I will answer this after laying out some information on forex trading.
For my background with forex. I first studied forex trading on https://www.babypips.com/ website.
Traded on demo accounts and then moved to trading on a live account.
I was trading under a mentorship of a profitable forex trader and I managed to be a breakeven trader.
I am not trading at the moment because of my day job and for forex you need a lot of chart time to be better.
- Forex trading is a zero sum game. For evey money you gain someone has to lose.
- Above 80% lose their account by the first 3 months. Market makers and brokers targets to take all your money by 3 months.
- Market makers use know human weakness like fomo to manipulate you on taking trades. Fomo means fear of missing out
- Most Forex broker take the other side of the trades, knowing that most traders will lose money.
- Market makers can access all the positions of retail traders and they take advantage of that.
- Mastering your own psychology and the use of proper risk management can make you profitable.
- No one can predict the future so trade with money you can afford to loose.
- It takes more than 3 years of break even trading to be come profitable.
- People who make money forex trading don't shout about it. Be cautious of those you see who market their rich lifestyle. Most of them are sponsored by the brokerage firm to get more retail traders into forex trading.
- Market maker moves the market and not the retail trader as they want you to believe.
If you don't use proper money management then you are gambling.
If you are using high leverage on your account you are gambling.
If you are not taking human psychology into account as you trade then you are gambling.