With $ 3 trillion dollars negotiated daily, of course, there is MONEY in Forex.
However, it is not like an apple tree so that anyone can come and pick it up.
90% of people who open an FX trading account lose money.
However, banks like Credit Suisse make billions of Forex trades.
Smaller players can also make a good living in forex trading, some do, but most fail.
It's funny how some people that I've met in the Forex market did without an adequate basis to learn everything about it, both fundamental and technical.
Do not be fooled into thinking that you can make money in Forex without understanding anything, without educating yourself and without spending time in the markets.
As in any business, there are difficulties for newbies and a lot to learn.
Work is really easy, but getting knowledge and experience is not.
Do not be impatient and try to earn money overnight or fool yourself into buying a commercial robot. The money in Robots is selling software that is not in use.
For a while, many automated systems can work for a while, until markets change.
That means you could get lucky and initially make money with them, and then fail. Or if it is unfortunate to enter the market as market conditions can lose their initial participation very quickly.
So, if you're starting to get acquainted with what you're dealing with first, take a look at a bunch of FREE online educational material and open a practice account for information on ordering and technical analysis.
A good knowledge of the Fundamentals will also equip you for position trading.
Money management is one of the most important parts of Forex trading, however, I have yet to find anyone who has not properly structured their Forex trading as a company with adequate tax administration planning.
If you intend to trade Forex for REAL, to make money, it does not make sense to let up to 50% of your profits fall down the drain instead of entering your trading account. Some worked numbers that illustrate the tax effect can be found at http://www.markettraders.cc
You may want to put some examples on a spreadsheet yourself and calculate the impact of the tax on the accumulation of capital and the result that could be achieved by retaining earnings and capitalizing your capital over time.