The major problem with the forex trading industry is that it's embroiled in an awful lot of hype. This is mainly the fault of the sellers of forex systems and robots, because they will often promise vast riches if you start using their particular trading product. The reality, however, is often a lot different.
What most of these people won't tell you is that forex trading is exceptionally difficult. You can't just go on the internet, spend $97 on a promising looking forex system or robot and expect to become filthy rich just like that.
Like any industry you need to learn the ropes and build up some experience before you can realistically expect to become a successful trader. This will often involve spending hours on end researching lots of different trading methods, and most importantly learning from your mistakes.
Many successful traders blow up several accounts before they actually start making money, and the sad reality is that this is one of the best ways to learn how to become a profitable trader. Whenever you lose money, and particularly when you lose your entire trading pot, you will come back more motivated than ever to keep plugging away until you have created a profitable system.
Another point worth mentioning concerns the use of leverage. Many people will see leverage as a way of creating substantial wealth because you can trade very large positions with a limited amount of capital. While this does make it possible to make some huge gains in percentage terms, it's very difficult to create long-term wealth this way because any losing positions will destroy you, particularly if you don't have a solid stop loss strategy in place.
A much better approach is to keep your income goals realistic. You ideally want to grow your account slowly, risking no more than 2-5% of your capital on any one trade. That way you can still create long-term wealth, whilst taking fewer risks and eliminating many of the volatile highs and lows that you would encounter if you use significant amounts of leverage.
If you are earning 5% returns every month from forex trading, then you are doing very well, and if you are earning 10% or more every month, then you can consider yourself to be a professional trader.
Profitable forex trading is not all about taking huge gambles with leveraged accounts. It's about building your account slowly and steadily. If you are risking say 3% of your capital per trade then your account will grow nicely anyway because the size of your trades will grow in accordance with your trading pot (providing of course that you have a profitable system in place).
So please don't get drawn into the idea of becoming rich overnight because that's not really what forex trading is all about.
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