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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. #2491
    Trader cutiekc's Avatar
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    Your success is depending on how good you learn, moreover, it will be best to learn more of practice, being that you learn from the demo account more than you learn in accordance to what you read, learning curve means that you know the stage by stage form on learning and you know what you should do and what you shouldn't, so knowing our learning curve will help improve us.

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  3. #2492
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    You get to become what you have learned, that is the reason why you should study the market and know the level where you are at and then get to improve more, we take trading not as seriously as we should, learning has been able to have helped me know so much about the business. To become successful is not simple at all, I have taken time to get to know the level of my learning, knowing my circle and then being able to improve.

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  4. #2493
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    Quote Originally Posted by Real View Post
    You get to become what you have learned, that is the reason why you should study the market and know the level where you are at and then get to improve more, we take trading not as seriously as we should, learning has been able to have helped me know so much about the business. To become successful is not simple at all, I have taken time to get to know the level of my learning, knowing my circle and then being able to improve.
    So in short our passion to do the needful work and our mental strengths takes us to the desired levels in this business. When we over react to our losses we just worsen the things for ourselves. It is never precisely understandable how the market would move, how it would react to some news or events, so one thing is we need to be always alert while trading.

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  5. #2494
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    Old traders say that new trader can start earning in forex market after a few month or 2 years. If trader is not able to make consistent profits on the third year so he has to think about finding the other more profitable activity. But as per my personal opinion any trader can start to earn money and the only thing they should learn how to do it.

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  6. #2495
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    We have got all what it takes to become profitable and then learn more adequately, learning is important, but on the other hand, the way we are to learn is what that is important, more like having to develop a good simple method in trading. Learning curve means that the trader should take the learning in the best appropriate way, because when you do take it the best appropriate way and learn in line with how you improve then the better for you.

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  7. #2496
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    Quote Originally Posted by Makaveli View Post
    We have got all what it takes to become profitable and then learn more adequately, learning is important, but on the other hand, the way we are to learn is what that is important, more like having to develop a good simple method in trading. Learning curve means that the trader should take the learning in the best appropriate way, because when you do take it the best appropriate way and learn in line with how you improve then the better for you.
    learning is more important and if are learn seriously and with dedication then earning can be just the consequence of that. 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.

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  8. #2497
    Trader cutiekc's Avatar
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    Quote Originally Posted by Abhishekwala View Post
    learning is more important and if are learn seriously and with dedication then earning can be just the consequence of that. 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.
    Although I must say that it depends on what the trader is learning. Personally my learning is more about the technical practical trading method, I will advice a lot more traders that they should do the same as well and focus their learning on what they see on the chart and be more of the demo account, in the sense that a lot has the knowledge regarding what they read and not what they have practiced.

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  9. #2498
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    Quote Originally Posted by cutiekc View Post
    Although I must say that it depends on what the trader is learning. Personally my learning is more about the technical practical trading method, I will advice a lot more traders that they should do the same as well and focus their learning on what they see on the chart and be more of the demo account, in the sense that a lot has the knowledge regarding what they read and not what they have practiced.
    I do agree that using news figures to trade is complex and from beginning we should try to use technical analysis and focus on chart reading. We should not start real trading in a hurry and not try to complete our practice or preliminary learning in a hurry. Learning and success will take time and its like a long process in which we have to increase our knowledge and repair our trading.

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  10. #2499
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    Quote Originally Posted by Abhishekwala View Post
    learning is more important and if are learn seriously and with dedication then earning can be just the consequence of that. 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.
    Understanding the fact about learning and then taking it seriously and then making sure that I am always learning and following the right method in trading has always made me to know the business more. Learning is the most important thing that I personally will suggest that all traders should take serious notice about and then learn deeply.

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  11. #2500
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    Quote Originally Posted by Makaveli View Post
    Understanding the fact about learning and then taking it seriously and then making sure that I am always learning and following the right method in trading has always made me to know the business more. Learning is the most important thing that I personally will suggest that all traders should take serious notice about and then learn deeply.
    People learns to get up when they falls, use some new words after they study them, and try something new they're curious about. We as forex traders finds our own learning curve not only before we do something, but also after we do something. In this rate, we know what to do after we lost our trades and then we'll get our own curve which come in many solutions.

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