If you talk to any FX trader, you will find that the vast majority of them use technical indicators to make their trading decisions. So does that mean that you have to have a basic knowledge of technical analysis in order to profit from forex trading? Well not necessarily.
Technical analysis is of course very useful and many traders couldn't trade successfully without consulting their favoured indicators, but you can be a profitable trader without using technical indicators at all.
Instead you can simply base your trading analysis on fundamental analysis, ie taking a longer-term view of where a particular currency is headed using the current economic situation and future economic forecasts.
Just take a look at George Soros who in 1992 took a short position on the pound and as a result pocketed over $1bn when the Bank of England withdrew the pound from the European Exchange Rate Mechanism. I think it's fairly safe to say that this position was more likely to have been based on economic and political conditions rather than an overbought RSI or stochastics.
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