I think it is very important to have goals and well I want to start a topic to stir up some ideas of goals I should have for my particular situation. Perhaps I should explain my particular situation? I am fourtaint enough to have a loving and supporting family that is giving me the opportunity to really explore forex. I am able to dedicate the whole year of 2007 to forex. However, I am limiting myself to a 9 hour day on forex. Also, I have a limited capital. I will be starting with 10,000 in capital. So that is my situation and limitations. I will be trading the New York session and I live on the west coast
So anyways, I got to thinking. If I do a full year of trading. A full year of 9 hour days of trading and learning and trading and learning where will I go? Where am I know and where will I be a year from now? Really I have no idea, and honestly I probably can not imagine how this next year will turn out. However, I want to attempt to make some goals. And I want to see if I can bounce ideas off this community and see if people think my goals are reasonable.
My first goal will be to master my trading style. By trading style I mean my trading method and everything associated with it. By master I mean being profitable and cutting my losses to the most minimalist. I want to do this all within the first 6 months. So basically I think given 6 month of time that I will be able to master (realize when I say master I truly mean just the ability to be profitable) my trading style.
My second goal will be to make 100 pips a week on EUR. I am not sure what type of time table this should be on. But I think within the first 5 months I should be there. So I figure ill be demoing for 3-4 months and by then I should be profiting on the demo my goal and then I will take another month or so to practice that for real. However, I acknowledge the differences in demoing and live trading and thus give myself a 1-2 month period of working out emotional struggles within myself so that I can become profitable as I did in the demo. So I suppose my goal is to make 100 pips a week on Eur on the demo within the first 3 months. Then be able to transition that success over to live trading within a 1-2 month(s).
Obviously I have a lot more goals, but for now I will just introduce those two and see what you guys have to say about them. I would appreciate all and any comments regarding this post. I thank you in advance for any input!