Traders with unrealistic expectations about how much money they can make through Forex trading often end up quitting the industry. They don't get success because they don't have enough knowledge of the basics. One of the most important things you need to learn is managing your money and using a trading plan while trading.
@Akasuki Yes unrealistic expectations is the root cause of losing money in forex trading. In no other business people expect this much profit. But when it comes to trading, they become a different person.
Most of entry level traders don't know the importance of strategy, they trades just by looking at charts but alone this will not help. A holistic look must be required for each pair you trade upon. This will keep your risk low.
It is true that it is hard to become a success in forex, but it is possible whatever past experience you have. I believe that 50% of success depend on a trader's approach to trading. There are many people who think that forex trading is a piece of cake and everything that the traders do is just pressing the buttons and reaping the rewards. However, it is far from being true. People outside trading don't see the preliminary work which is conducted by the trader before making trading decisions concerning opening this or that deal. Opening the deal is just the final stage which is visible but it is not the only one. So, if you want to start trading and get decent consistent profits, you've got to be prepared to learn and acquire new skills which will be necessary for the market analysis.
@Vozil559 Yes you are right. Success depends on mostly how we approach to forex. Most people come here with a thought that there is easy money in forex. For this thinking, he waste time on trading before before learning.