Knowledge is the best tool in Forex Trading

Discussion in 'General Forex Discussion' started by SweetPrincess, May 15, 2017.

  1. SweetPrincess

    SweetPrincess Trader

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    We must have full knowledge and understanding before going in to this kind of business. Every trader must know the full process so that they could earn better profit.
     
  2. JimTatum

    JimTatum Trader

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    You are right. This is like the real business. We have to concentrate on each and every factor that creates impact in our trading.
     
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  3. jameswilliam

    jameswilliam Trader

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    Absolutely, forex is as like any other business. There can surely be ups and downs while trading. As any business require knowledge of its market so as with forex trading. In fact in forex, learning is an ongoing process. There are a lot many factors which affect the price movements in the currency market and before starting trading these must be taken into consideration or one must have thorough understanding of the working of the market and how these factors affect the price movements. Knowledge must be acquired regarding the basic terminology like spread, pips, leverage, lot size etc., geopolitical factors, economic factors which affect prices.
     
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  4. inggo

    inggo Master Trader

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    well forex trading is a never ending process of learning and adjusting to one heck of a divers always changing market. knowledge in anything is everything
     
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  5. Britney Alston

    Britney Alston Trader

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    Yes, knowledge is the best tool in Forex trading. If you don't have enough knowledge and skills of money management, market analysis, and entry or exit rules you can't become a successful trader.
     
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  6. darren greg

    darren greg Trader

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    Knowledge is the first step to forex trading. Gaining the theoretical and practical knowledge and skills and practicing it with discipline is the most important tool in trading success.
     
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  7. SweetPrincess

    SweetPrincess Trader

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    Earning knowledge in Forex trading is important. Everyone has a point.. We need to gain more knowledge even though we are already earning and we must be well prepared not only physically but also mentally when trading in order to be successful.
     
  8. Let's remember this truth:
    The more we learn, the more we understand that we do not know anything.
    But self-development and refreshing of knowledge is an evidential process for understanding ourself and the world around us. Including forex.
     
  9. Banni

    Banni Trader

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    I agree that knowledge is the best instrument on forex, but there are some additions, under the condition that you are able to apply your knowledge practically, and that's an experience without which there can't be profit.
     
  10. Michelle Yeoh

    Michelle Yeoh Trader

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    I do agree with your opinion! Yes, knowledge is the main weapon here! All of the successful Forex traders are the well-skilled trader! They made their good trading skill based on the technical and fundamental info! There is no shortcut way of success.
     
  11. James Williams

    James Williams Newbie

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    Yes, for trading knowledge is very important. It makes us more powerful trader. But knowledge becomes power only when we can apply can it. To apply knowledge, discipline is important. The more knowledge you will acquire the expert you will become. To cope with the market there is no alternative to knowledge.
     
  12. Gerald Davydov

    Gerald Davydov Newbie

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    Acquiring knowledge is basic for being a successful a trader. You need to study and research a tremendous mark in case you want be a gainful trader. You need to learn specific edge and mental perspective of trading. You have to comprehend how to control your feelings. By then start with demo record to understand how as far as possible.
     
  13. Yes, You need lot of knowldge and skills to perform good in Forex trading. if you want to be a successful trader then you need to learn it and you can do more and more practice with Demo account with your broker. My broker Amarkets also offers demo trading account.
     
  14. JohnyIve

    JohnyIve Trader

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    Of course you are right. But not only knowledge you need to be successfull trader. Don't forget about practice a lot to convert all your teoretic knowledges to practice. And then you'll become a pro trader.
     
  15. PolinaPolly

    PolinaPolly Trader

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    Don't you also think, that one's psychological state can influence a lot? It's a part of your identitiy, so it is hard to change. Knowledge and experience are without doubts things to rely on first of all. But keep in mind also this aspect.
     
  16. Emmet

    Emmet Trader

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    The only weapon a person has in the unforgiving world of forex market is knowledge. He can overcome all the hurdles and roadblocks in forex market with this knowledge. Knowledge enhances the judgement power of a person. So, gather as much knowledge about forex market as you can.
     
  17. samtrader@fx

    samtrader@fx Newbie

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    Why just forex trading knowledge is a weapon that is indispensable in all professions and areas of life. How far do you think one can go if not equipped properly with knowledge and skills
     
  18. Tr$de.654

    Tr$de.654 Newbie

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    Knowledge is the most powerful weapon you can use to win any kind of battle whether it is Forex or something else. But you need to sharpen your weapon from time to time.
     
  19. Miller.d43

    Miller.d43 Newbie

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    Right knowledge is the best tool, without knowledge you won't be able to sustain in the forex world for a longer period of time.
     
  20. Traderlit_fx09

    Traderlit_fx09 Newbie

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    Knowledge is of paramount importance in forex. It is the only way to get ahead in this business, or any other for that matter. Make knowledge-acquisition a life-long habit of yours. It will be very enriching.
     

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