The 3000$ Smartphone Challenge : Time for Next Milestone !

We are one month further in our Smartphone Challenge ! We keep on executing FOCUS, FOCUS and FOCUS. Focus means Follow One Course Until Successful. But it can also mean something else. Read below.

Why did I pick a picture of archery for this blog post ? Archery has been a vital part of civilization for millenniums. Originating with our hunter-gatherer ancestors and passed down through time, what was one day a means to provide food and protection for ones family is now a favorite sport for both young and old. Whether carved as petroglyphs on the walls of ancient dwellings or viewed worldwide at the Olympics, it’s easy to see archery has been around for a long time along and continues to be a pop culture phenomenon. Made even more popular by recent Hollywood films and series such as The Hunger Games, there is little doubt archery is here to stay. This popular activity continues to provide today’s youth with both fun and valuable learning. I like it too ! And it is a way to visualize my learning track in forex trading. Focussing on the target and getting better is the goal going forward.

Today I am informing you about the progress of our demo account and real money account.

Travel and Trade

Practising a strategy while actively consuming training materials, is the best way to prepare for live forex trading. Every opportunity when I travel for business, is an opportunity to practice my skill in forex trading.

In March I wrote a blog post about “How to earn money on a plane“, which could be life changing for many people… Last week I travelled to Atlanta, USA. Everybody around me was watching a movie, sleeping or listening to music. I was EARNING MONEY and practicing a skill that can set me financially free !!

  

When we landed 8 hours later in Atlanta, I had earned more than 2000$ in my demo account.

Our Key Learnings from trading in Demo Account

Studying is helpful, but experience is invaluable. Once you’ve gained some theoretical knowledge, purposeful experience is the next thing you need to become a well-rounded forex trader. They say it takes 10,000 hours to master anything, so don’t assume you’ll know all you need to know about trading forex after learning the basics. Practising with a demo account is the best way to gain empirical knowledge without exposing yourself to any real risk.

Using a forex demo account over a set time period lets you master the specifics of market entry and exit while also showing you how frequently market changes occur.

As I have been practising on my demo account, I was determined to make ONE specific target goal. 1 Million $ !! The past month the account hit 1.032.000 $. My next goal was to see how much money I could earn per week… I learned I could earn between 60K – 100K per WEEK  with one standard limited risk lot size ! That is a very important Key Learning ! See screenshot below.

Trades are entered between 6 – 7.30 AM and we put a Take Profit and Stop Loss target. Important is that we prepare each weekend with reviewing our charts and what opportunities to focus on…

 

So beginning of July we hit a NEW RECORD in our Demo account. We hit 1,4 Million !! We do make losses but our gains are so much bigger than our losses. We learned that our applied strategy is working. And we learned how to apply standard lot sizes for each trade.

Our next Milestone

Early July we have RESET our demo account from 1,4 Million to 10.000. WHY ?

We have been trading from february to July 500$ to 1,4 Million. We had major gains in gold trades and other forex currency pairs but now we want to learn how QUICKLY we can trade 10K to 100K. Our key objective is to trade specific limited risk lot sizes so we can grow our account in an exponential way.

We have also doubled our real money account to 1000 Euro. We added 350 Euro. The rest was profit as we started with a 500 Euro account. Remember ?

In our real money account, we take trades of 5, 10 or 15 euro target profit gains. 100 times 10 euro is also 1000 Euro, right? If you can’t gain little money, you won’t be successful with bigger trades. It’s training the mindset to become robotic.

Final Words

If you have read our Financial and Travel Objectives of 2019, you know that our goal for this year is to earn 15.000$ passive income. In order to achieve this result, forex trading is one of the different strategies to reach that goal.

Now I moved on to phase 2 FOREX trader. I surpassed my goal of 1.000.000 $ in my demo account and I hit 1,4 million. Now let’s see how QUICKLY we can grow 10K in our demo account and 1K in our real money account.

So the goal is to reach 3000$ this year. Stay tuned how we progress in coming months…it is definitely an exciting journey.

This is the end of this blog post.

In 2019 we will send out ONE newsletter per month to our blog followers. Life can be busy sometimes and people lose track of following a personal finance and travel blog. Subscribe and you will get one email per month highlighting what you missed…

Thanks for following us on Twitter and Facebook and reading this blog post. We end with a quote as always. This quote you can find at NEWARK airport when you land in the United States.