You do realize that babypips is a forex forum right?
At first I thought that the lack of volume was an issue, until I analyzed instruments in centralized markets and then I realized that the chart is quite telling. In other words, it’s not impossible. You should try it. Compare the charts with volume profile.
The guy who wrote that myth in a book did so by misrepresenting a study. The actual study never said 10K hours will make you an expert.
I just looked at an application form from TD and they disclosed their number of winning and losing trades by quarter. On average, it’s 70%.
Your post is very useful. I’m just starting out trading, and I’m genuinely asking myself if there’s a real possibility to make money out of it.
I just think you need to polish your skills and knowledge. Simply study a bit about the basics and try your hands first with micro trading. This way, you’ll be investing less and still get the feel of the live market. Even if you’ll lose, the amount would be something that you could afford. There are many regulated brokers that let you open an account at a mere $10.
This is of course a very old topic, but making money in the forex market is possible, but it’s important to approach it with caution and proper knowledge. Forex trading involves risks, and success depends on various factors like strategy, market understanding, and risk management.
Its very possible to make money in trading but very impossible without a consistently profitable strategy.
The strategy does not need to be totally new. It does not need to buy you a supercar or a superyacht or a private jet. You will need to let the account grow, and resist withdrawing capital to buy stuff you do not need, so you must have some other income. You do not need to work day and night and study economics for 10 years and place 10,000 trades - that is not a strategy.