How Much Knowledge Do We Need?

[Decub]

A newbie still trading in the Demo account might still have the need to know when it would be right for to switch but I think the time would be based on the level of knowledge he has already. When I first tried the real account, I needed no vision to realize I was on the wrong track because I lost the whole capital within few hours.

 

[Pettyeve]

Were don't need any particular knowledge. That is t say that knowledge is endless. We will be able to learn every day by day that we are trading in here in the forex market. No knowledge is a waste and we should learn everything that we can in forex trading.

 

[trauton]

Actually you don't need that much knowledge, the main thing in my view is practice.

 

[Tom Latham]

A newbie still trading in the Demo account might still have the need to know when it would be right for to switch but I think the time would be based on the level of knowledge he has already. When I first tried the real account, I needed no vision to realize I was on the wrong track because I lost the whole capital within few hours.

That’s very common! A number of new Forex traders start their trading career with a loss! Same here, I also crashed my 1st trading capital within the 1st week of my trading! By the way, learning is a long time process, till now I am learning and improving my trading skill.

 

[lioneld]

For me, it's about now the basic knowledge and the most important is the experience. Because, you will gain also in experience the essential knowledge in Forex trading. And yet, we are traders so basically, we are in need of the hands-on or actual trading not by just keep on reading books.

Yes, experience is very much important! Now, I am not doing the same mistake because of my long time trading experience! By the way, I think traders need deeper knowledge on technical and fundamental analysis for being a successful Forex trader!

 

[sininfinity]

Learning is essential but it is critical that you can identify which things are important and should be used and which are useless and should be ignored. Otherwise you will be swamped with information.

Well said. There is no shortage of information on the internet and we should filter those which are not important for us and use those which we think is good for us. That way we can make more good trading decisions.

 

[William]

If it's for a regular trader, then it's enough. But if you want to develop, then you need to constantly acquire new knowledge.

 

[Svetlana Loboda]

If it's for a regular trader, then it's enough. But if you want to develop, then you need to constantly acquire new knowledge.

I don’t think so! Because, learning is an endless process! Did you even notice any pro trader? You may see, they are till now serious on their practice session although they are making money! That’s the real fact.

 

[William]

I don't know if we understand each other correctly. I meant that in order to trade in the profit you don't have to know everything, it's enough to have a certain amount of knowledge in order to start trading. But if you want to write analytics, for example, you'll need deeper knowledge in this area.

 

[lioneld]

I know that knowledge is such an integral part of becoming a successful trader. But how much knowledge do we need? IS basic knowledge about forex literature already enough? Is knowledge from demo practice will do? Or both sources of knowledge is important? give me your opinions so that we can enlighten the beginners.

No, basic is not enough here. That’s way, more than 90% traders are losing money here since, they start their live trading after completing only basic. Forex is a smart profession, so no shortcut way of success is available here.

 

[Oscar Shumack]

You can make money from this market, if you have the basic knowledge about the market.

 

[Kazumu Fukunaga]

Knowledge becomes effective only when we could apply it correctly. Execution is vital. Many people can not execute their knowledge because of lack of plans and discipline.

 

[Kevin Vogt]

Actually, I really do believe that, when you recognize or acknowledge your weakness, then you will be a much better trader. In my trading life I was not able to earn profit frequently due to lacking trading ability and it is my leading weakness.

 

[Cooper Truebridge]

Forex trading requires a lot of education. Although I am a professional trader, I need to get an education. If I can't update myself, I can't gain good profit by trading.

 

[Alicia Lynch]

There is no end to education so it is real that education should be acquired before death. But I have to practice a lot to get a trading education. Keep yourself updated.

 

[Nezami]

having a losses is very common attitude and there is no one who can avoid it in spite of having most powerful analyzing trade knowledge and experience.

 

[Tom Latham]

sometimes scalping causes huge trouble but overall its really good and comfortable for the traders who above have low amounts.

 

[Karley Walker]

There is no end to learning in Forex. But first I have to develop skills by doing demo trading. If developing skills can make a consistent profit in demo trading, then I need to join live trading at that moment. But while doing this trading, I have to learn from Mistake.

 

[Alicia Lynch]

sometimes scalping causes huge trouble but overall its really good and comfortable for the traders who above have low amounts.

Yes, scalping does a lot of damage to our mindset. But I need to know which formula will work best for me. I have to think about the future of trading.

 

[David Marco]

Proper knowledge and skills are needed to make money from this market.