.

 



comments

  1. Your title "lucky speculator trading plan i know yourself......" description is sweet like sugar and easy to understand than any I have visited so far

    get over death boyfriend

    i can t get over my ex

    .

    Posted by how to get over ex boyfriend — 12 Aug 2010, 06:09

  2. This could be one of the most powerful discussions I ever encountered in a long time, I'm uttering about this part of your article "" it also made me recall about the day I came across my long time friend.

    Posted by how to get over an ex — 18 Aug 2010, 08:59


Add comment

Add comment
 authimage
All communications on LuckySpeculator.com are for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy securities, currencies including spot, futures and/or options or any other financial instrument.

LuckySpeculator.com Disclaimer
Any issue or recommendation contained herein may not be suitable for all investors. Moreover, any issue offered herein is not guaranteed or endorsed by LuckySpeculator.com, not FDIC insured and may lose value.
Risk Disclosure
Unique experiences and past performances do not guarantee future results! Testimonials herein are unsolicited and are non-representative of all clients; certain accounts may have worse performance than that indicated. Trading stocks, futures, options and spot currencies involves substantial risk and there is always the potential for loss. Your trading results may vary. Because the risk factor is high in the foreign exchange market trading, only genuine "risk" funds should be used in such trading. If you do not have the extra capital that you can afford to lose, you should not trade in the foreign exchange market. No "safe" trading system has ever been devised, and no one can guarantee profits or freedom from loss.
U.S. Government Required Disclaimer
Commodity Futures Trading Commission. Forex, Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This website is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this website. The past performance of any trading system or methodology is not necessarily indicative of future results.

HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS.

Substantial risk is involved. Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the Options markets. Don't trade with money you can't afford to lose. Nothing in our course or website shall be deemed a solicitation or an offer to Buy/sell futures and/or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on our site. Also, the past performance of any trading methodology is not necessarily indicative of futures results. Trading involves high risks and you can lose a lot of money.

More www.LuckySpeculator.com Disclaimers

© Copyright 2007 www.LuckySpeculator.com. All rights reserved.