90% of traders lose 90% of money in 90 days...
Yes, that is the truth about Forex.
1)Most Forex brokers prefer to work like Cassinos.
2)Most Forex traders prefer to gamble than trade.
When a broker offers 500x leverage, it is offering a lie. If you use 2x keverage, a 50% move in price is needed to wipe out your money, a 3x leverage - 33%, a 500x leverage - 0,2%!!! A novice trader must trade using a maximum 2-3x leverage. But what we see is not that...
The false ilusion of easy money. 20-50% monthly in Forex is a lie... You can have this result for a couple of months and after that you will start losing all the money. Imagine a 6% monthly return for 1 year. After 1 year you double your money. After 5 years you multiply it by 32, and after 10 years by 1024. If you invest 100.000, after 10 years you have 100.000.000. I never met someone with this return (until I found a friend that bought 1.000 bitcoins in 2015 and sold everything over 10k).
A good advice... start aiming small at the beginning. If you survive not losing too much in the first year, increase your target - beat the DJ or DAX or NASDAQ index. Experienced traders are able to achieve 30-80%/year using a maximum risk of drawndown around 10%.
In a 100.000 USD account, it is 2.500 to 6.500 USD monthly - a amount enough to make a life in Forex.
Trade safely... Remember, a high Drawdown means a high risk!