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Thread: Learning curve

  1. #1
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    Learning curve

    Before starting making bunch of money trading Forex, it's very useful to honestly recognize your place on learning curve.

    Let me explain.

    It's very easy to think that "now you are ready to make it" after series of profits.

    But consistency is what makes professional trader (I mean, who made trading his occupation). How to recognize - are you ready or not?

    I would divide development of a trader on several phases (well, don't get offended if you recognized yourself :) )
    The more honest you are with yourself, the faster you can go through all that phases.


    1. Beginner.


    You have come to the market and try making your first trades. Something works, something doesn't, but you enjoy the process, and after getting good profit you blow up your account. You never suspect that risk you have taken was enormous. You think that your "method" what inperfect.

    This traumatic experience leads you to a level of "advanced beginner".


    2. Advanced beginner


    Now you understand that you don't have a method and start "learning".

    Well, many people are stuck in this level, because there are lots of books and websites out there, huh.

    You face tons of conflicting information, you try to structure it reading more. You begin absorbing information, the more you dive into that sea the more you lack understanding - how to trade to make money?

    Most novices search for a "solution" - they believe that solution exists "somewhere", that somebody has "foolproof trading method", this is really time of trial and error.

    When you finally understand that market itself has uncertainty and ambiguity in it's nature, you understand that analysis and trading theory is not as important as risk management and good trading habits.
    You recognize limitations of all theories.

    Once you've recognize it, you go to the next level - I call it "struggling trader"


    3. Struggling trader


    Struggling trader no longer searches for a holy grail, but he (she) drifts between one trading style to another.
    He doesn't know what to stop on, but he already keeps his losses short, he understands importance of capital management and no longer falls into deep drawdown.

    Lack of consistency leads to chaotic drift of equity - he earns money, than gives it back to the market, than again makes up his mind and finds good trades and earns money again.

    I would say, trader CAN already earn money in this phase, but he can't keep it. All that market understanding that he gained through the years, pushes him to overtrade.

    Struggling trader recognises that he lacks discipline.



    4. Average good trader.


    What average good trader really does - he knows how to learn trading and that makes him who he is.

    He accepted 100% responsibility for his trading and there is fundamental difference between struggling trader and average good trader. While struggling trader relies on the market, he follows the market, but he rarely thinks of his actions, attention of average good trader focuses more on his actions.

    He already knows limitation of all theories, he knows importance on money management, he recongnizes importance of consistency.

    He keeps a journal, re-evaluates - what he does well, what not, what to work on, what to keep as it is, real work starts in this point.

    Also, average good trader works on his psychology and self awareness that makes him more disciplined.
    He studies the market, collaborate with traders but already knows that his action and opinion is what matters.

    Right focus of this phase eliminates a lot of mistakes, bad trades and finally allows trader to earn and keep money.

    I would say, this is a transformational phase. A lot of work to do, but it's like planting a tree - in needs time to grow.
    This is sort of personal growth. When we choose our reaction, when we refocus our attention and take responsibility for our actions, we grow personally and professionally, especially in trading.


    5. Master trader


    I would say, there are not so many traders that reach this point.

    At this point, trader knows himself and the market. He executes trades intuitively and as he knows his strengths and weaknesses, he can be more aggressive with what he does well, and defensive in other situations. Of course, it ends up with increased profitabilty and equity curve of a master trader can contain many winning streaks.

    Master trader focuses his attention right, thanks to the work done on the previous phase.

    I would say, "the tree had grown".



    Bottom line:


    It's important to recognize your place on the learning curve. Some people can't take responsibilty for their actions and accept that trading is a hard work, that's why they never come to the "average good trader" point.

    So, decide for yourself - where are you on this curve?

    The more honest you are, the closer you get to the destination. Yes, it takes time to develop and can't be done overnight. Do that work or quit!

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    Last edited by Value trader; 08-08-2013 at 08:03 PM.

  2. #2391
    Registered user Azis Muslim's Avatar
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    Quote Originally Posted by ola4real View Post
    It will be bad to think that forex field is impossible, those forex traders who will be thinking like that will be failing much. Forex field is difficult though, but there are many ways out for it, and the forex traders who are constantly learning will get to be unlocking more knowledge about this, this will increase the success they can achieve at any time. We have to keep on making better attempts to know how to trade and work on a creative plan too.
    First thing to help us build a successful trading career is to start having positive mindset about Forex and stuff. If we start it with doubts and fear, we will make our own learning be tough and hard to understand, even though we have worked hard for it. Build a positive mindset first and support the psychology with real practice so we can pass each stage of learning from the basic until we can understand more new things and make it to the core understanding.

