Everyone wants to become a successful trader. People often think they can make millions of dollars without learning the details of this market. But in reality, things are hard since you don’t know the outcome of any trade. Even after learning the details of the market and having enough capital, you can’t say, you will become successful in trading. Does this mean, the retail traders are always losing money? To be honest, this statement is true to a certain extent since 95% of the traders are losers. So, how much money do the successful traders in Hong Kong make? Read this article very carefully and you will have a clear idea about the income of professional traders.
Experience and skills
Experience plays a great role when it comes to trading profession. The more you will trade the better you will become at currency trading profession. The novice traders might not understand the keyway to analyze the market data. They will execute random trades and lose a big portion of their investment. On the other hand, the pro traders will follow conservative trading technique and make decent income. Those who have extensive experience and right skill manage secure 10-12% gain per year. The new trader might say that this number is insane since they can easily secure a 10-12% gain per month. Things are not so easy when you deal with a huge amount of money. You have to consider the associated risk factors or else, it won’t take much time to lose millions of dollars.
Depends on your trading style
The income generated in the Forex trading profession greatly depends on the trading technique. If you trade the market in the lower time frame (scalping) the chances are very high that you will make a huge profit from this market. But when it comes to a conservative trading strategy (position trading system) making 4-5% gain per month will be very hard. However, those who have a small account can easily achieve this goal. So, if you intend to make more profit from this market, you should become a day trader. On the contrary, if you prefer to follow a safe path it’s better to trade the market in the higher time frame.
Depends on the asset
Being an active trader, you have the opportunity to trade different kinds of asset. If you trade the major currency pairs, you will easily find quality trades. But the associated profit in a major pair trading strategy is comparatively low. For this very reason, many retail traders prefer to trade the cross pair since it helps them to catch the large market movements. Being a new trader, you should use the demo account to find the perfect trading asset. The professional traders always suggest the rookie traders trade the major pairs since it greatly reduces the risk. Once you gain enough experience with the market, trade the cross pair to increase the profit.
Average monthly profit
Let’s say, you have started to trade the market with 100K dollars. So, if you manage to make 15k profit per year, you will have a 1.25k profit per month. This data is based on a conservative trading strategy. Many traders are making 4-5 grand per month with just a 10K trading account. They are using market leverage and executing trades with big risk. Unless you have extensive skills in managing the running trades, you should never follow such an approach in the trading business. Being a currency trader, always try to follow the conservative trading technique. Your priority should be on protecting the trading capital since it will allow you to stay in the game. Gain control over your emotions and forget about the profit factors. Stick to the trading rules and it won’t take much time to understand how this market works. Once you understand this business, you can easily control the profit factor of this business.