Some facts on the FX retail industry

This is a very lengthy write up on some humble facts on the FX trade.
Check it out.

[I]We encourage the Securities and Exchange Commission (SEC) and the National Futures
Association (NFA) to take a deeper look into the retail offering of off-exchange foreign
exchange trading (retail FX). We believe that the retail FX offering is akin to gambling
and should be regulated and taxed as such. These two statistics tell the real story
behind retail FX: approximately 70% of customers lose money every quarter and on
average 100% of a retail customer‟s investment is lost in less than 12 months.
Despite using statistics from specific companies, we believe most of these statistics
represent the industry in general[/I]

Interesting - I kinda skimmed it but will read it in detail later. Looks like the meat and potatoes is in the first 10 pages, then a bunch of exhibits.