u can get down to the implementation details of coming up with a trading plan. Your trading plan may also provide feedback for your trading objectives.

For example, if you want to make $240,000 per year and live off it, you’d need to average $1,000 per day. Is this a realistic amount for you? Don’t expect to make $1,000 a day trading unless doing so seems quite modest to you. You’ll find that you’ll sabotage yourself if you’re not realistic every step of the wa

Trading successfully requires planning. The first thing to be clear about is your portfolio objective. This will determine your trading style.

Let’s take two extreme examples.

In the first example, the objective is to double the portfolio value in 15 years. In this case you probably only need to manage the account for a few hours on Saturday, once a month.

In the second example, you want to earn double your $200,000 account every year so you can live comfortably. Even if you did have tomorrow’s Wall Street Journal by today, you’d obviously need a different trading style. Without it, you’d also have to be a pretty experienced trader.

Here are some key questions for you to ponder.

• How much do you want to make every year?
• How much money do you have to start with?
• How much time do you have to put into trading?
• Do you want to grow your account, live from your earnings, or some of both?
• Which markets do you want to trade? (Hint: specialize)

These are not easy questions and there is a catch 22: how do you know what to plan for until you know what you’re capable of? And how do you know what you’re capable of until you start trading? You should not start trading without a plan.

Still, you need to start someplace. Just be ready to revise your plan if real experience suggests your objectives are… well… unrealistic. However, don’t do this after you’ve experienced a particularly nasty string of losses. Pick a time when you feel you’ve developed a comfortable routine.

Another tip: Even in trading you need to specialize. The old saying about “jack of all trades but master of none” applies to trading as well. Don’t expect to trade pork bellies like you trade the FOREX. Don’t expect to be a large cap stock picker as if you were picking penny stocks.

Once you know your trading objective you can get down to the implementation details of coming up with a trading plan. Your trading plan may also provide feedback for your trading objectives.

For example, if you want to make $240,000 per year and live off it, you’d need to average $1,000 per day. Is this a realistic amount for you? Don’t expect to make $1,000 a day trading unless doing so seems quite modest to you. You’ll find that you’ll sabotage yourself if you’re not realistic every step of the way

comfortably. Even if you did have tomorrow’s Wall Street Journal by today, you’d obviously need a different trading style. Without it, you’d also have to be a pretty experienced trader.

Here are some key questions for you to ponder.

• How much do you want to make every year?
• How much money do you have to start with?
• How much time do you have to put into trading?
• Do you want to grow your account, live from your earnings, or some of both?
• Which markets do you want to trade? (Hint: specialize)

These are not easy questions and there is a catch 22: how do you know what to plan for until you know what you’re capable of? And how do you know what you’re capable of until you start trading? You should not start trading without a plan.

Still, you need to start someplace. Just be ready to revise your plan if real experience suggests your objectives are… well… unrealistic. However, don’t do this after you’ve experienced a particularly nasty string of losses. Pick a time when you feel you’ve developed a comfortable routine.

Another tip: Even in trading you need to specialize. The old saying about “jack of all trades but master of none” applies to trading as well. Don’t expect to trade pork bellies like you trade the FOREX. Don’t expect to be a large cap stock picker as if you were picking penny stocks.

Once you know your trading objective you can get down to the implementation details of coming up with a trading plan. Your trading plan may also provide feedback for your trading objectives.

For example, if you want to make $240,000 per year and live off it, you’d need to average $1,000 per day. Is this a realistic amount for you? Don’t expect to make $1,000 a day trading unless doing so seems quite modest to you. You’ll find that you’ll sabotage yourself if you’re not realistic every step of the wa

h?
• Which markets do you want to trade? (Hint: specialize)

These are not easy questions and there is a catch 22: how do you know what to plan for until you know what you’re capable of? And how do you know what you’re capable of until you start trading? You should not start trading without a plan.

Still, you need to start someplace. Just be ready to revise your plan if real experience suggests your objectives are… well… unrealistic. However, don’t do this after you’ve experienced a particularly nasty string of losses. Pick a time when you feel you’ve developed a comfortable routine.

Another tip: Even in trading you need to specialize. The old saying about “jack of all trades but master of none” applies to trading as well. Don’t expect to trade pork bellies like you trade the FOREX. Don’t expect to be a large cap stock picker as if you were picking penny stocks.

Once you know your trading objective you can get down to the implementation details of coming up with a trading plan. Your trading plan may also provide feedback for your trading objectives.

For example, if you want to make $240,000 per year and live off it, you’d need to average $1,000 per day. Is this a realistic amount for you? Don’t expect to make $1,000 a day trading unless doing so seems quite modest to you. You’ll find that you’ll sabotage yourself if you’re not realistic every step of the wa

o this after you’ve experienced a particularly nasty string of losses. Pick a time when you feel you’ve developed a comfortable routine.

Another tip: Even in trading you need to specialize. The old saying about “jack of all trades but master of none” applies to trading as well. Don’t expect to trade pork bellies like you trade the FOREX. Don’t expect to be a large cap stock picker as if you were picking penny stocks.

Once you know your trading objective you can get down to the implementation details of coming up with a trading plan. Your trading plan may also provide feedback for your trading objectives.

For example, if you want to make $240,000 per year and live off it, you’d need to average $1,000 per day. Is this a realistic amount for you? Don’t expect to make $1,000 a day trading unless doing so seems quite modest to you. You’ll find that you’ll sabotage yourself if you’re not realistic every step of the wa

u can get down to the implementation details of coming up with a trading plan. Your trading plan may also provide feedback for your trading objectives.

For example, if you want to make $240,000 per year and live off it, you’d need to average $1,000 per day. Is this a realistic amount for you? Don’t expect to make $1,000 a day trading unless doing so seems quite modest to you. You’ll find that you’ll sabotage yourself if you’re not realistic every step of the way.

Unless you have a clear plan with clear objectives, you’ll be like the proverbial ship without a rudder. You’ll be floundering from crisis to crisis until you run ashore or sink. I promise you this will not be enjoyable.

Instead, you should aim for clear objectives and have well defined contingencies. Only then do you have a chance to make it to your destination in the choppy and sometimes uncharted waters of trading.