There are many traders who would like to make money currency trading. Only a tiny percentage of people with this quest prove to be successful. The rest fail. Let’s take a look at why this.
From reading forums online it is clear that many people choose to buy a forex training course. It is my view that the vast majority of forex seminars and training courses are a complete waste of money. In most instances, it is my belief that if these traders could really make it on their own by trading foreign currencies, they would be doing just that, instead of selling expensive training courses and teach other people how to trade.
There is a mass of information on the interest for free, that can teach you how to be a good trader. For starters there is this site Forexpm.com, which naturally I recommend reading 
Instead of paying a fortune for a trading course or a seminar, why not pop to a forex forum such as forex factory. I like forex factory because there are both newbie traders and experienced successful traders all sharing their strategies and experiences. I have learnt a lot from just reading the posts there.
Another possible reason most people fail is because they often see the stats like “forex is the biggest financial market in the world”, “Trade with 200:1 leverage” etc. After reading such statements, it may initially appear that there is a lot of easy money to be made. Unfortunately this is not the case.
A big reason people fail is lack of persistence. They start off with a demo account, win a few traders, then quickly sign up for a live account. The results are usually disastrous often results in big losses or even a margin call. The vast majority of new traders give up at this point. Personally, I traded on demo accounts for many months before trading live and even then I lost money initially! Persistence is often the key.
Another big reason people fail is the fact they lack trading discipline. It’s easy at first to get overexcited and trade using far too much leverage or refuse to accept a small losing trade. However, successful traders get over these human emotions. Human emotions and currency trading are a very ugly mix.
If you want to make money forex trading, it is important to have a solid strategy combined with risk management. There are strategies on this site, take a look and see there are you fancy trying.
It is important to remember, trading currencies is extremely risky, even more so for new, inexperienced traders.
