An option traders New Years resolutions…
I usually don’t make new years resolutions and plans because I don’t like making statements I don’t follow through with, but I need to this year. As I stood on the fantail of our cutter in Manzanillo, Mexico watching fireworks around the entire bay (amazing) I wished to become a better trader this year. I want it so bad. I also need to stop touching the money I collect on my rental unit and let it sit in my savings account to build up an emergency fund. I told God to make me a better stock trader, please, and thanked God for the beautiful fireworks and magical happy feeling I felt all around me as the new year began with all the excitement around me. Here are my specific resolution goals for 2007…
To be a better options trader in 2007 I will:
1. I have to do 25 practice trades or more a week.
2. I can only trade one option at a time.
3. If my option goes down on the second day I must sell sell sell and live another day.
4. If I am up 50% on an option in less than 2 trading days then sell it.
5. I need to finish at least one economics or stock market book a month, and work at finishing a book every 2 weeks.
To grow Assets I will:
1. Buy a second property to rent out either in my home state of Virginia or at a tourist location in another country to use as a vacation home once I’m out of the military. I can also use this property for more tax write offs to get back a bigger return or less taxes.
2. Leave alone $725 rent collected and deposited into Savings Account to build as an emergency fund. If I don’t touch it for 2007 I will have accumulated $8,700 for 12 months.
3. Any extra money I don’t use from my paycheck will go towards my second properties mortgage, trading account, and second savings account.
4. When inport find a second part-time job to pay off my new car loan to decrease debt.
To become a better person I will:
1. Try to smile more? To breakout of this stressful serious syndrome I’m always in.
2. Create and stick to some routine exercise besides surfing and tennis.
3. Volunteer for at least a few days out of the month for an organization I could help.
4. Setup a donate savings account. Find someone or group I can donate to.
This entry was posted on January 1, 2007 by Paul. It was filed under 2007 resolutions, money management, personal life, Saving Money, trading stock options .
so hows the situation with your remote rental….dont U have to be around for landlord duties?
January 5, 2007 at 8:36 pm
Hey Vars. I don’t think you listen well because I don’t like explaining myself twice. As I told you I have a property manager and she takes care of everything. I’ve owned the property for over a year now and it runs smoothly. I think people that have never owned a rental investment property think it is cumbersome to own expecially if you are like me that lives 5000 miles away, but no. It is called good property management and keeping the tenant happy.
How is your investing, paying off your huge credit card debt, and buying a home going for yourself? Since I haven’t heard you’ve done any of it yet. Do it man! It is called “action” and I know you can if you just start.
January 6, 2007 at 8:50 am