After reading numerous of those threads I realize why most traders do not earn money in Currency Market. It is because of the following reasons:
1. Traders open a mini/micro account with $500 and then play volatile currencies with $1 lots. This really is a sure way to blow off account following account. Besides you won't make money trading a mini/micro account. The odds are against you. That is the reason why brokers permit you to open a mini/micro account. They know sooner or later you will get your leverage and/or stop losses incorrect.
2. Most traders don't know when to take profits. They search for 50-100 pip profits instead of 5-10 pip profits. The market provides you plenty of 5-10 pips profits daily, but just a couple 50-100 pip profits a month. And the longer you stay in the market the bigger the prospect of the market turning and hitting your trailing stop reduction or stop reduction. I read a thread (25-50 ema) in which the originator of the system recommend that you put a 200 pip stop loss. Now that is plain silly. Profitable traders realize playing $10 lots and just searching for 5-10 pip profits are a safer way to generate money. If you can find a 5-10 pip profit daily then you can practically double check your account in annually. And I dont see the sense in entering two lots ($20) and then taking 1 lot ($10) profit at say 10 pips ($10x10pips=$100) then close the rest of the commerce after a second 20 pips ($10x20pips=$200) or allowing it run until it gets stopped put either by tracking stop or stop reduction. Can you realize that if you shut your commerce bit by bit your profit is actually getting smaller and smaller. You made just $300 while obtaining 30 pips profit. When you shut your whole transaction after just 20 pips you'll have gotten $400 (20 pips x $20Lot=$400).
3. New traders all search for a trading platform comprised of Indiors. Indiors are aggressively and won't make you cash in a ranging market which happens to be 70 percent of their time. So many systems are based on the 4hr chart. Do you know how many pips the market is able to move in 4 hours? By the time you get into a trade the big dogs are prepared to make profit. That just leaves one with a small gain and sometimes even a reduction.
4. Most traders don't know what's the driving force behind an currency. If you don't know what's forcing the Aud, and Jpy, and Cad then instead not trade those currencies since you are going to wind up getting burned as soon as the driving force varies course. (Aud get driven by goldprices. Jpy currently driven by carry trade. Cad driven by oilprices)
5. However, the biggest mistake any trader can make it to take advice from an amateur trader. Amateur traders teach amateur traders to trade like amateur traders.