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  3. #2392
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    Quote Originally Posted by Azis Muslim View Post
    First thing to help us build a successful trading career is to start having positive mindset about Forex and stuff. If we start it with doubts and fear, we will make our own learning be tough and hard to understand, even though we have worked hard for it. Build a positive mindset first and support the psychology with real practice so we can pass each stage of learning from the basic until we can understand more new things and make it to the core understanding.
    We need to start of with a positive and determined mindset, we should not be overconfidence and have the strength to move on after facing losses. Further everyone have to invest time and efforts in learning to become successful in Forex. When we have the mindset that Forex is a some easy business or casino game we cannot trade it seriously and logically.

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  4. #2393
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    The trader that wants to become a good profitable trader, the trader needs to take the learning seriously and then the trader have to be consistent in the business, you get to take corrections each and every time that you have traded, you could make mistakes, but when you do, then you have got to learn, there is no fast method of being profitable, you have got to keep on learning, checking your past performance and improving.

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  5. #2394
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    Quote Originally Posted by Darkhorse View Post
    The trader that wants to become a good profitable trader, the trader needs to take the learning seriously and then the trader have to be consistent in the business, you get to take corrections each and every time that you have traded, you could make mistakes, but when you do, then you have got to learn, there is no fast method of being profitable, you have got to keep on learning, checking your past performance and improving.
    Earning profits will not be possible at the beginning itself, so beginners need to concentrate on taking the right path towards success. Its our learning itself that enlightens the right path as we properly understand about the Forex market and the trading tactics. Becoming a successful trader is not just about demo practice, its a long process and we have to learn from our losing phase too.

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  6. #2395
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    Learning must be done constantly as we trade Forex, the moment we feel satisfied with our performance and never make any more attempts to learn new things, that is when this market will become a disaster to us, learning curve is different for various categories of traders, some learn faster while others struggle more to understand same thing.

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  7. #2396
    Registered user Azis Muslim's Avatar
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    Quote Originally Posted by Leonvic View Post
    Learning must be done constantly as we trade Forex, the moment we feel satisfied with our performance and never make any more attempts to learn new things, that is when this market will become a disaster to us, learning curve is different for various categories of traders, some learn faster while others struggle more to understand same thing.
    At first we will feel enough to have everything in set without any need to learn new things but in the end, we should keep going with learning or else we will left behind by market with its new updates in movement and trend. Learning has to be done forever and it does not make us as a beginner anymore because learning is a habit that must be done regularly for all kind of traders starting from beginners to experts.

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  8. #2397
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    There is a lot of room for improvement in forex trading, that is basically the need why we need to have the demo trading account, the learning never gets completed as we need to keep on learning and most of all, one have to look at the way they are learning and also get to see the reason which has made them loss, apparently learning from that mistakes and improving on that as well.

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  9. #2398
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    Learning is one of the reasons why there are so many people who are losing their money in forex trading, keep in mind that getting success in forex trading business is not that simple, a trader who has to understand how the market works and ensure to understand the way the market works can earn good amount of profit, so learning is more important and should be taken seriously to become the successful trader.

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  10. #2399
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    Something so much important that I will like the traders to comprehend is that learning never stops. Therefore we ought to keep on learning. following good money and risk management all the times. One most good and effective way we can also learn is also following our trading journal, seeing the mistakes we have done and then being able to have it corrected.

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  11. #2400
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    Quote Originally Posted by cutiekc View Post
    Something so much important that I will like the traders to comprehend is that learning never stops. Therefore we ought to keep on learning. following good money and risk management all the times. One most good and effective way we can also learn is also following our trading journal, seeing the mistakes we have done and then being able to have it corrected.
    you are right on journal we can make track but if we are updating on regular basis. with that some points still we miss here and i think human have power to keep these into mind and learn from them as well. this is reason we are good then robots otherwise they do not have emotions, they work on rules but still we are best because we have ability to learn here we have ability to handle tough situations

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