This is carefully broken down and explained, so thank you for that. When it comes to trading, I always consider knowledge to be crucial since without it, it would be tough to grasp without anything to back it up.
Trading knowledge and a trading plan is paramount to having a successful trading journey. It is important to understand that trading education will never be over and that there will always be new concepts to study, strategies to develop, and skills to master.
Oh in general, you say the right things. But I do not agree with everything. As for me now the knowledge about forex obtained from books is too old-fashioned. Time goes by, stock markets change, CFD's changes. Now there is a different trading methods and other methods of earning. Therefore now it is more correct to receive new knowledge directly on Forex forums, lmao.
In order to be successful in forex trading, traders need to have a good understanding of the market and how it works. By educating yourself about the market and the different forex trading strategies, you can make more informed decisions about your trading. And can manage, minimise your risk and maximise your profits.
If a trader doesn’t have knowledge about the trading, how will he place the trades and expect to win? Trading without knowledge makes it gambling, which is full of risks. In gambling, you can win big but you have the risk of losing it all. With knowledge, you will know the techniques of how to manage losses as well. In a nutshell, knowledge is the first step of the ladder to success in forex trading and you can’t afford to skip.
Knowledge gives you power to see the market as it is and you don’t have to make assumptions out of anything. When your trading decisions are based on your knowledge and skills, you tend to make more profits than otherwise.
OP has explained the term ‘knowledge’ in detail through the post. And when we talk about forex trading, knowledge is the foundation that helps us to develop skills as a newbie trader. Market knowledge is very much needed to make money from forex trading. Having knowledge surely gives us an edge without which we won’t be able to move forward in the forex market.
Ambersmith345 posted: Trading knowledge and a trading plan is paramount to having a successful trading journey. It is important to understand that trading education will never be over and that there will always be new concepts to study, strategies to develop, and skills to master.
Yes, to be a successful trader one should track the daily chart patterns and broad economic issues that influence financial markets.