Forex trading is unstable and unpredictable like operations with cryptocurrencies because of the price changes for foreign currencies and these changes can be fast, and always connected with economic situation of the certain country. It's possible to earn money with Forex, however many people lose money because of their own, sometimes simple mistakes too.
The main mistakes are for example:
- overtrading (it's a very widespread one, it's usually caused by market addiction, insufficient capitalisation and unrealistically high profit goals, you need to be patient, start from small capital and move further calmly)
- lack of adaptation to the market conditions (markets in general aren't a static thing so using always the one proven strategy will cause you to fail someday, you need to find and use different strategies according to the current market's state)
- scam in case of brokers (a good and safe broker is a basis for all your Forex operations, considering that always choose the one from special safe lists https://fx-list.com/high-leverage-brokers or regulatory agencies, and checkk all avaliable information about them, especially reviews from previous clients)
- absence of a good trading plan (you need to prepare for current market conditions firstly before starting your trading operations, a successful trader always develops a thought-out trading strategy)