Experience or Education?
- Thread starter aleandane
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First a trader need to get learning and nowledge of forex trading. If he had an opportunity to get forex education this thing will support him. After learning he can make experience of trading by doing practice.Experience without learning is not possible.
Before you start gaining experience you must 1st realize what you are looking at. If you have some really high IQ you may go right into and try to look for some common repeating patters on nuances, but for normal people it is probably better to obtain some knowledge about what other traders think/are looking at.
I was turned onto Forex at the beginning of last year, 2012. I followed my buddy's advice and started learning online through the various forums and edu websites. At the same time, I opened my first DEMO Acct and started practicing what I read.
I'm "disabled" via US Military so it was all I did, 24/7. And I never even considered a Live Account until this year. It has paid off wonderfully. We're told "Find a method/system you like and master it!" I did! I've combined two methods: basket trading and Auto-Scaling those baskets. My first BIG trade was a basket that gave me $5200 (my recent Euro trip). My last big trade was $10.5K on a scaled basket.
No more single currency pair trading for me. The real money is elsewhere.
We have to learn new terms, a new "language" and interpretive perspectives. Then, we have to learn to put it all together. The ease of that comes from the time you study which may be from a site or just watching Price Action on your platform.
It's there if you want it bad enough. A book might not teach you what you want to know but practice will enlighten you every time. My premise was "I learn nothing from winning, only verification. It's a losing trade that contains the education I still need."
I'm "disabled" via US Military so it was all I did, 24/7. And I never even considered a Live Account until this year. It has paid off wonderfully. We're told "Find a method/system you like and master it!" I did! I've combined two methods: basket trading and Auto-Scaling those baskets. My first BIG trade was a basket that gave me $5200 (my recent Euro trip). My last big trade was $10.5K on a scaled basket.
No more single currency pair trading for me. The real money is elsewhere.
We have to learn new terms, a new "language" and interpretive perspectives. Then, we have to learn to put it all together. The ease of that comes from the time you study which may be from a site or just watching Price Action on your platform.
It's there if you want it bad enough. A book might not teach you what you want to know but practice will enlighten you every time. My premise was "I learn nothing from winning, only verification. It's a losing trade that contains the education I still need."
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I agree, you learn far more from losing trades than you do from winning trades. So by that premise new traders should learn a lot quicker.
The problem is knowing why the trade failed. If you don't know why, then that is a problem.
I feel very privileged to be in the position i am in, but it was not without hard work, dedication, and education from some of the best traders in the business. And if anyone else wants to be really successful in this business, then those are the things you need to focus on.
Yeah, I agree.
It's AND, not OR.
I think we should have some basic knowledge of forex market and then accumulate experience.
It's not something like natural science, instead, it's a mam-made market full off rules.
We can find gravity by falling apples, but we cannot not make pips by just sitting in front of our computers, enjoying the radiation.
I agree with you on everything except the demo account part, but hey it worked for you so not criticizing here.
I think education and experience both are most important for gain success in Forex market because without without learn and experience no one can gain success in Forex market. So try to unlimited study, hard work and get good skills on trading for success in Forex market.
I think both is essential for a successful trading business on forex. But experience will get advantage always.
Yes, experience comes from learning. If you have nothing upstairs, there would be no experience.
If you want to be a good trader then you have to learn all the time. Market is changing all the time and good system you have today may not work in future. So you have to keep an eye on market developments and change your system if it does not work anymore.
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