So this week I made some stupid trades.  I have one trade that is shaping up to be the best one since I have been learning these trading techniques but I have been incrementally killing my profits by making a series of stupid trades chasing after big wins.  This has taught me a couple lessons after looking over my trades...

Learn what works best for me

So I work full-time during the week days right in the middle of the trading day as an auditor at a public accounting firm.  My job provides me with some flexibility that allows me to trade but it also provides some very real limitations that I need to consider as I develop a sound strategy that works for me at present.  Since I am working, I cannot take advantage of some of the big plays throughout the day without careful planning.  Due to my situation, my risk levels increase dramatically if I am not cautious and put me in a precarious situation.  I am trading under the PDT rule, I cannot watch a stock for an hour or more straight, and I don't have time to do reasonable research before jumping in.  This means that if I jump in a high volume potential spiker foolhardily, I could stand to lose way more than I intend.  Sure I could set stops to protect me but I may not even know where support is and what a good buy is.  The point of all this is that I need to understand that the best trades for me are solid up-trending stocks that take a day or more to develop.  This minimizes my PDT impact, allows me time to do research, and still make enough money to grow my account considerably.

Stop watching the score board

This is a hard lesson for all traders I think but it's definitely one that I relate to.  We hear people talking about these amazing plays making big money and we want in.  But as Tim said in the How to Make Millions DVD, a good trade is not determined by the profits made but by how well you played the game (paraphrased).  You can make big money and still trade poorly.  Eventually your luck will run out and you will be hit with the big losses.  My goal for 2016 is to focus on playing the game solidly.  Minimize losses, make solid trades with solid plans, and take the emotions out of the game.  A series of stupid losses can destroy a big win in a hurry.  This is a marathon and not a sprint.  

My goals for 2016

This year, my plan is to study hard.  I want to grow my account but I want to do it methodically.  Big wins or small wins, doesn't matter as long as they are wins.  The real goal is to not lose.  By the end of this year, I hope to be out of the PDT rules and have a strong enough account to consider trading full-time.  Also, I want to think Tim for taking the time to make these dreams possible for anyone willing to put the effort in.  I know it will not be easy but it will definitely be fun.  Best of luck to everyone this year and happy trading!