Financial goals: Tactics for 2011 - Commercial Web site

On this one I have, so far, no monetary objectives. I am totally new to this and my main objective will be to start a online store.

Do to so I will use the services of Weebly.com

To make it happen I will use Neville's template for what he did to create House of Rave. I believe that it is a should read to anyone who wants to create a online store. Very detailed information are provided.

So my main objectives for this project are:

On the front end:

a) Be able to browse products, info, details, prices.

b) Be able to select product in shopping cart

c) Process order and payment

On the back-end:

a) Process order and store statistics

b) Order product from wholesalers, providers.

c) Process payments, cost and watch deposits in my bank account.

This shall be up and running for June 1st 2011.

Financial goals: Tactics for 2011 - Stock Market

My second approach to my financial goal this year will be to leverage my knowledge on the stock market.

I will mainly use Tim Sykes' method.

So every night I will look at the day's most active pennystocks. Look at their fundamentals and see which of them are only a smoke show. Then the next morning I will short the sucker and hopefully cash the profit.

I entend to make at least 1 trade per week. And my objective is to make at least 5% profit (after commission fee) on each trade (on average). I will commit an amount of 500$ to 1000$ on this project. If all goes well, the business plan for this tactic should go like this:

Now there is an underlying premisse here that needs to be understood. This model implies that on each trade I will commit 100% of the capital. Financially speaking this is not wise. Therefore I will have to implement a protection mechanism to make sure I don't loose everything. Let's say that at -5% ROI, I pull the plug on the trade and move to the next gig.

The other thing with this is that my broker is very greedy. It charges me 29$ per trade. this means that I need to do 58$ of profit before making a penny for myself. I will have to work in the coming weeks to find myself a good broker that charges way less per trade.

I also recommand that you read Tim Sykes' book. Its full of insights and information.

Financial goals: Tactics for 2011 - Forex

A few post ago I've determined my objectives & strategy. Now lets narrow it down to the actual tactics.

I will use a blend of this strategy and this strategy. My goal is to consistently make 10 pips per day. Here is my business plan the next 30 days of trading:

If you want to learn more about Forex trading follow this link.

The virtues of public commitment

As you know one of my main objective in 2011 is to get the body of a Greek god by June 1st.

I've had this objective for several years now and for any reasons, good or bad, I always posponed. At one point I read about the concept of public commitment. By which one commits himself publicly to reach an objective. And some people go even farther by promizing that if they don't meet their objective, they'll punish themselves. Some promess to give money to relative as a bet and that kind of stuff. This thought of public commitment has always anoyed me for some reason. And I always thought to myself that "I don't need it... I'm strong enough by myself... I don't need to expose myself... bla bla bla..."

Well chapter 2, after a few years starting and stopping, avoyding, posponning. I came to the conclusion that I am not that good after all and I need to change tactic. The fly tactic does not work here. (The fly tactic consist in beating your head again and again against the window in order to get out of the house. Wishing for a different outcome out of the old same behavior over and over again.)

So enters... public commitment!

At work we have an electronic board on which anyone can post a message or ask a question. So last week I posted there that for June 1st 2010 I will have the body of a Greek god. When I posted it, my heart was beating at 100 miles/h and my hands were wet. Can you imagine that? What a physiological reaction for just a post on a board. And I entend to do the same commitment on my Facebook account. So all my friends and familly will know.

I even went further. I committed that, if I don't get to my objective, I will give 100$ to a charitable association. So if I fail, the pain will not only be public humiliation. It will also affect my wallet.

And to my surprise the reaction has been good so far. I am getting a lot of encouragement. People asking me to join. And some funny comments too like this girl stating "Wohoo! I can't wait to see the after picture! I want to be among the judges. Please!"

So this is to be continued...