sven
Well-Known Member
So after heading over and posting Introductions: Hi there time to get serious? I made it pretty clear that I'm looking to 'succeed' and frankly been pissing about for years.
WARNING: long long post but hey you don't need to read
Thats all good and well but what is success in trading for me? What the end goal?
Most people will say loads of money etc etc etc and of course that sounds cool and all that but its not really a goal, more of a pipe-dream. We need goals and targets to get anything done over the long haul.
We all have long term goals and short term. Its entirely possible and probably desirable that your goals change over time but that should be planned not made up.
I'm sure we've all got stuck into something, given it 110% for 2 weeks and then the novelty wears off. This is where plans and goals come into it. The idea is to have a mental framework to prevent procrastination and to make incremental progress even when you don't feel like it.... something I've mastered(procrastination and distraction that is)
Get S.M.A.R.T about your goals.
So whats this bull****t about? Well if you are actually going to do something you should have a good ideal about the following. On the off chance you are still reading there are many ways to set goals but SMART is one of the more intuitive ones. You don't need to write it all down but it helps to think of these 5 points when you do.
Specific
What the hell are you actually going to do? 'crack trading' nope.... 'create a top 3 list of trading platforms for my plans' ..yep.
Measurable
Can you tell when you are done? if not then you need to redefine it. Being measurable really helps with motivation. Knowing you are knocking goals off and getting closer
Achievable
Do you have the skills to do it in the time allotted? if not then we need to plan for and allow that to happen first.
Relevant
Clearing goals takes motivation. Motivation is much easier when you are doing something you are interested in and that will directly relate to you.
Time-bound.
Ideally we set a time limit. If you can't make a reasonable estimate on the goal then its possible you don't know enough about how to achieve it or the scope is too much. If you work 9-5(lol I wish) and travel(boo yes) with a family(yey babies..delicious) time is the single most valuable thing you have.
You don't need to be using some tool to do this or a rigid framework but understanding the above when you jot down your post-it notes should really help to make the goals attainable. Well its helps me.
Some High Level Goals.
I basically have 2 long term goals and the main one is;
Great but its a bit wishy washy so let me try and SMARTen it up.
Specifically.
A portfolio of profitable trading systems that are robust to shifts in market conditions and sufficiently tested. Timeframes and holding periods will be weeks, days and intraday. Costs and correlation will be the primary criteria for inclusion into the portfolio with a focus on systems that improve diversification. Risk will be managed at all times.
Measurability?
I will measure success by progressing towards that ultimate goal by completing goals along the way. Failure is being distracted from that ultimate goal or deviating from risk parameters.
Achievable?
I do not have the skills to achieve this goal. Thats just a fact. I will need to formulate a plan to identify what skills I'm lacking and attempt to attain those skills and progress. I will ensure progress by planning incremental milestones that move me toward my goal.
Relevant.
I work, have family and I travel. I can't dedicate 24/7 to this but I do have spare time for research(travelling) and software dev skills. This is something I really want to succeed in.
Time-bound.
I don't believe that this journey will ever end but we need to have some limits on time else there is no value in it. So, whilst I'm expecting this to take forever-ever I'm committing my spare time and mental bandwidth for the next 12months.
Any one of the above could be broken down into a million goals and more detail but this is about setting a high level goal.
A year is a long time if focussed. I'm under no illusion that the markets are a lifelong path. I'm not starting from zero but I'm no where near 10.
So 12 months and re-evaluate.
Goal 2, is to improve my discretionary trading skill.
There is a saying;
I believe in eating your own dog food. That is, you should be forced to use the crap you make as you gain insight into its short comings. I believe that you can't really see new opportunities unless you are in the markets looking at charts.
That said, I realise its a different goal and in many ways conflicts with achieving my ultimate goal. So, I'm going to just leave it as that and not commit. Rest assured I'll be still trading but I've decided short term to not try to 'fix' it. I'm going to comeback to it formally at some point in the near future.
Where am I starting and whats the rules of the game?
So we know where I want to be but where am I starting from? Whats the restrictions if any?
I have dev skills. I've 'messed about' with MT4 for a few years early on. I've messed around with jupyter notebooks and python forever. Coding I think I'm good.
Trading skills. I've traded on and off for ever. Never really getting consistent. I understand the basics along with risk and position management and I'm comfortable putting a trade or two on.
The main restriction I have is I can't trade anything listed. No indexes, equities, commodities. Basically I can trade Forex + probably gold. Well thats put a dent on the goal hasn't it.
Yes and no. Next 12 months sure I'm limited but limitations can spark creativity and focus the mind. There are more than enough opportunities in Forex I just need the skills and tools to get me some of them.
Who knows what job I'll be doing past 12 months. Anything other than my current one and those other markets can open up to me. So..may as well crack on and be in a position to add them if the opportunity arises.
Whats the Plan then Sven?
So we know where I want to be and we know where I am... but so much unknown.. so many places to get distracted.
We need a hero..we need Strawman!!! a plan that’s meant to be knocked down because frankly I don't know what I don't know but you've got to start somewhere aka bollocks
I'm not going to put dates but you can assume a couple of weeks for simple things. I'll set a timeframe when before I start the next item.. That will give enough time put stuff off a little for other priorities but still make progress.
Right anyone that is still alive or remotely interested...
Thoughts? Feedback on the strawman plan? I'm here for ideas. Don't be shy.. I can take it.. Lets get cracking.
WARNING: long long post but hey you don't need to read
Thats all good and well but what is success in trading for me? What the end goal?
Most people will say loads of money etc etc etc and of course that sounds cool and all that but its not really a goal, more of a pipe-dream. We need goals and targets to get anything done over the long haul.
