Markets move in trends and many traders rely on technical-analysis tools to better predict what is going to happen to an asset’s price. This is an essential skill to be able to time your trades and pick the best entry and exit points.
Technical indicators are also helpful in keeping your finger on the pulse of the market and try to gauge sentiment, which is a huge factor in determining what happens next to the price of an asset, or currency pair. This knowledge also comes in handy for managing your risk and helps with placing your take-profit and stop-loss orders to protect your capital once you are confident enough to trade with a live account.