Is Forex education compulsory for a trader?

[PhoenixJ]

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.

What you just said shows me how much you don't know about EAs. What do you think an EA is? EA is a strategy written in codes. So basically, creating your own trading strategy and trading on it is the same as running an EA. It's the strategy, just in codes. Educate yourself lad.

 

[Fin_Trader]

What you just said shows me how much you don't know about EAs. What do you think an EA is? EA is a strategy written in codes. So basically, creating your own trading strategy and trading on it is the same as running an EA. It's the strategy, just in codes. Educate yourself lad.

I know very well what EAs are. And if you read my message carefully, then there I talked about other people's advisors, there are a lot of EAs on the Internet and most EAs work very poorly at a distance, no matter how much they are praised. Therefore, I trade using my own manual strategy, which unfortunately could not be automated.

 

[PhoenixJ]

I know very well what EAs are. And if you read my message carefully, then there I talked about other people's advisors, there are a lot of EAs on the Internet and most EAs work very poorly at a distance, no matter how much they are praised. Therefore, I trade using my own manual strategy, which unfortunately could not be automated.

Actually, you have no idea what you are talking about. It doesn't matter if it's your EA or someone else's. You can read the bloody code and see what the strategy is. You can test it on a demo. Some people who offer EAs also provide you with a free trial to test it out.

PS: Your strategy can't be automated? Don't BS me. If you have any idea about programming or codes, you wouldn't say that. Stop trying to spread false information if you are uneducated. Every strategy can be automated.

 

[Polakandil]

To make a manual trading system into an EA requires programming skills, I still prefer manual trading because it is easier to control risk, using EAs created by other people in my opinion traders must understand how the EA works because many EAs work without a good MM.

 

[PhoenixJ]

To make a manual trading system into an EA requires programming skills, I still prefer manual trading because it is easier to control risk, using EAs created by other people in my opinion traders must understand how the EA works because many EAs work without a good MM.

Preference is not a fact about a matter is it thought? You say you PREFER not to use an EA because you don't know how to read or work with it. Manual trading makes it easier to control risk for YOU, so what you are saying is not a fact, it's personal.

So idk what your argue is here? You can't bring one fact to the table here that what the gentleman said is true!

 

[Polakandil]

Preference is not a fact about a matter is it thought? You say you PREFER not to use an EA because you don't know how to read or work with it. Manual trading makes it easier to control risk for YOU, so what you are saying is not a fact, it's personal.

So idk what your argue is here? You can't bring one fact to the table here that what the gentleman said is true!

Every trader may have a different perspective even though they are faced with the same case, here I say based on personal experience because I tried backtesting the EA several times and the results did not give what was expected, including the EA's performance looked good at the beginning but in the end it burned the account because the EA worked without a good MM, using an EA without understanding how it works, what kind of MM to use, martingale or hedge, and so on, in my opinion, is like driving a car without knowing the function of the brake, clutch and gas, it's dangerous.

 

[OscarR]

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.

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.

Basic knowledge is just the starting point.

 

[Fin_Trader]

Basic knowledge is just the starting point.

Important trading skills that make trading successful are self-organization, managing emotions, and the ability to count in order to manage capital and risks wisely. All other skills follow from these three.

 

[brooksjanet24]

Basic knowledge is just the starting point.

Exactly, there are a lot of things that follow... risk management, sessions, tools, indicators, charts, psychological balance, ahhh there's so much

 

[eleanorkim]

While you don't have to take formal Forex education, it’s definitely helpful. Knowing how the market works can help you avoid costly mistakes if you're not familiar with it. That said, some things are best learned through hands-on experience, which is why demo accounts are a great way to practice without risking real money.

 

[Polakandil]

Forex trading learning sources are easily accessible via the internet and can be obtained for free, but some traders may learn through forex seminars, or taking forex classes. Apart from learning theoretically, traders also need to practice trading in real terms, so you can learn more about technical lessons and real conditions.

 

[Fin_Trader]

Forex education is very important if a trader wants to develop further and learn how to earn money consistently. The only way to shorten the path to profit in Forex is to spend more and more time learning and practicing every day. According to professional traders, it takes a lot of practice and experience to become a proficient forex trader.

 

[Polakandil]

Besides education, I also think research is important, traders can study the impact of a political event on a currency, such as Soros who once shook the Bank of England because of his sharp market analysis and caused huge losses to the BOE.

 

[Fin_Trader]

You don't need any special education to trade, but you need to know as much as possible about market movements, patterns, money management rules and strategy building. I also agree that it is important to always be aware of any significant events, without this it is difficult to achieve success.

 

[LeoFx]

Forex education is essential for any trader. Without proper knowledge, trading becomes mere gambling. Understanding market analysis, risk management, and trading psychology helps make informed decisions. While experience matters, education provides the foundation for long-term success, reducing losses and increasing profitability in the forex market. LQDFX broker offers a resourceful educational program hat helps beginners understand the market quickly.

 

[Lee.me]

I’m all about learning the ropes before jumping in, especially after seeing how wild markets can get. You don’t need a formal degree or something, but some solid education, like courses or even self-study can be a total game-changer.

 

[exclusive_markets]

Forex education isn’t legally compulsory, but it’s practically essential for long-term success. Trading without proper knowledge is like sailing without a map—you might get lucky, but the risks are high.

Why FX education:​

1. Risk Management – Understanding leverage, stop-loss orders, and position sizing helps protect your capital.
2. Market Understanding – Learning fundamentals (e.g., economic indicators) and technical analysis (e.g., charts, indicators) improves decision-making.
3. Psychology & Discipline – Trading emotionally leads to losses. Education helps develop the right mindset.
4. Avoiding Scams – Knowledge helps you recognize unrealistic promises and choose reputable brokers.

 

[georgefx]

I don't see how someone can start without a demo account atleast, and reading tutorials on how to trade efficiently.

 

[Imogen Beaumont]

I don't see how someone can start without a demo account atleast, and reading tutorials on how to trade efficiently.

It depends on the person. Some traders learn best through practice and experience, and others through studying theory and structured education.