Is Forex education compulsory for a trader?

[Latham]

Forex education is now quite easier than before because of the availability of internet. Read online e-books and watch video tutorials to flourish your knowledge. On the platform of FXOpulence broker, a trader can apply all strategies smoothly.

 

[VasilTodorov]

it is not always good to have a lots of sources it can lead you to ambiguity
you need to choose a source between ton of them nowadays and it is hard

 

[benji177]

You should have the general knowledge that is required for trading overall and any other necessary knowledge that you need for your individual trading style and strategy.

 

[Lee.me]

Knowledge is everything in this line of business in my opinion, without it you are just lost in guessing and speculating.

 

[Fin_Trader]

Yes, there is a lot of information about Forex on the Internet. But any theory must be tested in practice. And many brokers give you the opportunity to open a demo account and test the performance of a particular theory there. And only then, with proven and tested ideas in practice, try to trade on a real account.

 

[PhoenixJ]

Forex education isn't a must, but it's like having a roadmap in unfamiliar territory. It helps you avoid wrong turns and dead ends. Knowing the basics, like how to analyze the market, manage risks, and use different trading strategies, can make a huge difference in your success. Plus, staying up-to-date on market changes and new techniques keeps you sharp and ready to adapt. So while you can technically trade without it, having a solid understanding of forex gives you a much better shot at making smart moves and avoiding costly mistakes.

 

[Fin_Trader]

In Forex you will have to learn everything from scratch. Techniques of technical analysis are not taught in institutes. You will need to study a lot of information on your own. You can read analytics from brokers. For example, fxopen has a blog on qualitative analytics, where price behavior for many trading instruments, including cryptocurrency, is substantiated. There will be something to learn and take into account.

 

[Polakandil]

Imagine, you want to be a chef, or want to be a farmer, without education it will be difficult and you will face more challenges and difficulties, even though you already have spices and meat to cook in front of you, but you are confused about where to start. Unlike those who have learned to cook, he is not confused and does it step by step better than those who have never learned. I think forex trading is also the same.

 

[Fin_Trader]

Yes, without knowledge and experience in some business there will be no opportunity to earn money there. And gradually learning and finding the reasons for our mistakes, we gradually build our trading strategy. Therefore, here you need to constantly study and practice, then trading will become better and more profitable.

 

[borzy]

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.

 

[Lee.me]

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.

 

[Fin_Trader]

Yes of course, a well balanced approach does indeed bring about better results.

I would say that a systematic approach leads to positive results. And by trading systematically according to the rules and conditions of your strategy, you know when you need to wait, when to enter the market, when you need to fix your profit on time and, most importantly, what lot to trade so as not to violate the rules of risk management.

 

[Amadeus.V]

Being a mechanic will not make you a driver, but it sure does help you a lot.

 

[Lazarsblck]

If you don't plan on buying a well tested EA and run it through a VPS, then you definitely need to know what your doing. so definitely!

 

[OscarR]

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.

 

[Fin_Trader]

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.

 

[Amadeus.V]

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.

Indeed!

 

[borzy]

I agree, knowledge in forex is crucial; without it, you're merely guessing and speculating. A deep understanding of market dynamics, economic indicators, and trading strategies is essential for making informed decisions. Continuous learning and staying updated with market developments are key to successful trading.

 

[PhoenixJ]

I'd like update everyone on the experience I've had quite recently. A close friend of mine wanted to invest his pension on something to have a passive income, but he didn't have any knowledge what to start with until he was introduced to someone who sold EAs that you can run 24/7 on a VPS. Even though he has 0 knowledge of Forex but is still making profit by just investing. I had a prejudice opinion on EAs but quite frankly, they could be the future of trading.

 

[Fin_Trader]

I'd like update everyone on the experience I've had quite recently. A close friend of mine wanted to invest his pension on something to have a passive income, but he didn't have any knowledge what to start with until he was introduced to someone who sold EAs that you can run 24/7 on a VPS. Even though he has 0 knowledge of Forex but is still making profit by just investing. I had a prejudice opinion on EAs but quite frankly, they could be the future of trading.

The question here is how long will the Forex advisor be profitable? I tested many other people's EAs and at first they really made money, but after a short time I lost my deposit. Therefore, I decided to learn how to analyze the market on my own and create my own trading strategy that would work more stable and profitable.