Hey people of ASF,
Just wondering how many Pip traders are achieving on average per week. And what do you consider a reasonable target?
I could ask how much $ people make but I figure that is relative to the amount you have to invest in the first place.
Myself, I'm fairly new to Forex so feel free to offer any tips...
I have been practicing on and off for about 6 months after a work mate revealed that he had turned $2000 into $40000 in a little over 8 months I should mention that he practiced for about 6 months prior to trading for real and had traded the US stock market before that.
About 10 days ago I signed up for another demo account and so for I have made 200 pip over the 10 days. I try to keep it pretty simple and mostly stick to one trade at a time for now, follow the trends and trade on any decent news.... which was quite successful last week (in AUD/USD) when the job numbers came out.
I also have been sticking to 3 pairs, in order of preference (judging by my transaction statements, haha) they are AUD/USD, EUR/USD and USD/JPY.
I was just stopped out from a trade (using a OCO order) I entered this morning in the AUD/USD and made 70 pip. I will try to post up a pic of the chart I was using.... well one of them. I am using 15min, 30min and 1hr charts ATM. I mostly entered on trend con't from last week and also the fact that commodities were down which would obviously affect the markets. To me those two things combined made me fairly confident to enter that trade.
Anyway enough rambling.... I'm interested in what others have to say about their targets and trading techniques.