The Swiss, who has never reached the final of the competition, has blamed a lack of preparation for previous disappointments.
"I feel very good," he said. "It's always at the end of the season, you've played a lot of tennis and in the past I've maybe not come in with the best possible preparation.
"The draws are really difficult here and it's not so simple to cruise to a final but I hope I can make it this year."
Federer has won all of his three previous matches against world number 34 Monaco.