Basics knowledge is not enough

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.

Yes

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.

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.

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.

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.

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

yes basic knowledge is not enough beside acquiring good knowledge and experience it is more appropriate to trade in demo as practice account.

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.

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.

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.

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.

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.

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.

basic is MM following

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.

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.

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.

It must be remembered that the market is developing and you need to update your knowledge.