Consistent returns: losses= starters zero= starters with som experience 10pips monthly: beginning to get some experience 30pips= getting a hang on how the market works 50= following a certain set of rules. 80= getting experienced, and an overalling feeling of the market and how you can profit from it 150= experienced trader, with good understanding of risk and money management. 300pips= serios trader with a lot of experience to back up decisions. 500 pips= expert trader 800pips plus= thorough understanding of the indicators using, and extensive knowledge of market dynamics and experience to back up on what works under certain circumstances. Either having a thorough understanding of tecnical analysis, or a lot fundamental analysis, and might use booth to extract useful data. 1600pips= Usually have years of experience, and a a deep understanding of market psychology, and expert knowledge and EXPERIENCE of fundamental and technical analysis, and how to combine them to make 1+1=3, and which one are the best to use under certain circumstances. If I have understood it right, this is what qualifies traders, I would however appreciate someone who knows a lot to make the corrections, so that I have a framework to work on. It would help me tremendously as I can set goals, and thus work harder and improve as a trader. I also think a lot of other people would benefit from this. Im however wondering if you know what the average monthly pips earnt by an experienced and proffessional trader is, from your understanding. And wouldnt someone who made 400 pips a month, get pretty wealthy quite soon? Is it even possibe to make 1000pips+ consitently each month? Im asking these questions as Im new to the market, and I want to get a feeling on how well I do against professionals, and how much I have to improve to get there.
Well, you are taking the right step...Learning Try not to worry about stuff like this! Even if you make 100pips a month, EVERY month, you are doing quite well! Some will say different Sometimes i make 250-300 pips in a day...On a good day that is. Good luck my friend, statistics say you are going to need it! -Kastro
Shift your decimal place one to the left and that might be somewhat more realistic. But seriously, the progression would start with 1) Wondering how many pips one should make per day/per month/per year. When you realize that's not really the question that matters, then you've made some progress.
I like those categories. My preferred category is: "Life and success is about taking 1 step at a time." http://www.elitetrader.com/vb/showthread.php?s=&threadid=58898&highlight=step
drasfs, I read your entire post. If you could apply this energy to take what the market gives instead of benchmarking what other traders are achieving, this might be a better use of your time. This is just my opinion and if you could just re-read your post and apply it to a Forex Pair (s) and ask those same questions... Michael B.
I do not count pips, but I'm quite sure I've made this and more each month. Believe me or not, it matters little to me. But if you play a decent group of pairs, it is quite possible.