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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. #2531
    Trader ola4real's Avatar
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    Quote Originally Posted by Rylai View Post
    Each one of us started this business from beginners. we learned everything from the basic theories into core strategy by taking steps, slowly. some of us might did it wrong and made mistakes earlier but that didn't stop them from learning. what makes us a good trader now is thanks to our own hard work to learn seriously and patiently with strong faith without giving up.
    That is the proper way to trade forex field, we have to start learning from the beginning and get to be successful with it. Forex traders who will get to make the true results out of this forex business will need to take things easily, the trader will have to be patient with their practice of the forex trading works through the demo account. It is through all that the forex traders will gain experience in whom he can be trading always.

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  3. #2532
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    Learning is never completely done in forex trading, so the learning is more like a consistent something, so we have to make sure that each and every time that we are learning and then improving in our skills. Those who don't complete the learning, they will make a whole lot of mistakes and mostly loss a lot of their money. Therefore, it is a better thing to keep the attitude of consistent learning.

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  4. #2533
    Trader Silhouette's Avatar
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    Quote Originally Posted by ola4real View Post
    That is the proper way to trade forex field, we have to start learning from the beginning and get to be successful with it. Forex traders who will get to make the true results out of this forex business will need to take things easily, the trader will have to be patient with their practice of the forex trading works through the demo account. It is through all that the forex traders will gain experience in whom he can be trading always.
    Since our first time coming in this business, we got our first losses and learned from many mistakes both with our strategies and our emotions. All those things are the main reason for our current good understanding now because from our beginner's phase, we learned everything from our wrong trades, wrong analysis, and wrong managements so all of them gave us a good experience that make us now a better trader.

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  5. #2534
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    Quote Originally Posted by Silhouette View Post
    Since our first time coming in this business, we got our first losses and learned from many mistakes both with our strategies and our emotions. All those things are the main reason for our current good understanding now because from our beginner's phase, we learned everything from our wrong trades, wrong analysis, and wrong managements so all of them gave us a good experience that make us now a better trader.
    if we do not learn from our orders we can repeat mistakes that is reason we all try to learn from every order, we always try to earn properly with some management, in trading if we learn we can understand how to overcome the loss, how to manage account and how to gain pips, our earning process is always depended on our learning process, so learn trade and some make sensible orders, learning process always should be great

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  6. #2535
    Trader Silhouette's Avatar
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    Quote Originally Posted by naeem555 View Post
    if we do not learn from our orders we can repeat mistakes that is reason we all try to learn from every order, we always try to earn properly with some management, in trading if we learn we can understand how to overcome the loss, how to manage account and how to gain pips, our earning process is always depended on our learning process, so learn trade and some make sensible orders, learning process always should be great
    That's why I created my own trading records I keep for my entire trading to see how I was performing my trade and how my analysis told me to do things. With this help, I can manage to learn properly and follow the learning curve from the basic to the core knowledge of my strategy. It's always nice to learn something new and remember how to solve our past problems.

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  7. #2536
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    Quote Originally Posted by Silhouette View Post
    That's why I created my own trading records I keep for my entire trading to see how I was performing my trade and how my analysis told me to do things. With this help, I can manage to learn properly and follow the learning curve from the basic to the core knowledge of my strategy. It's always nice to learn something new and remember how to solve our past problems.
    its good if you are doing this, actually in trading our evaluation process is very important so make sure you have done some proper practice and learned good also, in trading try to evaluate orders not from just loss, if we earn from every single order means from loss and profit both its good, so learn as much as you can so try to learn, we need to make more and more orders and try to learn from it, this will make you better and will make you able to earn something well

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  8. #2537
    Trader sniper007's Avatar
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    Quote Originally Posted by naeem555 View Post
    its good if you are doing this, actually in trading our evaluation process is very important so make sure you have done some proper practice and learned good also, in trading try to evaluate orders not from just loss, if we earn from every single order means from loss and profit both its good, so learn as much as you can so try to learn, we need to make more and more orders and try to learn from it, this will make you better and will make you able to earn something well
    If we have in a nutshell done the evaluation, then we should take notes of the important things to be done and then make good corrections because those corrections are the thing which will help us become profitable trader, learning curve which has been well evaluated and then we stick to the plan will really be effective for us and also less hard.

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  9. #2538
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    Quote Originally Posted by sniper007 View Post
    If we have in a nutshell done the evaluation, then we should take notes of the important things to be done and then make good corrections because those corrections are the thing which will help us become profitable trader, learning curve which has been well evaluated and then we stick to the plan will really be effective for us and also less hard.
    evaluation process is really important here because it tell us what is better for us, it tell us how we can understand about market, evaluation process tell us what we were doing into past and how we can make some good orders, if we people do not have evaluation process we do not evaluate then we can repeat mistakes, so avoid mistakes and learn fully as much as you can this will make you better here

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