We suggest that there exists a natural bandwidth of wave trains, including trains of wind-generated waves with a continuous spectrum, determined by their steepness. Based on laboratory experiments with monochromatic waves, we show that, if no side-band perturbations are imposed, the ratio between the wave steepness and bandwidth is restricted to certain limits. These limits are consistent with field observations of narrow-banded wind-wave spectra if a characteristic width of the spectral peak and average steepness are used. The role of the wind in such modulation is also discussed.