Idea machine, my implementation of @jaltucher method.


Since I’m working towards finally publishing my trading ebook I’ve decided its time I need to start actually writing on a regular basis. While there is a constant churn of shit coming out of the world of finance it can actually be a challenge to get motivated to write something of quality.

Now, not about to rate this blog as “quality” at this point, but you have to start somewhere. One of my goals is to post a list of shitty ideas each day and write about all of them or just a few, or actually hopefully just one.

I stole this idea from James Altucher and his “Idea Machine” post.

My hope is to build a little momentum in my writing frequency and quality, as well as give a reason for someone to actually visit this blog from time to time.

Alright enough self-deprecation, time to post the ideas.

Since I’m currently working on an ebook about how to become a high performing “Part Time Pennystock Trader”, I figure my first list should be trading related. So my agenda was to create a list of 10 items to blog about revolving around the world of penny stock trading.

Here it is:

10 Things to Blog about – Trading

1. Daily Goals
2. Pre market prep
3. Showing up every day
4. Focus on your type of plays.
5. Avoiding chatter, social media, chat, news etc.
6. Discipline
7. Sticking to stops and profit targets.
8. Documentation
9. Review
10. Trading Rules

I’ll start with number one for today, daily goals, or profit/loss goals. I know a common rule for trading is to not set a profit target. But I disagree with this, you have to have some point daily where you determine it a good or a bad day. Sure don’t force trades to dig out of a hole, but if you are trading well you should be piling up bigger profitable trades vs losers. Myself I set a target of $500 a day. I figure at some point this will expand, but in the current conditions of this summers scalping market I think $500 a day is a good number.

While I prefer not to trade all day long, I REALLY enjoy taking time off. That is one of the big things I like about this idea, if its noon, there are no great plays and I’m sitting on $500+ in profits. I can happily mail it in the rest of the day and work on self improvement, or read or just hang out with the family.

I think the open ended grab bag idea of getting as much as you can every day is flawed. I’m sure I’ll get disagreement from many traders and I have read plenty of articles stating that profit targets are foolish. Now am I happy with $500 a day, no not at all. But again I work best with a goal and a goalpost and I think setting one is valuable. I have experimented with using a certain number of profitable trades as a goal, but that is flawed for me and any part timer I think. When I focus on making 0-3 trades a day it can be somewhat unrealistic to have a goal of 2-3 good trades a day. On some days it will be easy to have all good trades, but for me and anyone not trading 10 or more times a day it is more often you will have one really good trade (+$1500), and one pretty crappy trade (-$250).

In this scenario your quality score is only 50% but you have exceeded your daily goal by quite a margin. So I can call it a day and consider it successful.

This has been a brain dump and my first actual written blog post in a while so I realize there for sure could be more editing. But I’ll be back working on daily progress tomorrow.

Relaunch of, could something actually useful show up here??

Well its been said countless ways and countless times that “Real writers write.” You can’t get more simple then that. Since one of my goals going back to pre teen years has been to be a writer, its time I finally use this blog to progress towards that goal.

After numerous fits and starts with numerous platforms, domains and styles, I have proved what I already knew to be true. The tools and the method have absolutely nothing to do with the writing. You just have to put the butt in the chair and put the words on the page. Thinking and dwelling non stop about what to write about, and dicking around with different tools will only accomplish one thing, produce NO writing.

So dear reader, you and the one other person that most likely will visit this page get prepared to read a non stop daily dump of my thoughts. Ideally over time the quality will improve, I pity you poor fool who is here in the early days. But I know and have proven to myself through countless examples that I am a creature of routine and truly thrive through consistency. Whether it be business, fitness related, stock trading, productivity enhancement or writing. Another quote that has been said a million different ways is “What we do we become” or more specific to me, “What we consistently do we become.”

After writing to my journal EVERY day for close to 150 days, I have found the quality to have greatly improved and the great desire to never miss a day grow and grow as the streak gets longer.

So what should you expect to read? Basically my interpretation and experience of reading, using and analyzing the procedures and products I use every day. There are millions of them out there, and  more every  day, but in essence I foresee a “Lifestyle blog”. I am an active learner and goal setter. In the past year I have logged these accomplishments:

-Read at least one book per week

-Obtain a CCW

-Write consistently to a daily journal

-Trade stocks profitably and consistently and refine my processes.

-Weight train consistently

-Eat NO farm raised meat

-Write children’s short stories (collaborating with my kids to create the plot)

-Eat NO fast food (For the second year running)

-Minimize consumption of processed food

-Enhance productivity in everyday business and create a progressive workplace

-Became a proficient welder, specifically the GMAW process

-Consistently rise between 4-5AM (most days, this still is a little buggy)

More then anything I’m bummed I have not written or blogged or tracked these accomplishments outside of my own software and journal. So 2011 is the year I change that.

Some of the goals for the coming year that will be tracked here:

-Learn Ruby/ROR and develop a web app

-Step up my weight training to the next level (need to figure out the actual metrics still)

-Learn to play acoustic guitar

-Only drink one unique six pack of beer per week (good beer) and review it here

-Write something for public publication six days a week

-Speak publicly on a consistent basis  (monthly?)and improve my presentation skills

-Write something that can be sold (ebook, novel, magazine article?)

-Become a certified welder and proficient in the SMAW and GTAW processes

Wow, this was supposed to be a couple hundred word introduction, it really turned into a ramble.  I guess I will leave it at that for today, ideally through consistency this forum will become useful to anyone who shares my interests in improvement and skill building.

After rereading this entry I’m far from impressed, but I guess every journey begins with a single step. This first step may have been a little more like a stumble but I did move slightly forward this morning.