Yes it is possible to make a lot of money in Forex, it is best left to professionals, with lots of money $1000 account would be a waste of time, your ability to make money is too limited, and you couldn’t make up the losses.

It seems you have two Answerers who have never traded FX, and are therefore unqualified to answer and should keep their opinions to themselves.

There are more scammers in Forex because it is largely unregulated and a relatively new market only available to the public for a few years. But there are scammers in every market, in every town, everywhere you go today. What else is new? Ultimately, it’s your responsibility to check out the scams.

I use Ninjatrader and trade through Forex.com. It’s free to download and use.

http://ampfutures.com/

Nine out of 10 traders blow out during the first year, Forex is the worst because of the high leverage. Yes, it is possible to make a lot of money in any market, even moreso with higher leverage. Leverage is a killer. You can also lose more than you have, in a matter of minutes.

You can make ALOT of money trading forex, but you have to be realistic about it. You’re not going to deposit $1000 into an account and make $1000000 overnight. And even if it’s possible, your emotions would pretty much keep you from earning anything until you learn to control them and trade systematically.

I will try to put it into perspective for you. Once you know what you’re doing in forex, you can easily average 5% profits weekly without spending too much time staring at charts. No problem. Just learn how to trade well enough to earn 5% weekly. But do it like this…

1. Open a demo account at one of the brokers. Make sure the account only has $1000 in it.

2. Place trades of 0.1 standard lots. NEVER place trades bigger than that.

3. Try to capture (or lose) only about 20 pips per trade. Use a well defined trading system and stick to it.

4. Keep trading like this until you have doubled your account. Don’t give up even if it takes a long time.

5. Open a $1000 live account with real money and repeat the process. Pay special attention to your emotions as you win and lose YOUR money and be aware of how different it feels from a demo account. Don’t let your emotions control your actions. Stick to the system.

Now here’s the thing. Each time your account grows by $1000, you can increase your trade size by 0.1. As your experience increases so will your money. Before too long it will feel like you’ve been doing it forever and you can be easily living entirely off the profits from trading.

NOTE: If you don’t know what some of the terms above mean, that’s no problem. Check out the BabyPips School and you can learn all of the terminology. Also, I highly recommend using a mentor to help get you up to speed and learning some proven strategies.

Once you become confident in your trading, you might consider reading my book on trading, or even using a trading robot to free up your time. I have one of those too. Check it out.

Anyway, I hope this answers your question. I know it’s kind of long but believe me, forex is worth the effort.

BabyPips School
–> http://www.babypips.com/school/

Forex Signal Mentor
–> http://www.ameLabs.com/recommends/fsm.php

The Forex Millionaire Maker (my book)
–> http://www.Millionaire-Maker.org/

Forex Set and Forget Automated Trading Robot (mine also)
–> http://www.Forex-Set-and-Forget.com/