Indicators, chart patterns, and the study of daily market trends are also important apart from theoretical knowledge. On the other hand practice on a demo account is also necessary.
For success in Forex, there is no alternative to learning and learning is a ceaseless process. Reading articles, watching videos are some sources of education.
Development of strong trading psychology is important because Forex wants it from traders. Patience, diligence and perseverance are the result of strong psychology.
Education is the most ignored thing in Forex and that’s why the losing rate is skyrocketing in this market. So, traders should be motivated and encouraged to take lessons first.