To be expert in the art of trading, there is no alternative to knowledge and skills. And it takes time to achieve it but most people do not try to understand this fact. They waste time looking for short cut.
Yes you are absolutely right. Learning never stops. If we stop learning, our progress will stop. It's a never ending process. Learning could be by studying or by experience but it should continue.
Indicators are utilized for technical analysis. All indicators are good if you know how to utilize it and when to utilize it. But All indicators are slacking. I have not found one that predicts the market perfectly. That's why you have to learn the market sentiment. You need to read the pulse of...
For forex market economic news is very important. News like interest rate can change the market direction. NFP also moves the market a great degree. To learn about news you need to know the economy of different countries.
Luck doesn't work all the time. It can work in few trades but not all the trades. Yes you can consider yourself lucky and you find forex trading. If you are not skilled enough that luck will not favor you.
Watching market can be good if you want to learn about movement of the market. But usually newbies open a lot of unnecessary trades when watch market a lot.
Practice is important but practice should be done by following rules. If I do not follow discipline, and risk management while practicing, I will be habitual to it and will do it on live as well.
Yes it is important to test trading strategy on demo before trying it on live account. Without knowing the pros and cons of a strategy, it is not good to try on live.
Overconfident destroies everything. You can not be overconfident in trading. You have to follow your rules and discipline. Otherwise you will lose all the money.
Scalping can give you quick profit. But it's not good for everyone. As scalping leads to over trading. People can't resist themselves opening too many trades.
Most people take revenge trading to recover the loss. But most of time revenge brings misfortune for them. Trade should be opened only if it supports your strategy.
People fail because most people do not want to learn the necessary knowledge and skills. People come here with a false expectation of getting money quickly and easily. As a result they start gambling and lose money. Many of them get addicted.
Most traders do not get success because many of them are not skilled enough. And many of them are slave to their emotions. They take decision by their emotions.