Ask Questions and Don't Skimp on the Answers! John Carter Before you begin online stock trading next year, devote a great deal of thought to the online stock trading plan. Here's one online stock trader's method of planning that will get you thinking.
In this first-person article, author John Carter makes a case that every trader should write out a detailed -- and we do mean detailed -- trading plan. Carter shares actual questions from his own trading plan that he asks himself each year and goes on to answer them.
Everyone's plan will be different, of course, but this is a good template for any trader to consider as the New Year rolls around. A single-minded creature, it tradethemarkets business plan one basic rule of thumb that it follows each and every tradethemarkets business plan If it thinks something will fit into its mouth, it will eat it.
When online stock trading traders visit my office to watch me trade, they often are surprised to learn that their first assignment is to feed Martha, my two-foot long pet Arrowana. They have to take the net, dip it into the feeder tank filled with goldfish and choose a victim.
Martha is used to this routine by now and begins to shimmer with excitement and anticipation. The goldfish is released. The water boils and churns as the predator lunges, and a few seconds later all that remains of Nemo is a few scales and a bit of fin.
Steve Patrow, a visiting trader, sums it up when he remarks, "That just seems really cruel. Whereas one is merely a meal for an Arrowana, the other is routinely preyed upon by professional online stock traders.
At least with the goldfish, the pain is over quickly. Online stock traders without a plan can stretch out their torment for years. It was a one-page document that has evolved over the years into the current page plan that I use today.
I update this report annually.
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|John Carter Before you begin online stock trading next year, devote a great deal of thought to the online stock trading plan.|
My plan expanded as the following truths came to light: A superior per trade tracking system had to be set in place; A specific day-to-day money management system had to be set in place; A methodology of holding specific trading setups accountable for performance had to be set in place; A reward and punishment system for myself had to be set in place; My plan had to evolve and take into account the setups and markets that best fit my personality; and I had to incorporate not only trading into my plan, but my whole life, to really make it work.
So what's in the online stock trading plan?
I'm going to show you the exact questions I make myself answer every year and take you through them step by step.
What follows are the questions and excerpts of the answers from my actual trading plan for Yours will be different, of course, but the structure will hold you in good stead.
This is the first question I ask myself each year. Although this might seem obvious, it is important to deliberately choose this online stock trading occupation over everything else that's available out there.
This is applicable not only to full-time online stock trading traders, but also to those who are trading part-time while holding down another job. The main reason I'm going to continue online stock trading in is that I enjoy the financial independence and freedom that online stock trading has to offer.
I also love the fact that I can do online stock trading from anywhere. I've never been good at taking orders, so I appreciate that I don't have a boss that has to be placated.
I enjoy meeting other online stock trading traders, as they are the most random, eclectic and interesting people on the planet, and the mental challenge and stimulation of trading is tremendous-- if I stopped, I would miss online stock trading.
This is where I take stock of everything else that is going on in my life and how it might impact my online stock trading. By doing this, I have figured out when I needed to hire my first assistant, when I needed to bring on another partner, and whatever else needed to be done to streamline my life for online stock trading.
I have a lot of activities going on in my life besides online stock trading. I'm actively involved in real estate investing, coin collecting, traveling and have a lot of stuff going on with the website.
My wife and I are starting to plan for a family and are looking at moving from Boston to Texas, where most of our family is located.
I know that online stock trading is my main occupation, and the only way to continue with these other things is if I'm making profits from my online stock trading. It is possible that I will drop some of these other activities if they become a distraction.0 3 Clues To The Massive Sell-Off Today (in-depth breakdown) 3 Clues To The Massive Selloff (in-depth breakdown) There was a major selloff in the stock indices today (S&P down % / dow down points / .
My first online stock trading plan was created in , eight years after I started online stock trading. It was a one-page document that has evolved over the years into the current page plan that I use today.
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