How can I monitor the number of user password reset requests?
Note, in user_pass_submit

watchdog('user', 'Password reset instructions mailed to %name at %email.', array('%name' =&gt; $account-&gt;name, '%email' =&gt; $account-&gt;mail));


There's already a watchdog log entry created when the user requests a password reset.

Perhaps you can simply monitor the watchdog log at 

Admin > Reports > Recent log entries?