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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.