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.