Thank you:

First things first, I'm sold, I bought a one year subscription to silver today.  I am all in.  I will focus on my market knowledge and market sensitivity (ability to read the charts, play action, ect), for the next several months.  I'm targeting an April to June entry into the millionaire challenge.  I'm taking this path for two reasons, the first, I'm having a baby in December and I need to make sure my ducks are in a row as far as my family is considered.  The second reason can be thought of as doing my reading before going to lecture.  I noticed in college that I did much better in classes such as physics if I did the readings before lecture.  That base understanding of material can significantly open your brain to further tutelage.

 

The first two weeks really taught me just how unprepared I was.  I have now seen several charts and I can begin to do things like draw support and resistance lines.  I really don't know what makes an earnings winner - I know the theory - but I do not grok this yet.  I realize that I need to better understand charts, fundamentals, support, resistance, entry, exit, position size, risk-reward, and the list goes on.  I'm going to lay out my strategy to start rapidly shoring gaps in the breadth of my trading proficiency.

 

Weekly Plan:

• Review Tim's watchlist nightly.  Read about the companies, read SEC filings, read news, form postulates about what makes these stocks "attractive"
• Review posted watchlists nightly.  For the same reasons as above
• Watch how these 'watched' stocks develop.  This is a daily task with nightly review of intraday charts and older charts to see how the company is performing over time (look for indicators that this stock was a good pick, previous runs and the like)
• Journal my thoughts, observations, and emotions.  It is not enough to just observe, I need to know how I think about what is happening and my emotional responses
• Paper Trade!  I have demonstrated to myself now that I'm not a mature enough trader to be trusted with a real account (I will return the 'keys to the car' to myself when I have demonstrated that I have grown up a little)
• Watch HTMM and read Dark Pools.  I need to keep up with my studies, I also need to get outside views that I can leverage against what I'm learning from Tim.  Tim is a teacher, not a religious leader, keep your eyes open
• Continue posting.  This is a catalog of my journey, I hope this website stays alive and active so I will always have access to these posts.  It is good to preform a retrospective and measure how far you have come.
• Have fun.  I have a job and make quite a bit of money, but I want to truly love what I do.  Also, I don't want to make someone else rich, screw that.  If my work contributes to millions in profit, I want to see a healthy chunk of that money

 

Motivation:

Tim's measure of success in his current career is the number of millionaire students he creates.  I want to help Tim increase that number, but not for Tim's sake.  It is his job to figure out how to maximize that metric.  It is my job to identify what metrics I will use to judge my own success.

 

Metrics:

Note, metrics will be tracked in groups of 20 trades to begin.  These groups will be rolled up into a chartable avg over time.

• Win Rate: 
• Watch over time trending, fix if you are taking a big dip
• Remember, a group with a win rate of 50% or 90% is "common" for an overall win rate of 72%
• Risk:Reward
• Win Size
• Monthly wins as PCT of annual income (at least till I can quit my job)

 

This has gotten very long,  I will call this good and consider it a public contract with myself.

 

Good luck to all of you this week, I hope you all kill it out there!