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Thread: Knowledge comes from experience

  1. #1
    Trader rinaji's Avatar
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    Knowledge comes from experience

    Hi dear all members, this time I will discuss about information and experiences, but I will not talk much, because honestly I do not mean to be a teacher for you, but I just want to hear what you think about this. And I want to discuss with you. I hope this will be a lesson for newcomers.

    I'm sure many peoples (including myself) who think that information is knowledge, Really? I want you to ask yourself about this before you read my next article. And please share your opinion. Okay, if you've done that, please read my next article.

    What if you heard that "Information is not knowledge. The only source of knowledge is experience."
    Who said this? I am sure you will deny if it is out from my mouth, but how you can deny if it is a quote from Albert Einstein?

    What does it mean?
    That knowledge comes from experience. You can discuss a project, but that discussion will only give you the information.
    You have to do the project to 'know' whether the project is running correctly or not.
    You must do so to address the emerging issues amid ongoing projects. It makes you have a new and rewarding experience.

    Information is not knowledge, because I think information is different from knowledge. Then what is meant by information and knowledge? Information is everything received by our five sensory, what we see, we hear, we touch, we taste, we smell is an information for all of us. While knowledge is the storage, integration, and organization of information that we can. So it can be concluded that the information was not always into knowledge, but knowledge must be derived from the information.

    So what should we do? We need to change or manage the information into a useful knowledge for us.
    Thus, experience in managing information is the determining factor in getting knowledge.

    I can share some steps in terms of managing information:
    Search information- Take information - Evaluate - Compile and understand - Analysis and conclude - You can discuss - Act based information - Maintain and update information.

    Is that all require a process? Yes, of course, and the process is "experience".

    Maybe a lot of information that we get from this forum or other internet media or any other place, but it will not help if we do not manage information properly. Our experience are the determinant of our success.

    All the best

    Rinaji

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    If you lose, be patient. If you win, stay humble

  2. #2981
    Trader J_C_Anderson's Avatar
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    Knowledge is always closelly related to the experience. The main idea is that all knowledge should be confirmed by relevant experience since any knowledge is nothing unless it confirmed by the ability to apply it. Some traders have broad theortical knowledge but fail to use it just due to the lack of practice. That is why proper educational process should include both theory and practice elements to get the experience of applying knowledge in real market situation. Traders could read a lot of books, watch numerous videos dedicated to trading, but only real trading process helps them to check thier knowledge and improve thier performance substantially.

    It is well known that experience allows trader to improve trading performance, but only a few traders understand that it should be properly processed to be maximized. It is not enough just to make trades - it is necessary to journal all information related to trading process including time, strategy used, reasons to enter and to close the position. Some traders even write down the emotions they experienced during trading process to be able to manage with them in future (emotions are extremely important part of trading process, so each trader should know at least a few basic tactics allowing to reduce the impact of emotions on the results). Detailed journal is a great source of information for analysis.

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  3. #2982
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    Thanks for sharing your experience! Really enjoyed the reading. I agree with the statements by J_C_Anderson that knowledge is always closely related to the experience. Also, I think that experience is always greater than knowledge, as it's more important for us.

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  4. #2983
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    Forex trading isn't something to mess with. In the event that you really need to be effective at forex trading, you should be prepared to contribute the time and diligent work to acquire the three variables for progress – knowledge, experience, and enthusiastic control. Particularly from a knowledge viewpoint, yet deciding whether a trading regimen is directly for you will originate from long periods of work on trading with "virtual" money and real time quotes on a free "demo" account.

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  5. #2984
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    Knowledge plays extremely important role in trading process. In fact, knowledge is necessary to succeed in trading because you nee to make your own trading decisions based on both technical and fundamental analysis. That is why trader should know a lot about the market to be able to make right trading decisions that would lead to profitable trades. While speaking about "know about the markets" we include a wide scope of related spheres, including basic understanding of the economy to be able to understand news released, and also the knowledge on main principles of technical analysis because it helps trader to choose the entry point better. By the way, trader should be also familiar with the main financial instruments including derivatives to be able to use them properly.

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  6. #2985
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    Good evening my brother with you all the right learning be practice means that we want to learn we apply the theoretical calculation on demo and this application for all we studied and I said demo because it is available and free and without losing money learn without focusing on time because it is according to the ability of understanding

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