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Basics knowledge is not enough

Dec 27, 2020 at 07:07
48 Replies
Member Since Dec 28, 2020   187 posts
Feb 09, 2021 at 08:42
For making consistent profit only basic knowledge is not enough, for becoming a successful and professional trader, you need to know how to do fundamental and technical analysis as well.

Member Since Jun 30, 2020   37 posts
Feb 11, 2021 at 09:53
Adribaasmet posted:
investment is not a big deal in Forex trading, the main deal is to keep survive successfully in there , because most of the traders become loser from this trading place.
In order to survive, a trader has to do everything they can which at times can be a long journey. There’s a lot of knowledge and learning involved with trading forex. Not an easy task at all if you ask me.
Member Since Nov 26, 2020   20 posts
Feb 11, 2021 at 11:40
Not just the basic but also some advanced fundamental and technical knowledge is important for forex. Took me some time to get used to it.
Member Since Nov 05, 2020   54 posts
Feb 12, 2021 at 06:05 (edited Feb 12, 2021 at 06:07)
Member Since Apr 09, 2019   538 posts
Nov 11, 2021 at 11:53
It is exactly the same in other professions that are difficult to master. I can have a basic understanding of medicine but that doesn't make me a great surgeon. Only adding in hours of practice will help there. Same for any skill based vocation. People don't want to learn, and more so don't want to commit to the time it takes to practice and study.
If you can't spot the liquidity then you are the liquidity.
Member Since Nov 02, 2021   73 posts
Nov 15, 2021 at 07:58
A trader should be up to date with the current news events. He should know when he has to sell or when he should buy using his strategies and tactics.
Member Since Dec 09, 2013   139 posts
Nov 15, 2021 at 16:34
UweMoench posted:
Only basics are not enough for consistent profit. Forex is a professional work that requires specific knowledge and skills. That's the reason very few people are successful here. Most people treat forex like gambling. They do random trading. They do not have well defined trading system.
It needs hard work, hours of study and dedication to learn forex trading. Basic things are never enough to deal things professionally. However, it starts with basic though. A trader must learn the basic and with time, he must learn advanced things as far as forex trading is concerned.
Member Since Aug 05, 2021   401 posts
Nov 16, 2021 at 15:02
It takes a lot to become consistently profitable as a forex trader. I think a lot of aspiring traders just want to put in little effort and get rich quick, but that never works. If it were a regular job, we would expect to work for the money but for some reason trading isn't taken as seriously. Perhaps it's because we can sit at home in our pajamas or have a flexible schedule so it feels less like a real job.
Member Since Feb 12, 2019   105 posts
Nov 18, 2021 at 11:39
You have to backtest your strategy and make sure your strategy has a proven edge .
Keep learning keep refining markets evolve and so sgould your trading
Member Since May 01, 2021   11 posts
Nov 19, 2021 at 15:26
yes basic knowledge is not enough beside acquiring good knowledge and experience it is more appropriate to trade in demo as practice account.
Member Since Jul 19, 2020   788 posts
Nov 20, 2021 at 01:14
More time should have been invested in trading to do business. Profits can be made with little knowledge, but it is difficult to keep that profit in mind. So if you want to develop knowledge in trading, you need to invest time.
Member Since Mar 28, 2021   617 posts
Nov 20, 2021 at 07:22
Yes basic knowledge of trading is not enough to make money from forex marekt. It needs extensive knowledge, skills and experience to be successful. For this one needs to spend time on learning.
Member Since Nov 20, 2021   19 posts
Nov 20, 2021 at 07:57
Hey, I am new to this forum, but a bit oldy in forex.

Agreed! forex needs extensive knowledge I spent a year on demo before going live.
Member Since Nov 02, 2020   36 posts
Nov 20, 2021 at 08:12
Yes, basic knowledge will not be beneficial if you do not consider opening an account with any forex broker. Being able to trade in demo will give you an experience on how trading would seems like in live trading, except that there is no real money.
Member Since Mar 17, 2021   536 posts
Nov 21, 2021 at 18:55
skihav posted:
It is very important to get some basic knowledge before starting to work on a real account. When I started working with a broker, I used a demo account for this.
Yes. Proper knowledge is very important.
Member Since Jan 22, 2021   125 posts
Nov 22, 2021 at 11:25
Basic is what according to you? If Basic to you is what is forex or how is pip calculated then definitely candles are advance to you. See these as steps of learning .. nothing is advance here. With the time you will understand each aspect and this is how you can progress.
Member Since Nov 02, 2021   7 posts
Nov 22, 2021 at 12:51
basic is MM following
Member Since Jul 19, 2020   751 posts
Nov 28, 2021 at 15:17
Yes for trading only basic understanding of the trading is not enough. One needs a deep understanding of the market. Without that it's not possible to survive in the market.
Member Since Aug 10, 2021   176 posts
Nov 29, 2021 at 02:21
Traders need to know their risk on money that can be lost. Trading effectively requires knowledge, of course, but without trading knowledge, you are gambling. You can learn about trading on the internet for free or purchase books.
Member Since Aug 21, 2021   61 posts
Nov 29, 2021 at 11:20
I believe that when you enter in the forex market, it is important to have basic knowledge but along with it you should be aware of how market works since the forex market is unpredictable.
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