What is the avg a person can make a month?
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  1. #1
    Join Date
    Dec 2006
    Posts
    11

    Default What is the avg a person can make a month?

    Hi All,

    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!

    Thanks,

    Investor

  2. #2
    Join Date
    Dec 2006
    Location
    Cairo, Egypt
    Posts
    327
    Give me some information about that "person".

    His capital? his experience? his personality? agressive? limit of discipline?

    I can't give a final number because there is no majority of traders. And to be honest, it's a very hard question.

    What I can say, trading the forex market is seriously hard. So many unreasonable moves, and sometimes volatile, other times sideways. It will depend on the trader afterall.

  3. #3
    Join Date
    Dec 2006
    Posts
    124
    One hundred million dollars.
    just kidding.
    I have a real answer for you actually...

    alright. by 'a person' you might reffer to two different cases.

    CASE A:
    by "a person" I suppose you reffer to an exprienced trader with a decent capital. if this is the case, go to the blogs. check out pipcrawlers' pick of the day's trades.
    http://www.babypips.com/blogs/pick-of-the-day/

    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).

    CASE B
    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...

    Hope this helps.

    Regards.

  4. #4
    Join Date
    Dec 2006
    Posts
    6
    Wow you have your sight set pretty high. Nothing wrong with that though.

    I first came across Kovner's name about 10 years ago Here is a interesting page about him, not sure how up to date it is but still interesting.

    http://www.streetstories.com/Bruce_Kovner.htm

    Forbes says his estimated net worth is 2.5 BILLION as of 2005 so he must be doing something right.
    Last edited by bookert; 12-10-2006 at 11:25 AM.

  5. #5
    Join Date
    Dec 2006
    Posts
    11
    Hi all,

    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.

    Bests,
    Investor

  6. #6
    Join Date
    Dec 2006
    Posts
    8
    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!

    T

  7. #7
    Join Date
    Dec 2006
    Posts
    3

    Default As much as you can

    The question should be how can you be a better trader? Learn to trade and the sky is your limit.

  8. #8
    Join Date
    Dec 2013
    Posts
    371
    Quote Originally Posted by trenton View Post
    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!

    T
    I could not agree more with this statement.

  9. #9
    Join Date
    Dec 2013
    Posts
    371

    Default what is killing it

    One thing that it take a while to get your head around is that profits dont come in a sustained way. If you have worked a normal job and are used to a salary then this is emotionally quite a difficult thing to adjust to.

    There is something else to note which is that there are 2 main types of strategy. High sharpe and low sharpe. Which one you go for is down to your personality and situation. You might want soemthing that makes a monthly income, something else might smash it 3 times a year and make all of your money. Its up to you which you prefer.

    I did read on another forum what a good scalper is able to make

    30 pips a day average
    50 pips a day good
    75 pips a day great
    100 pips a day killing it

    The markets have been very, very different over 2012-13 due to interest rate policy so i think this advince should be curtailed a little but i the flavour is roughly there.

    It is worth you reading about money management and leverage to work out, given how big your bank is, what 30 pips a day would look like. Don't underestimate how big a bank you need to safely support your trading but also do not underestimate compounding.

  10. #10
    Join Date
    Aug 2012
    Posts
    135
    Quote Originally Posted by investor View Post
    Hi All,

    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!

    Thanks,

    Investor
    To be honest the earning potential in any given month is uncapped. What ever ridiculous sum of money you have in mind is achievable despite what some critics may say.

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