I think you cannot advance as a trader unless you understand how to analyse a market and make right trading decisions. If a trader lack trading knowledge, he/she cannot place the good trades and expect to win. Traders can only understand how to manage the right trades and cover risk with proper forex knowledge.
Becoming knowledgeable is one thing but being wise enough to apply that knowledge in real time trading is what determines our success as a trader. So, we must focus on both aspects in order to become truly successful as a forex trader.
In any field, knowledge without practice is of no value. BUT! If you don't get knowledge, you run the risk of being stupid. It is very important from childhood to acquire knowledge from all possible areas. And then choose one and become the best in it.
MovingCamper posted: Becoming knowledgeable is one thing but being wise enough to apply that knowledge in real time trading is what determines our success as a trader. So, we must focus on both aspects in order to become truly successful as a forex trader.
Indeed right! Application of knowledge to the work is extremely important rather than just owing it.
The importance of knowledge in forex trading is that it allows traders to better understand the market and make better trades. This knowledge can be used to improve a trader's ability to predict trends, identify opportunities, and make informed decisions.
Knowledge is important in order to not only trade profitably, but also to reduce risks of losing huge sums of capital. Knowledge of trading will help you to technically analyse the charts more correctly, execute trades with the right psychology, and make reasonable fundamental analysis. The right knowledge will also help you to set correct time frames for your trade in order to make the best out of your strategy and trading plan.
Traders can’t expect to earn profit if they don’t wish to learn. Learning is constant because there is always something new to learn in a market like this. Developing knowledge by reading and then applying it on a demo account to practice is a great process of understanding what the market has to offer.
In order to be successful in forex trading, it is essential to have a good understanding of the market and the factors that affect currency prices. While there is no guarantee of success in forex trading, having a solid understanding of the market is a critical first step.
We can become knowledgeable, but our success as traders is determined by our ability to apply that knowledge to real-time trading. So, we must focus on both aspects in order to become truly successful as a forex trader.
In many fields of business, knowledge is important, and knowledge could be obtained by learning, there are various ways to learn and get new knowledge, one of them is reading articles and news, get new update market gives us more insight related to economic indiator as helpo tool in making decision trading
Knowledge and skill takes you forward in the Fx market. With the risk resting in the market’s nature, it can get difficult to cope with the situations. But, analysing and studying the market sentiment can help navigate future moves better. To gain success, a trader needs to be well learnt on the terms and conditions the market offers.