Can Technical Analysis Make you Rich in Forex Trading?

[moonchild]

Almost all of the courses in forex trading emphasizes on technicals most mentors nowadays will only teach you how to trade technicals and also how to use moving averages and all sort of BS indicators, and beginner traders buy into this and keep on learning technicals but whenever they go to a live market to trade they end up losing their shirts and back to the drawing table to start the circle all over again.

The truth is, technicals won't make you rich it is your:

Trading Psychology
Discipline
Money Management
Risk Management all of these things are what will align and make you money in trading, so as you are busy learning technicals you should also pay attention to other aspects, that's the only way to succeed in this industry.

 

[FinTrader]

I agree that in addition to the ability to analyze the market situation, you also need certain internal qualities for successful trading. Only such a tandem can ensure success when a trader can wait, is not greedy, is disciplined and controls his emotions. Otherwise, a trader can turn any profitable trading strategy into a losing one.

 

[Dita Walczak]

Technical analysis can contribute to success in forex trading by providing insights into price movements and potential trends. However, success in trading relies on a combination of factors including risk management, discipline, and adaptability. While technical analysis is a valuable tool, it alone cannot guarantee wealth in forex trading.