GREAT EXPECTATIONS
Whenever I start teaching someone how to trade the Forex the most common
question they ask is "how much $ can I make each day doing this?". I always
smile and shake my head once they inevitably ask this question. Everyone
always asks this question (I remember asking this question too when I first
started), and when you start teaching your friends (if you haven't already)
then you too will get asked this question. Pay attention to how I answer it so
that you too can give your protégés the correct answer.
It is first of all incorrect and inappropriate to state what can be expected in
terms of dollars earned. Dollars (or whatever currency you are accustomed
to) is by no means a relevant measuring unit to make comparisons with. If I
told you that 'John' scored $50 today whereas 'Simon' scored $500 it would
be understandable that at first glance you would more impressed with Simon's
results. But hold one, what if I then told you that Simon just scored a single 5
pip scalp trading 10 regular lots, but John made three trades scoring 10 + 17 +
23 pips trading just one mini lot for each. With whom would you now be
more impressed with? Your answer should now be John. He score 10 times
more pips than simple Simon. Pips, as you should now understand, are
absolutely relative (meaning that you can make comparisons) but dollars are
not because dollars are contingent upon how many lots you can afford to
trade.
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