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Forex Trading Requires Knowledge and Training

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  • Forex Trading Requires Knowledge and Training

    One common feature of get rich quick schemes is that they will be marketed as investment opportunities that require no special skills and no formal education and still make you millions of money.

    The forex market is a highly complex market that anyone involved with it should realize from the outset that they will need to do lots of studies.

    You will need to learn how to accurately read price charts, how to read, translate, and generate trade signals, how to analyze the markets, and how to accurately predict price trends in order to be successful.

    Every kind of market analysis requires a lot of studying and scientific assessments.

    You have to know how to read a trade signal and how it is generated in order to determine your profitable trade entry and exit points.

    Once you are equipped with the basic knowledge on forex trade, you have to train and practice on your trading technique and perfect your trading strategy over time.

  • #2
    Absolutely right, we just need to mark it down that without having knowledge or experience, we are not going to go too far, so that’s why we got to make sure we do the hard yard and gain education while experience is something that should follow automatically once we practice. I get fair support from my broker OctaFX since they have outstanding demo contest like cTrader, it’s ever cool with having 400 dollars prize, so all very useful and allows us to work nicely.


    • #3
      Yes knowledge is very important. You have to acquire specific knowledge and skills. Without skills you will lose money continuously. And for skills you have to spend time. If you think forex is easy, don't come to here. You will lose your hard earned money. If you can give time and efforts to learn, you can give a try. I am trading with MaximusFx where I study their advanced educational resources to learn more about forex market and trading. They also provides very low spreads and instant trade execution.


      • #4
        Advance trading knowledge is very costly! But, you may get so many basic instructions here and there! As a result, most of the retail Forex traders are unable to make consistent money in Forex. I had a trainer in my demo account, so I found proper guideline in there! But, I needed almost one year for absorbing Forex trading principles!


        • #5
          Some basic knowledge and skill sets required for Forex:
          • A sound understanding of global economies and how they operate
          • Knowing about different styles of trading such as day trading, position trading and swing trading
          • Being familiar with the concepts of different charts used in Forex
          • Knowledge about chart patterns; and support and resistance zones
          • Must know about Forex Trading strategies and must have the ability to develop one.
          • Good money management strategy


          • #6
            We have to choose the broker that is more appropriate to the concept of trading that will be used , if you love scalping should choose the broker that allows trading concept such as this. from al trading approaches scalping is mainly considered as a most usable and profitable trading policy that brings profit in a short time. but this trading policy doesn’t allow by and large trading brokers in their trading platforms.