Knowledge is everything in this line of business in my opinion, without it you are just lost in guessing and speculating.
Absolutely, knowledge is indeed crucial in forex trading. Having a deep understanding of market dynamics, technical and fundamental analysis, risk management strategies, and trading psychology can significantly enhance a trader's ability to make informed decisions and navigate the complexities of the forex market. Continuous learning and staying updated with market developments are essential for success in this ever-changing landscape.
Yes of course, a well balanced approach does indeed bring about better results.
Nah, it's not compulsory, but it's definitely smart to learn the ropes if you want to make some real money and not lose your shirt.
Basic knowledge alone will not protect you from losses. Here you need good knowledge and experience to earn money. Therefore, you need to prepare yourself for a long enough study of technical and fundamental analysis in order to become an experienced trader who knows how to preserve his capital and earn profit.