continuous knowledge

[Balladotus]

I evaluate continuous acquisition of knowledge in forex trading as something essential and incomparable from the point of skills development. Some traders are convinced that only first-hand experience brings real skills, but I'd say that learning theory, examining strategies prevail in this sense.
The most valuable resources to acquire knowledge besides materials provided by the broker - forums, like this one. You can exchange ideas, express your opinion, have a brief conversation and get some information.

 

[Gholis]

Only experienced and advanced traders fully understand the importance of the need to continuously educate themselves.
An advanced trader knows exactly what his weaknesses and strong sides are. There is not a single trader in the world who can be an expert in every field of trading. Yes, they can have significant knowledge and skills in certain aspects of trading, but also they have weak sides which usually are related to areas or trading strategies that they don’t practise.
For example, if one relies on technical analyses in his trading, he knows that fundamentals are not his strong side and potentially a field where he can improve his knowledge.
Also, the trading industry is dynamic and one needs to stay updated with the latest trends. It is the same as professional athletes, they still train every day even though they are in the best shape.

 

[bigdolly]

Has anyone here ever explored the option of attending webinars hosted by your brokers? If so, did you find these webinars beneficial, and did they contribute to improving your trading results in any meaningful manner?

 

[Amadeus Vega]

Of course! When it comes to Forex, I approach it by blending learning and practice. I've found value in education, like online courses and books, to grasp the basics. Demo trading helped me gain experience without risking real money. Having a mentor and staying updated with news and analysis is key. Technical tools, risk management, and psychology are also crucial. Plus, I keep a trading journal, backtest strategies, and stay adaptable. It's a journey of continuous learning and improvement.

 

[Centrirdana]

You can't trade profitably without any knowledge.
Of course to kick off, you need to have basic understanding of the sphere, to realize what is risk tolerance, how to diversify risks and so on and so forth.
At the same time, experts prefer to receive more in-depth knowledge about very specific technical things. Plus, then you have already received knowledge about basics, you start delving into fundamental analysis, examine the companies, research political and economic spheres and how they impact the market's sentiment.

 

[Felhamand]

Actually, you can get inspiration for your trading strategies everywhere. You are not restricted to anything if you think about it.

I tend to go to the trading forums. Sometimes there are interesting ideas that should be reworked according to your personality of course.
But the most important thing is to trade all the time. And analyze everything that you are doing.

 

[bigdolly]

Actually, you can get inspiration for your trading strategies everywhere. You are not restricted to anything if you think about it.

I tend to go to the trading forums. Sometimes there are interesting ideas that should be reworked according to your personality of course.
But the most important thing is to trade all the time. And analyze everything that you are doing.

Yeah, lots of EAs and indicators are shared on forums but you have a kind of intuition to pick for testing only those that are worth to try. If it is just another MACD+RSI with only difference that parameters are different from standards you will likely have little success with that.