Knowledge and Success

This is a discussion on Knowledge and Success within the Forex forums, part of the Markets category; It is like any other profession or hobby or life in general, the more you work on it, the more ...

Reply
 
LinkBack Thread Tools Search this Thread
Old Oct 27, 2017, 6:37pm   #9
 
Quantt's Avatar
Joined Jul 2017
It is like any other profession or hobby or life in general, the more you work on it, the more "lucky" you are going to get...
__________________
"If you don't find a way to make money while you sleep, you will work until you die." Warren Buffett, CEO of Berkshire Hathaway.

My number 1 trading rule: EDUCATE YOURSELF!

Before you trade even single penny on the stock market, please spend the time and educate yourself by back testing different trading strategies and ideas - go to eBay and search for "historical stock market data", you can buy 20 years of data for less than $100 - that's all you need to start.
Quantt is online now   Reply With Quote
Old Oct 28, 2017, 11:09am   #10
Joined Apr 2017
Peter Borren started this thread We know we have to be educative ourselves to ensure a profitable trading life , but we lost interest after passing sometimes , because Forex education is a long time approach. So, patience is needed first of all.
Peter Borren is offline   Reply With Quote
Old Nov 4, 2017, 9:57pm   #11
Joined Feb 2016
Yes i admit that we learn more experience with each passing day however patience and discipline is required in every aspect of life if we wishes to succeed.
progix is offline   Reply With Quote
Old Nov 5, 2017, 9:40pm   #12
 
Robbe's Avatar
Joined Feb 2016
If you are a professional in something, no matter the field, you should have knowledge. Without that you won't develop and have a clear vision of where you want to go. The more you know, the more you want to learn.
Robbe is offline   Reply With Quote
Old Nov 7, 2017, 5:46am   #13
Joined Jul 2016
Knowledge and experience and skills are needed to become successful in the Forex Trading, thus you need to have a proper amount of practice to gain the same and which will lead you to become successful.
SmartGeek is offline   Reply With Quote
Old Nov 7, 2017, 9:49am   #14
 
Pat494's Avatar
Joined Mar 2004
All you need these days is a profitable EA and a computer.
When quantum computers become available they may be too accurate for markets to exist.
__________________
Imagination is more important than knowledge.
Einstein
Pat494 is online now   Reply With Quote
Old Nov 7, 2017, 10:11am   #15
Joined Feb 2002
This is all rubbish. There is far too much emphasis on knowledge.

In many fields, more knowledge leads to more salary. Its a pretty linear relationship which is exhibited in the hierarchical structures of such enterprises - think of medicine, or academia, or the law, or engineering or architecture etc. etc. The more you know, the more you are paid.

On top of that, the closer to 100% success should be your actual performance over a given time period. The most knowledgable medical consultants are not supposed to make the mistakes that a new ward auxiliary would make when assessing a patient's condition.

This is not applicable in trading. You do need to understand TA, how the markets work and at least some FA. But that's where the relationship falls down, because having 10 x the level of TA knowledge will not make you 10 x the profits.

In fact, possession of greater knowledge can lead to desire for greater information to support a decision., When this information is just not available, some people cannot make a decision at all. Traders must make decisions with incomplete information every day. Even incomplete understanding of what's going on.

And the win rate of a successful trader should not be expected to improve as they gain knowledge, there is no need. If your failure rate is say 40% and you double your knowledge of the markets, will this reduce your win rate to 20%? No. Because the failure rate is embedded in the strategy you are using and the losing trades are not mistakes. Those trades were correct decisions but the market, the uncontrollable, unpredictable market then did the less likely thing and went against your position. But no error on the part of the trader.

So please stop trying to make yourselves look clever by insisting that more and more knowledge is essential in trading. And please stop trying to make excuses for your bad trading by insisting that more and more knowledge would make you profitable.
tomorton is online now   Reply With Quote
Thanks! The following members like this post: Brumby , Captain Currency
Old Nov 7, 2017, 10:31am   #16
NVP
 
NVP's Avatar
Joined Jun 2004
the more i learn the less i know .............
NVP is offline Coach/Trainer   Reply With Quote
Thanks! The following members like this post: tomorton
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Similar Threads
Thread Thread Starter Forum Replies Last Post
Knowledge niiokai First Steps 2 Oct 25, 2008 8:49pm
Knowledge cotton First Steps 5 Oct 1, 2003 3:06pm

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)