Goal for 2011
$25,000 Net Profit in 1 Month
I will raise the steaks. My goal from September 2011 to September 2012 will be to earn $25,000 net profit in 1 month (YES! One Million Pesos a MONTH!) I LIKE TO SHOOT FOR THE MOON!. Breaking it down means I should be earning at least $833 per day.
How to Reach Goal
- Study more about money management
- Risk more and be defensive
- Always think that I might be wrong in a given trade. Making me think defensively rather than offensive (taking unnecessary risks).
- Put more risk on successful trades. And reduce risk for wrong trades.
- Always think about the exit more than the entry.
- Money management, psychology and exit strategy.
Main Goal for 2010 (DONE :D)
$5,000 profit per month in forex trading.
I already have a trading goal. But just to make it official, I’ll write it on this journal so I can comeback later and see my progress. This year 2010, my goal is to reach $5000 per month in profits in forex trading.
By the end of 2010 I should be earning at least $5,000 per month. Breaking it down to days $5,000 / 20 = $250. That is $250 per day.
How To Reach Goal
- I’ll be patient.
- Trade only on longer charts. Daily / Weekly. I’ve had very bad experience with day trading but have great success with daily and weekly, so I’ll stick with daily and weekly for now until I’m familiar with day trading on demo account.
- Follow the trend.
- Follow my system.
- Remind myself to refrain from overtrading.
My ultimate goal is to earn my first million dollar with forex. But it will take a while I know. Just keeping a more reachable goal for now based on my experience.
UPDATE (as of September 1, 2011): I have reached my goal of $5,000 net profit in one month. It has been a long journey and I was late for about 1 year achieveing this goal. But it has been a very good adventure and a lot of learning curve. At first I thought its impossible and now I can move on to bigger things. Bigger means bigger profit.
A lot has happen last week. As the market’s volatility rages on because of the Eurozone conferences, most of my trades and stop losses has been hit with a loss. I’m just breaking even right now for the losses from last week.
I’ve been also preparing to “invest” in the stock market. Just to hedge the underlying “riskiness” of forex trading. I say invest and not trade, because I’ll be entering the stock market only for the long term goal and cash flow. The strategy for me investing in the stock market is for a less risky, long term, income generating approach. While my forex trading will be my aggressive side. Never put all your eggs in 1 basket as they say.
Anyone also investing in the stock market? What’s your favorite stock?
As I trade into 2013, I realized that my forex trading is slowly becoming a more mature system. As I meet other traders in the forum and as I trade to my 4th year, my system, from a go-in-go-out-fast trades to a more mellow slow but profitable and safe “lets open a trade and look at it next week” kind of trade. This I think is better than suffering the stress of day trading. But as I realize this, I might also be posting less and less because the trade have nothing to be excited about as I search for longer trades, traveling and searching for the meaning of life. And I don’t want to leave behind countless newbies who still stumble in the dark.
I’ve been thinking of a membership club where I can teach them online one on one or a signal service that I could contact you should I have a trade opened and closed. My analysis and opinion and of course open questions about how I trade and my indicator, ichimoku. Of course I don’t want to charge but I think that would not be possible as I would be employing people to develop a system like that, and I don’t want to be in the red zone since I don’t want to use the money for trading for this.
What do you guys think? A signal service or a membership club or both? And how much are you willing to pay/comfortable paying?
P.S. I think $99 is highway robbery.
EURUSD 8 Hour Chart
There is a strong resistance at near 1.3400. At this moment, it could be a good time to short.
Last week has been good forex trading not so good on local markets and stock market though. But that’s a different story. Kind of practiced patience not only in trading but in general as well. You see, last week, this site was hacked. And I thought that was a good opportunity to test patience as I never panicked and just calmed myself that everything is alright. Now looking back at it, it felt pretty good. Friday, I got a chance to enter a trade that I thought was a good time. Its in GBPJPY and USDJPY and I will review them today.
Its a good buying opportunity. It seems like the trend has ended for GBPJPY but don’t be so sure. Even if it is not the end of the trend, it is still a small risk to take with great rewards. We should expect the price to go up to 50% fib entrancement. If it doesn’t break the high of Thursday, we can call this trade invalid. Nevertheless, I’m in this trade and the risk – reward ratio is good so I’m sticking with it. Weekly is on a downtrend and Monthly has just reach a support. This week will be crucial in ending this month’s price.
Seems to me that it already hit rock bottom. So I’m taking LONG trades from now on. Remember to use stop losses so you can lessen risk.
EURUSD 1D long position
This is an update from the long position I made a few days ago. The trade is now running at +120 pips profit. The condition is still valid so I’m sticking with the long position. This is an experimental trade and posting this for educational purposes only.
The idea behind the trade is a contrarian position.
Another position I entered using the same strategy last week is this.
USDCHF 4hr short position
The strategy is proving to be profitable with +110 pips already made in this pair. Of course, it needs a little more polishing but I think it is proving to be promising. Its easier to implement as well so when I get started with automated trading.
In total we have +230 pips a very promising experiment! And we are profiting 2 out of 2 trades. That’s 100% accuracy. Of course its too early to tell. But I’m very excited with this new system. Its easy and profitable.
AUD/CAD Daily Chart
A textbook candlestick pattern spotted on AUD/CAD. A perfect opportunity would be to wait for the next candle if its a bull candle then its a valid signal. If not, then its false alarm. Risk takers can enter on this pair now on the long side. I’ve never seen a candle stick pattern as light as a day as this one.
Here’s an update with my experimental trade.
EURUSD as of this moment has 2 positions. 1st has 321 pips and 2nd position has 221 pips. Looking good for my experimental trading strategy. Total profit of 542 pips.
This is the update from my post yesterday. Around 561 pips so far for this trade.
I’m going to start a series of trading journal as to convert this blog into a personal forex trading diary.
This is my entry trade for GBPAUD, May 10, 2011
Comment: Trade is according to plan. And entry conditions are met.
After breaking the support, it immediately bounced back and creating a really good reversal candle, Engulfing Reversal Pattern).
This trade went against me. A VERY LARGE bullish candle went ballistic and got stopped out. I immediately changed position into long.
I was surprised by the news when it was revealed that the US Government will be shutting down. This could be a great opportunity if you’re that kind of trader. How can we make money with this news?
The answer is… You don’t trade.
This site has been created for the sole purpose of teaching myself how to trade forex. By documenting it, I realized that people have also been able to make something out of it and help them get started. During the years I have been trading, there’s always 1 rule that I always remember when I hear news like this. Follow your trading plan.
Your trading plan has a purpose. You created that plan. If a news comes out, and you abandon it, you’re into a world of trouble. Part of trading forex is the discipline to say NO, no matter how enticing the news might be for you to make a profit.
Always remember to never trade the news. If you’re a kind of trader that uses the news, then thats good. More power to you. Why the hell are you on my site by the way?