Monday, April 20, 2009

The Goals

The title pretty much sums it up. I want to lay out my goals to make it clear to myself where I need to be headed. It will also give me an idea if I need to make some changes in my stakes. My plan will be how I reach those goals. I'm going to be keeping the goals flexible and attainable, considering I'm new to this.

I'm writing out my goals for the first 6 months. It will be broken down into 1 month increments. I have rounded off the numbers to make it easier. Here are my goals.

Goals:

Starting Bankroll: 800

may:1000

June: 1200

July: 1430

August: 1700

september: 2000

October: 2350

I calculated this at a 15% return on investment (roi) with a 3 week recycle rate on my money. After doing some research it seems that 10-15% roi is average if you are making profit. Anything above 20% roi is above average. So I set my goal to average so that it is attainable for someone starting out. It might not look like much after 6 months but as you can see it grows faster with each increment. After a year at this rate it will be worth it. Another thing to note in the calculations of my goals is I'm using up to 80% of my bank roll at any given time. Ideally I want to use 90%.

One other goal I have is to back a player who I think has great potential. I want to find someone I can trust in the next 6 months who I will be backing on a regular basis.

One thing to not in my posts is that I will be putting certain things in brackets only once. This is for those who are completely new to staking and investing.

My next post will be my plan to reach my goals. Thanks for reading.