My Forex Trading Goal

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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!