From mathematical point of view your profit depends on:
- general profitability of your strategy (24 hours, 5 day per week; pips/order - info based on minimum 200-300 orders, ideally 500). Before start trading on real money you should investigate your strategy on long term period (idealy few years or more than 300 orders). Two most interesting things are biggest drawdovn you found and graph form (ideally rising line, but very often its wavy line...)
- how many hours you can spend near PC/terminal (it will be some part from previous point, for example 50%);
- lot for 1 order you trade, bigger lot - more profit (based on your deposit, which should be minimum 2 times bigger than biggest drawdovn according to your strategy)
Learning Forex trading and investing in general takes many years. But you can still make money at it, as long as you are disciplined. You must master the psychology of trading. Everyone wants to make money fast and it usually doesn't happen as fast as we want.
With Forex, there is a 50 percent chance of being right or wrong (BUY or SELL). It doesn't matter which one you pick. You just need to have a strict RISK/REWARD ratio for every trade.
If I trade 100 times, I will be right 50 times and wrong 50 times. So If I have 100 dollars, and I RISK 1 dollar per trade, I need to be REWARDED 2 dollars for each time I trade. That is a 2 to 1 RISK to REWARD ratio. I gain 2 dollars for every 1 dollar I risk.
So I lose 50 dollars for the times I was wrong, and gain 100 dollars for the times I was right I will profit 50 dollars for my 100 trades.
If you can figure this principle out from the beginning, you will save yourself a lot of trouble.
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