Experience or Knowledge

Knowledge is king! yet experience counts but which would you prefer?

If you had to start again, or pass on the best recommendation you could to a newbie, would you choose;

1) All the hours screen time, the painful losses and the over confident winners, and all the time it took to tune yourself till you were consistent and detatched enough to just trade your strat/understanding of the market through trial and error or....

2) Would you go for the knowledge in the books read, and the forums searched for advice and reasoning behind price action, indicators or whatever is now relevant to you?

Until the lens of experience focuses information, it does almost no good. No matter how much the marketing machines of the Information Age would have us think otherwise, information by itself isn't power: knowledge is. And turning information into knowledge requires more time, experience, and effort than an afternoon spent starting at a screen full of facts.

Information is passive. To make it knowledge, you need to assimilate it. Put it in context. Understand it. Knowledge streamlines and focuses our relationship with information. Knowledge helps us avoid information we don't want or need and leaves us with the stuff we can use.

In an age in which endless amounts of bits and bytes are always available, it's a daunting task to spot the worthwhile stuff. It's easy for the Net to overwhelm us or lull us into the misconception that simply having access to something is as good as knowing it.

-- Michael Penwarden

Hey Wasp
the simple answer is you need both
to know if you have the correct knowledge you have to experience it
as dpphoenix post states

Wasp

Another poll where I would say you need both. A modicum of knowledge is needed just to place a trade (a very small amount admittedly). Winning trades can be made with the bare minimum of knowledge, but consistency is maintained through actual trading combined with building of technical knowledge, but even more importantly creation of the right mind-set.

Charlton

Andy, charlton,

Thats the point... if you could only have one, which'd you prefer...?

None of the above they will both hurt your profits

Hi,
I can't remember the exact quote but it says that -
"Knowledge forged on the anvil of experience ..........."
Anyway, it sounds right.
Cheers!,
Reddragon.

Wasp

Sorry I can't play - as I said all THREE are important.

All are equally important

Charlton