Setting realistic trading revenue goals is a tough question to answer because there are so many factors. Each Trader is different, and the reality is that most traders lose money.
The reason is that trading is tough and it takes real effort and discipline to be successful. It is also impossible to find out what the best independent traders make because only a few people share that information and those that do, may or may not be telling the truth. We will start by looking at some independent forex trader salary public data available on the internet:.
However, this can vary widely depending on a variety of factors. Our team of Certified Compensation Professionals has analyzed survey data collected from thousands of HR departments at companies of all sizes and industries to present this range of annual salaries for people with the job title Foreign Exchange Trader III in the United States. Foreign exchange trader job is very hard to find but you can do it if you work at it, however, I think it is better if we work on trading for ourselves.
There is no Limit on how much you can make! You can make millions of dollars. Anything is possible which is why so many people try to learn how to trade. Before you get crazy here and start throwing loads of cash into a trading account. I need to tell you that, only a few people get rich trading retail forex, it is difficult, and you must be a master of trading and discipline to make a significant amount of money. They see the possibilities of millions of dollars as what is possible and next thing you know they have lost several thousand dollars trading because they trade without knowing what they are doing and lack of discipline.
The first thing you have to realize is that the use of leverage in trading is an excellent way to maximize gains and risk can be managed fairly well, if you have the discipline. That is the problem though is most people do not have the discipline. But for the sake of this article, I am going to assume you have the trading discipline and have the ability to follow a forex trading income; risk management plan.
The great thing is you do not have to risk much to make a substantial profit. Let me give you an example. You have an account of 10k, and you want to earn 2.
Now there are many more numbers that must be calculated such as what is your win rate, what is the risk to reward ratio. So the scenarios could go on and on forever. You could, in fact, raise your risk to 2. Compare that with something real estate where someone might have to risk a great deal more to achieve the 2. For example, you could spend k or more purchasing a house, and in trading, you can earn 2.
You could potentially make 2. The conclusion is simple: Forex has such an incredible potential, that it can easily surpass Real Estate even with minimal risk measures in place. Now that, my friend, is more than doable in this market.
Now, looking at the average income per capita person in the U. Assuming that you increase your lot sizes with your account each month, instead of weekly or daily for risk management purposes.
What if you wanted to wait until five years and then start pulling out all of your profits. So we see that it is much better to build up your account until you feel you NEED to take the money out. I mean, can you imagine making that kind of an income five years from now every month. I am not even talking about something that is unachievable. We have a forex trading income calculator on this site to help you do your calculations.
I would challenge you to find another career in the world that will have you earning that kind of money in 5 years. I say this simply to reinforce how profitable the Forex market can be if you work hard, and have long-term goals in mind.
In conclusion, if we can maintain a realistic view of Forex then we have a greater chance of setting reasonable goals and maintaining a profitable trading strategy that brings us a steady Forex income over time. Thanks for the post. Hey there, Very informative article. Also- is there anywhere one can join a team or find a mentor? Feeling all alone here. However the profits are truly unlimited in Forex, Lets look at what George Soros has been accomplishing.
Neither of these assumptions are realistic for most traders. What are realistic and acceptable Forex income goals? We will start by looking at some independent forex trader salary public data available on the internet: This professional forex trader income makes, not the retail traders who work from home. How much can you make Trading the Forex Market? Forex Income Is Challenging: Realistic Trading Income Calculations: Forex Income Compared to Real Estate Income Compare that with something real estate where someone might have to risk a great deal more to achieve the 2.
What is the average forex trader salary? I would like to compare Forex Vs Average and above average careers. Casey Stubbs is the founder of Winners Edge Trading, which is one of the most widely read forex sites on the web.
Winners Edge Trading has trained thousands of people to trade the Forex markets. Latest posts by casey see all. I agree with Dave on this.. Making it sound too easy in my opinion as well. Right,Good to see these useful info here.. Thanks a lot for sharing them with us…. Josiah, Thank you for your article above. I think it offers a balance between realism and incentives.
Now Take your trading to the next level by taking our trading quiz to pinpoint your strengths and weaknesses.More...