All markets, including forex, are too efficient for anyone to ever make money from it.
The movements in forex follow a random walk. No one, not retail traders, not big banks, not even insiders, can predict where the market will go. Everyone who speculates on the forex markets will lose money. Out of 100 trades, they will make money half of the time, and lose money half of the time. However, they will lose slightly more than they gain, because of the transaction costs.
This has been proven for 30 years, by market researchers like Brian Malkiel, Eugene Fama and etc.
Forex is just not a zero sum game. It is a NEGATIVE SUM GAME when you add in the brokerage costs.
I recommend anyone who wants to play forex to go down to your local casino and spend $50 trying to beat a roulette wheel. That roulette wheel will teach you more about forex than the internet ever will. It will save you a lot of hardship, and will help you come to the realisation that forex is just gambling, and will rip you off just as that roulette wheel did.
Technical analysis does not work. If it did, then people would buy/sell whenever there is a buy/sell signal and the advantage would dissapear because the price would move to yoru target profit even before you enter.
Fundamental analysis does not work, because if there was an advantage, then everyone will buy/sell forex to a price where the advantage no longer means anything.
For example, lets say the EUR is 10% undervalued. Speculators will buy the EUR to the point where it is no longer undervalued, so that by the time you jump in, it will no longer move up.
Be forewarned. I respect babypips for making information free, but forex cannot be beaten.