And what would you do to somewhat protect yourself (aside from risk management strategies like 1-2% max loss etc.) ?
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The only reliable way to trade which isnât just gambling, is to understand and have an edge on retail brokersâ technology. If you understand their server setup, have a way of measuring and detecting changes real time, and have a quicker data feed than them, then youâre starting to be able to trade with/against them - and make no mistake that is exactly what this retail FX thing is, brokers setup purely to take puntersâ cash; they rely on tradersâ ignorance and their statistical and technological edges. Where they canât catch you within those limits they do what they can in their T&Cs to pick up the few can make regular profits.
So itâs not just a case of being âgoodâ at trading and âhaving emotional control and the right mindsetâ, itâs understanding where and how the game is rigged, how you can work with that technically AND then being able to work through Ombudsman and regulator cases to get your profits back out sometimes.
Now if you have the time, money, energy and nouse to do all that, yes you should trade.
As forex market is impulsive I agree with the fact that a trader may feel reluctant to continue trading after losing money. But I also believe that proper fund management along with combined risk and time management can help a trader to achieve his desired success.
Keep trading using strict risk management and more knowledge. What else would you do, go back to your day job?!
All markets throughout time have been âRiggedâ - (Hint) research Wyckoff ! 
The currency market is a big Banks casino⌠Manipulation happens in many ways, but usually when a trader working for a bank sees a way to make a bunch of money on a trend, they will jump on the trade and the other banks will follow, inter bank trading this is not deception it is normal business for a big bank but this is one way they trade. They are pumping millions on a single trade making a large move, other banks see this and follow. Us little guys can spot it if we are smart enough, but the currency market is for the big Banks and big investor, Apparently the big investors in this situation werenât smart enough to catch it or catch it at the right time.
If you trade short-term intra-day with tiny tight stops you are competing head to head with huge players and their efforts to make money from each other and protect their own interests will roll over you as if you were an insect on the roadway. They donât want our money but if you play at their game where they play it you will be hurt.
Also I object tot he word rigged. Rigged makes it sound like the significant market players conspire or combine to move prices in a pre-determined direction at an agree rate and time.
I do believe that these banks are big enough to move prices but firstly none is large enough to move prices of a major pair against the general market direction for what i call a long period and secondly they are all competing with each other anyway. There is every incentive for them to stop prices going too far in order to catch out their opponents. In fact, when I declare myself as a trend-follower, traders tell me that trends donât really persist long any more as the market is so efficient that the big players wipe these out before they can mature - I donât agree with this but both propositions canât be right anyway - the big players cannot at the same time drive prices into a trend that suits their P&L while also stopping all trends from developing.
Its just another dumb conspiracy theory born out of confusion, frustration and ignorance.