€1,000 to €1,050 - and beyond! (hopefully)
Here’s the deal...
I’ve been doing pretty good at trading in recent times but it’s always been a bit hap hazard and at the moment, I only trade when I feel like it. I want to get back into it properly and challenge myself again; so I’m going to set some targets, starting off with a bank of €1000.
Basically, I’d like to earn 5% on my bank if possible each month. I’m sure it won’t be plain sailing and some months will be better than others but if I have a target, I can start setting some goals and monitor my trading better. Some people don't agree with setting such targets and I can see where they are coming from. However, I'm the type of person that works better if I have my eye on a bigger picture and it keeps my trading in perspective. I won't be a slave to the targets but they are a rough idea of where I want to go.
For some people, turning a bank of €1,000 into €1,050 doesn’t sound like a big deal - it's a lot of work for fifty quid.
But believe me, a 5% return on your bank in a month is excellent.
Put it this way – if a bank said to you that if you lodge a grand into an account and after five years, they would give you back €18,000 would you be the first in line with your cash? Of course you would!
But that’s the exact same thing as turning €1,000 into €1,050 in a month (a 5% increase).
So if I’m successful after one month, the bank should be around €1,050 but hopefully higher. Assuming I can turn the same 5% profit on the new total following month, my bank would then become €1102.50 after month two. After a year, the bank would be €1710 and so on.
Earning fifty quid doesn’t sound all that much but here’s how turning a 5% profit would make the bank look each month:
I’m starting a little late in the month so I’ve a bit of catching up to do for May but I’ll see how it goes. I reckon I’ll be trading around 15 of the remaining days of the month so I’ve to try make roughly €3.34 per day to get the bank to €1050 by the end of the month.
I’ll report back here each day and post the odd screen shot to keep it updated.
Hopefully it will go well, but if not, I’ll be honest and say so.
Why am I posting it here? I dunno really but I find that I’m more disciplined if I think people are watching and I like putting my thoughts down – even if no-one reads it.
Also, I hope some people may find it interesting and I’d welcome any trading strategy discussion along the way.
19 hours ago