Yes, of course. I am agreeing with the fact that such statistic of failure is a depressing truth. But I don’t believe that traders can’t make their living from the forex trading. In every field, there are successful players as well as there are unsuccessful players also. What forex traders require is the proper understanding about forex market and a good attitude about the basics of forex trading to earn good money.
Other than being a good trader - that is deft at pulling the trading trigger, what is there to 'understand' about the fx market? Correlations.... anything else? Reading the news about fx, do you think this is a good idea? Often finance news is full of BS. Please explain "a good attitude about the basics of fx trading", don't understand, how does attitude fit into the equation.
FX is probably the most complex market out there. At the microstructure level, it has fragmented execution venues that are not regulated and have really obscure order book dynamics. Add a thriving derivatives market to it and you have a really interesting world of short term effects, albeit that’s very hard to plug into. At the mid-term level, there are complex flows - corporate hedgers/converters, option driven events like barriers etc. There are seasonality effects and induced flows due to equity or commodity spill-overs. At the long-term, you need to grasp all of the macro drivers.