My Forex Trading Goal

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.

  • http://facebook.com/bancale Optimalist

    Any updates? I’ve been meaning to get on the market and I just started my demo account today. I’ll get the feel of the markets first. Are you on moneyforex?

  • Jeff

    I’m just breaking even. My emotions keep getting the best of me. Maybe its because of the heat… I don’t know.. I’m sitting this one out for a week or so and trade lower volumes for now. Just to practice to trade without emotions (fear and greed).

  • http://villapando.org jayl

    Hi there. I have been visiting your blog once these past few week. Im very much interested in venturing into Forex. Im on the early phase of babypips.. I just hope you could update this if you have enough time.

    one quick question though, how much initial investment you would advise a newbie?

    looking forward with your reply and other updates.

    thanks,

    jayl

  • Jeff

    Hi Jayl,

    Thank you for visiting my site. I’ve been busy for a couple of weeks because of my other business. For starters, try to trade with at least $1000 capital and trade only 1% – 3% for every trade. That way, you’ll be able to learn real trading without much risk. The emotions are still there because you’re trading real money. But its all part of learning and you won’t drain your funds as quickly.

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  • neil

    Hi, I am using FxPro cTrader right now using the demo account. I wonder what platform is the best and how to fund this (in case I go live)? Thanks in advance! BTW, I am inspired with what you blogged here. Great Job!

  • ForexPhil

    Thanks neil. Not familiar with FxPro.

  • neil

    Hi ForexPhil!

    Do you have advice on what forex trading platform to use in terms of ease in getting/putting your initial investment? I am having a hard time using FxPro. Their funding method is too cumbersome.

    Thanks in advance!

  • ForexPhil

    Almost all brokers are funded by the same way. They are under strict rules as to prevent money laundering.

    oanda can be funded by paypal. It is the easiest broker to fund your account. but in terms of ease of use with the platform, there is a drawback though, their charts are only limited to hourly and daily. meaning they don’t have weekly, monthly and yearly charts.

  • neil

    Thanks ForexPhil :)

  • omnispective

    May I know what brokerage/trading platform you use? I’d really like to start forex trading soon but I do not know which one is the most recommended or easily accessible for us in the Philippines. If you have the time, I’d really appreciate it if you can send me an email response. Thank you!

  • Wendy

    Hello !!  I’d like to learn forex. Is there a seminar, books, software and tools available in the Philippines???.  

  • kenneth

    http://zoneequityltd.com/. Here’s an fx broker based in the Philippines.

  • Android311411

    Thanks for this blog and inspiring us too. Just have to read first and try the demo to understand FX more. Hope that I can open this year. Wish me luck.

  • Neil

    Hi ForexPhil,  I hope you are doing well with your investment! I am just wondering if you have had experience this before. Here is the thing, all is well with OANDA two factor authentication until now. Since this morning  I cannot receive their OTP in my globe phone.  Do you have any previous similar experience?    Thanks in advance! 

  • Xpact_45

    Hi, for an average profit of $5000/ month. How much is a good starting capital to have good money management? How many percent do expose to the market per trade?

  • ForexPhil

     Hi, I think a good money management is good, no matter how much money
    you have. How much money you use for trading is really a personal
    preference. I can’t answer it with a straight face. I did started out
    with $100 and risked 2% in the beginning and raise it as I feel
    confident. Now I have a larger capital and I risk 50% every time I feel confident in a trade.

    How
    much experience do you have in trading? And how much are you willing to
    lose? If you could answer this question maybe I could give you my
    thoughts.

  • joy

    hi thanks a lot for your website. Its very informative. Im planning to start trading forex this year. I just want to ask if I started out for minimum of $100 how many currency can i buy as a beginner?

  • ForexPhil

    Hi Joy, you can start with $100. In fact, its probably to start with that amount. The number of currency you can buy, will depend on how many units or lots you can or the broker allow.

  • Allan Jerome Rapales

    Hi there ForexPhil! truly your posts are remarkable. Right now I’m seeing success in this venture even using a demo account. Right now I can multiply my initial investment by 100% or more in just roughly 2weeks. And I already starting to trade using my live account. With your posts I learned about emotional control during trading as that was my strongest weakness when I’m starting. For those who are looking for a very good broker, I suggest venturing FOREX using IronFX as your broker. Here are its strengths:
    - Best of market spreads from 0 pips.
    - has over 200 tradeable instruments
    - offers flexible leverage up to 1:500
    - zero charges on all withdrawals/deposits
    - has bespoke “1 account, 15 platforms” capability
    - has personal account managers that can be contacted 24/7 in 45 languages including Filipino
    - instant execution with no slippage
    - market execution with no requotes
    - ensures fund safety via partnership with top banking institutions in the world such as UBS, BNP PARIBAS, Raiffeisen Bank and WestPac.
    - licensed and regulated by various regulating bodies such as FCA, ASIC, CySEC, and other EEA regulations.

    If you have any questions/inquiries, you can contact me at my number at +639175630634 or at +639474085859. Good luck to all of you and happy trading!

  • Steve | The Happy Fx Trader

    wow! congrats on achieving $5,000 USD per month! What’s your average now after 1 year?
    I hope I can achieve that soon as well! Awesome! Thanks for sharing your experiences.

    http://traderforexforlife.blogspot.com

  • http://bleach.wikia.com/wiki/Gin_Ichimaru Gin Ichimaru

    What broker did you use?