As FT stated that trading is a business. A successful business needs to set goals, milestones and rules of running the business. These are the areas I need to work on. From now on I will set goals of my trading targets, steps for improvements, developing and perfecting my strategies and rules. I will review my goals on a weekly and monthly bases.
My goals of April are:
1. Continue to learn grains and crude oil futures movement and selling options of these products with a systematic approach and patience. My observation is that commodities tend to trending a lot stronger than indexes. They can move in one direction for days and weeks influenced by seasonality, events and related news.
2. Watch for risk and recognize my emotions. My emotions tend to get high when my positions are underwater. I naturally fight a trend when I am wrong. I should instead trade from opposite direction to follow the trend and reduce or mitigate risk.
3. Continue to learn option spread and covered calls. My goal is to be able to trade spread and covered calls in my other account and generate consistent income.
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