I have been the kind of individual that has usually had to learn things the hard way in life. I could use many excuses as to why, but I do not & cannot. We are all capable of making choices, and to me that is what life boils down to: life consists of a series of choices that we make. Whether guided or not, we still have to make choices. I have had the odds against me from the start. I could easily clutch to my past as an excuse to be a failure if I wanted to: blame the system, etc. That, however, does not lend itself to being productive. The fact remains that I have made a series of choices that have led me to where I am right now.
Nothing is the way it is supposed to be, it is just the way it is. It is up to you to play the hand you are dealt, no one else. With that said, I have learned that one has to set goals for themselves. Those goals should be treated as a guidelines. Mainly because we all know that nothing goes as planned, ever. For example, I started out in the arena of finance wanting to be a Research whatever. I got a position as an equity research analyst at some hedge fund and got what I would from it and moved on. However, I relish in the experience that I gained because I can value a company; a very useful skill. I realized what I really liked and decided that I needed to make a move to take me there.
I did not start out in finance thinking that I would end up trading. Given all of the heartache and pain of learning how to trade, I cannot imagine doing anything else in my life. However, I set goals. These goals are what have led me to where I am now. Successful or not, every stop that we make in this journey – aka life – is not in vain.
With this self realization in mind, I have decided to write down my goals for the coming year. I have come to a point in my life where I know exactly what I want to do; trading. I know that I have to work hard to get myself to a certain level in this game. Luckily for me I have come across many folks on twitter that have been great teachers, and have helped me step my trading game up. I am all about improvement and evolution. So a big thank you to those that have interacted with me on a consistent basis.
Goals for 2014
1. I have come up with a few option trading strategies that are applicable across all the markets that I trades/watch. I plan to come up with more widely applicable strategies. Not as easy as it sounds.
2. Fine tune the current trading strategies that I employ. Just because something works does not mean there is not room for improvement. There is always room for improvement. In this case the goal is to reduce risk in any way possible. Why risk 4 when you can risk 3?
3. Identify the appropriate risk parameters in options for the other markets that I currently trade. I have targeted risk parameters specifically for the rates markets, but have not for the other markets that I trade.
4. Expand my option trading strategies into markets that I have not traded in a while, such as gold, crude and spooz. With this I would just have to take the time to identify the appropriate risk parameters, as the process to identify the opportunity is the same most of the time but the risk is not. Different contracts have different tick values, thus, needing different risk parameters. But you all already know this.
5. I have always been interested in doing something macro-oriented with FX – think big long term trades. I have decided that I will commit time to developing spot FX strategies in uncommon currency pairs. I will be shooting to start trading this strategy in Q314 the earliest, but more than likely Q115.
6. Make a mountain out of a mole hill!
Thank you for reading. I would like to wish everyone a bountiful new year, with more health and happiness than you need! The simple things are what make us.