Knowledge is mandatory to make a good career in this market.
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Is it possible to earn in forex without knowledge?
- Thread starter Bonyi
- Start date
No, it is never possible. It is very important to build knowledge in trading. Moreover, money can never be made.
It is never possible to succeed in trading without knowledge. It is not possible to survive in trading without positive knowledge and education.
Forex is a very risky business so gain proper knowledge. Therefore, it is very important to acquire trading education.
I will not say it isn’t possible. It is possible to earn in forex without knowledge. But there would be very limited trades that can be profitable without knowledge. It would be more like gambling rather than trading. Even with basic knowledge of trading, chances of making profitable trades increases highly.
We will have to make use of such kind of Trading skills that will help us in becoming better traders.
Although it is true that you can make money without knowledge by using services like copy trading or signals, relying on these options doesn’t work in the longer run, because the forex market is always changing, and there is no guarantee that copy trading or signals work 100%. A real trader understands the market well. If you want to accomplish that, then you need to learn because the more you know, the more returns you get.
Basically, there is no way to test your luck or blessing! Forex is a professional arena, it’s all about traders knowledge & dedications! In Forex, more than 90% traders are the losers! So there is no way to rely on luck or anything like that!
As I see, nowadays new traders try to rely on others signal or so called profitable trading strategy! It’s a wrong approach basically! There is no way to make a consistent amount of money here without top level trading skill! All of the pro traders are skilled enough, they are learning from their own trading mistakes in everyday! So, no knowledge means, no money!
When we are making use of a trading strategy that is easy to understand by us the income from our trading will also get increased.
Unless you got a great tremendous level of luck favoring in your way, I have to say no. You will need to manage the knowledge and put whatever you have taken from that type of knowledge into the forex to be able to make some money.
The downside of learning Forex trading only through a demo account is that you won't be able to experience what it's like to put your hard-earned money into the market. Trading instructors often recommend that you open a micro forex trading account, or an account with a variable trade size broker, so you can make small trades.
Is it possible to get to the roof without the stairs? No, Right? Likewise, you can’t earn in forex without knowledge and right steps. The steps involve hours of learning and practise. Follow the right courses and practise on demo accounts. Take small risks. Keep up with the consistency. You will become profitable if you do this.
No, it’s never possible. Knowledge is compared to hidden gem in forex industry. Without knowledge trading forex is likely to diving in the sea without any swimming knowledge. However, there are a variety of ways by which a person can earn knowledge from Forex.
I know some examples of those traders who are able to trade without knowledge, perhaps they have innate abilities to feel the market. However, in most situations it's impossible to feel the market, especially when it is at depression like nowadays. I can assume, that such depressive situations which we can notice nowadays on the market are inherent to forex market. Some traders might feel them but there is a very small amount of such ones. I prefer to gain skills not only due to practice, but also due to my knowledge in this sphere nad I advise the same approach to new traders hwo just entered the market.
Haphazard trading can give you profit sometimes but not consistently. To be a consistent profit maker, you must learn to analyze the market. You have to understand the fundamental view of the market. Follow available only educative resources to enrich your trading skill. Make demo trading your partner. And continue making improvements.
No, it's not possible to survive in the forex market without any knowledge about the fundamental and technical analytics of the market. Without knowledge, traders won’t be able to spot opportunities right in time and will fail to predict the price movements as well. So, before going live, it is imperative to learn as much as possible about the market as it helps in building the foundation of a successful trading career.
You can accomplish it, but you won't be able to make consistent earnings.
Forex is simple but not easy; becoming a successful trader requires a great deal of information and expertise. If you begin trading w/o sufficient knowledge, you are more likely to lose money. Therefore, I recommend that you first learn and understand forex before beginning to trade with a small amount of money. Once you have sufficient knowledge and confidence in your abilities, you can trade with a larger amount.
Forex is simple but not easy; becoming a successful trader requires a great deal of information and expertise. If you begin trading w/o sufficient knowledge, you are more likely to lose money. Therefore, I recommend that you first learn and understand forex before beginning to trade with a small amount of money. Once you have sufficient knowledge and confidence in your abilities, you can trade with a larger amount.
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