Something I don't really understand:
Some people say, that one of the causes of fail is that you aren't well capitalized. First I wanted to trade with stocks, but there really matters if you have enough capital, or you don't have, because the price of one stock can be really large (ok, relative to my capital), and you will pay a minimum fee, which can be really large, if you don't have enough money.
But in forex you pay the spread, and the commission (if you have) is a percentage of your trade. So small money - small fee, large money - large fee. There are mini and nanolots, so you can make the same things with $100 as with $100000.
Or I miss something? Maybe this statement can be true, if you want to get by with the little money, and you have to draw back some money all the time. But if you don't need this money, then the size of the capital doesn't really matter. I myself switched metatrader to show pips instead of money, so I can do the same thing with $361, $7893 and $1278964.
So I don't agree with this statement, but by proper logic anybody can convince me.