Great answers above!
I would just like to comment that more traffic is not always better:
I run a program, and have had a few affiliates that sent MASSIVE amounts of junk traffic. And junk traffic is just that, no matter how much of it you have. I even had to upgrade our hosting account to accomodate for the huge amount of burned bandwidth.
As stated above, geographic and language targeting are key. Niche, clicked, etc. are also very important.
Good traffic is gold, and with it, you can more easily determine expectations.
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