Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.
-
Welcome Guests
Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.
Search the Community
Showing results for tags 'experience'.
Found 1 result
-
This is a question to which the answer is variable. It is however, an important question for anyone who hasn't 'made it' already(and to some who haven't really made it but think they have ). I think that many have the idea that if they trade for several years, they will become 'experienced'. Some have done this and may actually believe they are 'experience'. But what the bottom line reads is the important qualifying factor here. The proportion of this time which is truly dedicated to understanding the market process and your strategy imho is a far better yard stick of experience. I challenge any trader to sit back and make an honest assessment of the effort they put into their practise of the trading discipline(live or sim). Let me attempt to illustrate my point in another way. You are about to take a flight and you are allowed to choose your pilot. Pilot A has flying in his blood. He has never actually flown a plane before, but he has for the past 10 years sat next to his Father in the cockpit on every flight which is every day. Pilot B has never actually flown either. He has accrued over 1000 hours in a state of the art simulator, 500 hours of which were under expert instruction. Well you HAVE to take the flight. Lol. I think the choice is clear. So when if you haven't got a high degree of real experience, what can you do? There's only one session you can realistically trade per day right? Well, you concentrate for a start. You can prepare for what you think you may see and watch for what you do see. You can try to understand the way the market is functioning at the moment and how your trading strategy or style fits in with that. You can replay the market either by reviewing your chart or with many platforms you can now do a market replay at whatever speed you wish to. You can analyse your performance using all sorts of useful metrics. Profitability comes from understanding comes from experience comes from dedication. Not necessarily from screen time.
