Just an addendum to this excellent post. Trading has been promoted by many scammers as a get-rich-quick scheme. It looks as easy as videogaming to many people. Scams like Wizetrade are specifically marketed as it being that easy, if not easier. So no wonder if some people come here with the expectation that trading is something that can be learned in a few weekends at most. They've seen the infomercials telling them as much.
Well, that's what they call marketing. Tell the people what they want to hear. Doesn't have to be the reality, and mostly is indeed NOT like reality. An because most people think they are smarter than the average human, this marketing works. Till the account is wiped out. To me the market tells me how smart, or stupid, I am. I receive daily updates on the level of my intelligence through my account statements. That's the hard truth and cannot be denied. But the truth can be pleasant too.
Here is an interesting article: Six in Ten Mom-and-Pop Currency Traders Lose Money Each Quarter http://blogs.wsj.com/moneybeat/2015/01/16/six-in-ten-retail-forex-traders-lose-money-each-quarter/ According to the article, 99% of small traders lose annual. The article also points out profitable traders open an account with a firm that have an extreme higher minimum deposit requirement, while small traders open an account with a firm that have an extreme lower minimum deposit requirement. In other word, poor people shop at walmart, while rich people shop at wholefood poor = losers This is not only fx, but to futures, options, and stocks