Is This Blog Boring?

Daily P/L: £38.95
Monthly P/L: £45.10

I really enjoy updating my blog and letting the world know my thoughts but it's main aim is is to keep me focused by documenting where I make mistakes. My thoughts are that if I minimise making poor decisions then I'll make bigger profits. Despite this approach I'm also keen for everybody who takes the time to read what I write to either learn something or at least find it entertaining. With this in mind, I've had a look at some of my previous posts and I'm aware that they're hardly a laugh a minute so please let me know if there's something you want me to cover in my articles.

Moving on -

My target for February is to make a trading profit of £357, so I'm happy with today's results. My attention was on the two Six Nations matches and even though I expected wins for France and England the anticipation of an upset was always in the back of my mind. The Italy v France turned out to be a very drab affair and I was only able to make a small green position on that one, so I'm thankful that at least England and Scotland made a game of it. Unfortunately, I just missed a very good opportunity to cash in when Simon Taylor went through for the first try but despite this I'd still made a decent profit by half time.

No trading for me tomorrow as I'll be at the rugby. I'll probably take a look at the Super Bowl when I get back but I'm not going to count on it as if Wales win I might have to celebrate.

A Dream or Reality?

I believe an essential ingredient to becoming a successful trader is to be highly organised and always have objectives.

Since I started trading my aim has been to increase the size of my 'trading bank' by 40% each month. If I'm successful I'll continue to trade up to a bank of £10,000 before making any withdrawals for personal use. This is a big objective and I'm fully aware of how hard this challlenge will be but so far so good and the aims I started with on the 1st September are shown below:

Starting bank on 1st September = £250

By 1st October = £350
By 1st November = £490
By 1st December = £686
By 1st January = £960

I suffered from computer failure in November and was unable to trade for 3 weeks. Due to this I decided to re-forecast my aims at the beginning of December for the following 4 months:

Starting bank on 1st December = £455

By 1st January = £637
By 1st February = £892
By 1st March = £1249
By 1st April = £1748

I ended up over-achieving in December due to having extra time to trade and on the 1st January my trading bank stood at £830 (an increase of 232% over the last 4 months and £193 ahead of my forecast).

I'm very happy with this progress so in a bid to not over-reach myself, my target profits for the next 3 months will remain as:

During January = £255 (£892 - £637)
During February = £357 (£1249 - £892)
During March = £499 (£1748 - £1249)

If I can stick to these figures my trading bank will stand at £1941 on the 1st April and I'll be well on my way to making 2007 a year to remember.

I wanted to share my thoughts on this with you as I have a habit of getting ahead of myself...if you think I'm looking too far ahead then please shout at me in the comments section!

My next trading activity will be on Saturday & Sunday.