What profits can be expected from trading world currencies and how much effort does it take to get a big second profit? In this article, I will give you some realistic goals that I am striving for, as well as an idea of the amount of training and work you need to do to achieve this.
Forex is easy to learn and there is no need to be constantly educated if you have a system that you are happy with and in which you have confidence. No system is perfect, but if you have a simple chart-based system, you can make a lot of money with it. So how long will it take to study a simple chart-based system? I believe that it will take a couple of weeks to learn everything you need to know – and all – no further study is required.
Many traders spend their time researching new systems when they receive multiple losses, but all systems will experience losses. Instead of sharing systems, if you have confidence in your system, trade it through periods of loss with discipline. If the systems are thoroughly grounded, it will make money in the long run. Short-term capital dips happen to all traders, so take them, trade with discipline and focus on the long term.
Your system should also be based on the following long-term pricing actions. If you focus on the longer term, you will get more profit and do less work, and an hour of the weekend can bring you more profit.
So how much money can you make by trading Forex?
Of course, this will vary depending on the traders and systems, but here are some common points regarding how much you can earn and the size of the drop in equity that you can expect.
The best traders will earn 30 to 100% per annum, and this can be achieved even by new traders. You will see many gurus and cheap Forex robots who say you can earn 100 – 1000% a year and also have very small losses (usually less than 5%) but they lie and do not reach these figures.
If you do 30 – 100%, your draw will increase with the amount you normally focus on. If you are aiming for a 30% annual gain, your drawdown will be around 10% and at 100% profit it will be around 30 – 50% and loss periods will always last from a few weeks to a few months, so it is important to make sure that your views were firmly focused on the long term – to reduce their losses and make a profit.
The above is an honest estimate of how much money you can make by trading Forex, and the time it will take you to make it so good luck, and I hope the above tips for trading the Forex market help you succeed in long-term trading.