We all have long term goals and short term. Its entirely possible and probably desirable that your goals change over time but that should be planned not made up.
I'm sure we've all got stuck into something, given it 110% for 2 weeks and then the novelty wears off. This is where plans and goals come into it. The idea is to have a mental framework to prevent procrastination and to make incremental progress even when you don't feel like it.... something I've mastered(procrastination and distraction that is)
Get S.M.A.R.T about your goals.
So whats this bull****t about? Well if you are actually going to do something you should have a good ideal about the following. On the off chance you are still reading there are many ways to set goals but SMART is one of the more intuitive ones. You don't need to write it all down but it helps to think of these 5 points when you do.
Specific
What the hell are you actually going to do? 'crack trading' nope.... 'create a top 3 list of trading platforms for my plans' ..yep.
Measurable
Can you tell when you are done? if not then you need to redefine it. Being measurable really helps with motivation. Knowing you are knocking goals off and getting closer
Achievable
Do you have the skills to do it in the time allotted? if not then we need to plan for and allow that to happen first.
Relevant
Clearing goals takes motivation. Motivation is much easier when you are doing something you are interested in and that will directly relate to you.
Time-bound.
Ideally we set a time limit. If you can't make a reasonable estimate on the goal then its possible you don't know enough about how to achieve it or the scope is too much. If you work 9-5(lol I wish) and travel(boo yes) with a family(yey babies..delicious) time is the single most valuable thing you have.
You don't need to be using some tool to do this or a rigid framework but understanding the above when you jot down your post-it notes should really help to make the goals attainable. Well its helps me.
Some High Level Goals.
I basically have 2 long term goals and the main one is;
A portfolio of uncorrelated trading systems across a wide range of Asset classes, instruments and timeframes.
Great but its a bit wishy washy so let me try and SMARTen it up.
Specifically.
A portfolio of profitable trading systems that are robust to shifts in market conditions and sufficiently tested. Timeframes and holding periods will be weeks, days and intraday. Costs and correlation will be the primary criteria for inclusion into the portfolio with a focus on systems that improve diversification. Risk will be managed at all times.
Measurability?
I will measure success by progressing towards that ultimate goal by completing goals along the way. Failure is being distracted from that ultimate goal or deviating from risk parameters.
Achievable?
I do not have the skills to achieve this goal. Thats just a fact. I will need to formulate a plan to identify what skills I'm lacking and attempt to attain those skills and progress. I will ensure progress by planning incremental milestones that move me toward my goal.
Relevant.
I work, have family and I travel. I can't dedicate 24/7 to this but I do have spare time for research(travelling) and software dev skills. This is something I really want to succeed in.
Time-bound.
I don't believe that this journey will ever end but we need to have some limits on time else there is no value in it. So, whilst I'm expecting this to take forever-ever I'm committing my spare time and mental bandwidth for the next 12months.
Any one of the above could be broken down into a million goals and more detail but this is about setting a high level goal.
A year is a long time if focussed. I'm under no illusion that the markets are a lifelong path. I'm not starting from zero but I'm no where near 10.
So 12 months and re-evaluate.
Goal 2, is to improve my discretionary trading skill.
There is a saying;
If you try to chase 2 rabbits you catch none -- a dog.
I believe in eating your own dog food. That is, you should be forced to use the crap you make as you gain insight into its short comings. I believe that you can't really see new opportunities unless you are in the markets looking at charts.
That said, I realise its a different goal and in many ways conflicts with achieving my ultimate goal. So, I'm going to just leave it as that and not commit. Rest assured I'll be still trading but I've decided short term to not try to 'fix' it. I'm going to comeback to it formally at some point in the near future.
Where am I starting and whats the rules of the game?
So we know where I want to be but where am I starting from? Whats the restrictions if any?
I have dev skills. I've 'messed about' with MT4 for a few years early on. I've messed around with jupyter notebooks and python forever. Coding I think I'm good.
Trading skills. I've traded on and off for ever. Never really getting consistent. I understand the basics along with risk and position management and I'm comfortable putting a trade or two on.
The main restriction I have is I can't trade anything listed. No indexes, equities, commodities. Basically I can trade Forex + probably gold. Well thats put a dent on the goal hasn't it.
Yes and no. Next 12 months sure I'm limited but limitations can spark creativity and focus the mind. There are more than enough opportunities in Forex I just need the skills and tools to get me some of them.
Who knows what job I'll be doing past 12 months. Anything other than my current one and those other markets can open up to me. So..may as well crack on and be in a position to add them if the opportunity arises.
Whats the Plan then Sven?
So we know where I want to be and we know where I am... but so much unknown.. so many places to get distracted.
We need a hero..we need Strawman!!! a plan that’s meant to be knocked down because frankly I don't know what I don't know but you've got to start somewhere aka bollocks
I'm not going to put dates but you can assume a couple of weeks for simple things. I'll set a timeframe when before I start the next item.. That will give enough time put stuff off a little for other priorities but still make progress.
- Platform choice.
- Define requirements
- Research the options
- Evaluate shortlist
- POC
- Choose.
- Broker choice.
- Supported brokers for platform.
- Additional Api requirements?
- Trust
- Funding.
- Define System Pipeline
- High level approach to Algo research, dev through to deployment. Timeframe/instruments etc. How to evaluate, discard, test deploy etc. How to monitor post live!!, how to integrate new systems into the portfolio.
- Risk parameters and kill switch.
- Algo!!!!
- ideas and the pipeline.... loop loop loop.. Go live!!!... monitor as per pipeline.
- GOTO Algo...
Right anyone that is still alive or remotely interested...
Thoughts? Feedback on the strawman plan? I'm here for ideas. Don't be shy.. I can take it.. Lets get cracking.