I know it is a stupid question, but what is the average amount of money a person can make in a month? Surely, it depends on market enviroment and self discpline, but I would like to know what it takes to become a Bruce Kovner. As of now, I spend about 3-5 hours in reading and studying the forex market as a way to supplement my income. It all starts with baby steps, you learn how to walk before you can run. By the way, this is an awesome site!
see pipcrawler's trade reviews, which has his profits\losses.
calculate what the average pip gain would be for a month (you'd wanna run it on several months and then calulate the average because in this one, for example, he didn't do too good), then multiply the pip gain by 10 for a USD income. (unless 'a person' has a mini account - in this case pip=1USD).
By a person you reffer to yourself. if this is the case, make sure you have a trading system which works and that you can rely on. If you know you're disciplend enough to stick to it no matter what, run it on earlier charts to see how much money you would have made in 1 year. devide by 12 and you got the monthly average income you will have. be honest with yourself, of course, when entering a trade...
To make both cases more accurate, don't forget to calculate the spread (and even swap).
The entire process would take you some time though, but if "B" is the case, you'll have to test your system anyway, so this definetly isn't a waste of time.
If "A" is the case - let me know how good did pipcrawler do... now you got me curious as well...
Thank you for all the replys. Actually, I'm in class 'B' and taking this currency stuff very serious and see this thing can have a nice return. It really comes down to knowing yourself, and I admire those who succeed in the forex market. The more time you spend at it, the better you will get at it. One thing I learned so far about this market is that to be a great trader you need to follow the news and just observ. The EMA, SMA, Candlestick are just tools for you to recongized trend. In sense, I see the forex market like a basketball field with people in it, and the tools are like the cross over move that you can take your opponent to the hoops.
Hey all. I`ve been `experimenting` with the FOREX market just over six months now and can vouch for the fact that one improves with practice. At the same time I`m learned some rather painful lessons lol...
Chief one is discipline. Without it you`re shot. When I look back over the majority of my losses pretty much all of them have been down to (and exacerbated by) temporary slips in self-discipline. Allowing bad trades to run on too long, taking a gamble on data releases, `instinctive` clicks of the buy/sell button etc...some extremely messy moments.
Profits have come through measured, considered trades. I`m still firming up my trading system but I`ll get there in the end. Best of luck to you all. Also thanks to the creators of this site...an awesome peice of work. Hypothetical beers on me!