The iPad 2 That Forex Trading Bought

From my very good trade on EURCHF and achieving my First Forex Goal, came the reward, an iPad 2.

I just got it this morning, just after I woke up.

A very handy tool for forex trading. I can trade virtually on any position while lying on the couch.

There should be another round of reward when I reach my 2nd forex trading goal. I still have no idea what kind of reward. What do you think should I reward myself with when I reach my 2nd trading goal? Leave your comments below….

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.