Forex Update: March 2010
Last month (March) was the first month where I started to actually track my progress on the forex. At the beginning of each month I will start out with a set amount of cash. This cash goal is obtainable for me in real life. My goal is to make enough on the forex each month to live overseas and travel.
The month of March was a bit off. I started with a bit more cash than I had planned. I was also investing 15% of my available cash with each trade. While this is a bit risky the rewards are obviously greater. That being said…
I was able to reach my goal I’ve set for myself. I’ve calculated out how much I will need to survive while traveling and added a bit extra for a buffer. Each month I need to make about 25% of my initial investment. That of course can decrease with the larger amount of initial investment.
For the month of March I dominated and made just a hair over 38%. That left me with almost double my minimum goal for the month. This however was due to a higher percentage invested per trade and a risky strategy.
The above graph was all I was able to pull up. It ranged from the 27th till the end of the month. The blue triangles pointing up is a buy order and they yellow triangles pointing down is a sell order. The green circles is a take profit. I think the main tool I use is a take profit. I use a stop loss but they are usually placed far away. I hope to start tracking PIPs also.
This is a quick profit chart. The weekends are represented by red. As you can see I had a few days where I was negative since I was holding on to a short position and was charged interest.
For the month of April I will be reducing the amount invested per trade from 15% to 10% and will be taking on a more sound trading strategy. I’m sure this will produce less return by the end of the month but should make for a much safer investment.
Being just over a week into the month of April I’m tracking pretty close to my goal per day. At the moment I’m just 10% below my average daily goal.
Hello! I'm Adam Mayfield and
I am the aurthor of this site. Currently I'm living a minimalist
lifestyle. I've sold almost all of possessions and have a travel addiction I can't seem to shake!
I think this series of posts are going to need some graphs
I was thinking the same exact thing. I might have to have someone give me some pointers on google graphs. =-)
Very nice. LOL It just so happens that I'm working on a Google Chart script right now. Graphs commits made to a repo.
Currently I'm logging on a daily basis…starting amount, ending amount, and daily profit. I might input this into some kind of graph each month.
This is hilarious. I love it. As a professional investor of 19 years, I find it the best joke I have heard all day to read that someoneone believes they can sustain 25% per month. You say that your read books on a man we mutually admire, Warren Buffett. Even he, as one of the most successful investors in history, has never achieved 300% per year. According the Rule of 72, if you have a mere $1000 to invest, at your rate of return in 6 years you have $5.1 million, and in 10 years you are worth more than Buffet himself. Indeed, in 9 years you are the richest man on the planet with over $373 billion off of your thousand bucks. SO either you are the most intelligent man in the history of history (in which case I owe you a sincere apology, for the world will know your name soon) OR you seriously need to consider recalibrating your expectations.What you are doing is not investing. It is speculating. Expect to eventually be "broke on your ass" again, as you say. But enjoy success when you hit it. You may wish to consider Vegas (quicker turn around on your speculation, plus great buggets and shows), or learn how to invest. You will make a much much smaller rate of return, but will do so very predictably, over a meaningful period of time.I really DO wish you the best.
First, let me start off by saying thank you for commenting on my blog! I always enjoy hearing from my fans. Secondly I must give you congrats on a successful investing career. I know it's probably not easy. However it's probably a good thing you didn't go in a an industry that doesn't require at least an average reading comprehension because if you were to re-read my post I stated that I would NEED a return 25% on my initial investment not that I EXPECTED 25%. I also went on to say that I would be changing my trading strategy to a more sound and safer plan. Which in turn would give me less return and lowering my monthly return (that means a lower percentage.) On a side note, I'm not greedy and I don't want to be the richest man in the world. I simply want to carve out a meager living trading on the internet. My cost of living is very low and thankfully the more I trade with the more I can get back. So as time goes by and I continue to grow my investment fund I will need a much lower return percentage. Isn't the internet great? Anyone with a computer and become a guru at anything their little fingers can type. You can also take shots at people without fear of being punch in the face. I mean, did you know that I also invented the paper clip? Yup, that was me! Thanks again! I had fun reading you comment and replying to it! I've been slacking on my blog lately and sadly I wasn't able to trade that much last month either. I must say my returns suffered from the lack of attention. Be sure to check back for a post on how I did last month (April) but probably no graphs. I just am so busy!Cheers!