Are you an expert when you win, a beginner if you lose?

[jason.lee 0]

Does it mean that you are an expert just because you make a lot of profit? The amount of profit cannot be used to measure the value of a trader. Yes, you must be doing something right if you are making a frequent profit. However, that does not determine if you are an expert or not just by your profit. This is quite a common misunderstanding in the forex industry.

Making a large profit is only one side of the forex market. Majority of forex traders tend to lose most of the time after they have experienced profit. But why?

So many traders fall into a fantasy land where they make an endless amount of money at the beginning. Many beginner traders tend to gain profit at the start not knowing the importance of technical analysis of the market.

The experts on the other hand who stayed became wealthy and stayed that way, continue gaining profit, are all knowledgeable when it comes to the basics. Experts have dialed many ways to control their minds to be set right to be a trader.

Understanding of the market is a must know anyway. Expert traders wait patiently until the right opportunity comes. Opportunity comes to everyone.

What differentiates the experts and the beginners is that experts know when the opportunity has come and knows to take advantage of it. Making profit by luck is possible, and yes luck is also very important. But can you profit with luck every time?

How an expert trader is determined is not by how much the person gained, it’s about the precision and the frequency of results. Profit can’t be maintained by luck. It is maintained and is a result of precision and strategical execution. You shouldn’t worry because you’re not gaining any profit right now.

You should be building your skill sets to be a better trader by experiencing many trading situations of losses and wins. If you invest in your time to improve, your results are guaranteed to increase more frequently and will become more stable.

[CrazyCzarina 17]

I have never think that I am expert or I can earn a lot of Profit. What I think is that, I can minimize my losses, and make more trades which can turn in to profit according to the skills of mine.

[zuinjimi 0]

There are quite a few valid points,
eg precision entry is important,
profit can't be maintained by luck,
... result of precision and strategical execution ...

But the word EXPERT doesn't seems appropriate.

trading is not a rocket science. We don't even need university education.
we don't need to know complex science, complex economic understanding,
complex maths (not even linear equation y = mx+c. 
Just simple + and - will do).


so perhaps SUCCESSFUL & CONSISTENT are more appropriate.

 

 

[CrazyCzarina 17]

You cannot act like a beginner if your lose and as an expert when you win. Both experience are important to become a successful forex trader.

[zdo 20]

Expert?  

EXPERT????

“It Ain’t What You Don’t Know That Gets You Into Trouble. It’s What You Know for Sure (That Just Ain’t So) That Gets You Into Trouble.” 
- Unknown ... often attributed to Mark Twain

 

 

 

....

 

 

 

 

 

In trading many people are better off learning what not to think and when not to think than ... like an 'expert'... learning what to think -

In trading many people will be better aligned with self and mkts downplaying right and/or wrong - which is the realm of 'expert'  - and going with the realms of

victory and/or defeat

or

wins and/or losses

or even

lucks and/or no lucks

 

ie only thinking types should be concerned with 'experting'

[CrazyCzarina 17]

Profits and Loss are the two things that cannot be avoided in the Forex Market and you need to embrace both of them.

[aimhi 10]

Also we have to put risk management to cut our loses earlier using stop loss feature in order to lose the entire account.

[fxeconomist 11]

I consider myself a winning trader with one reservation: I don't focus on short-term gains or losses which is inadequate in terms of measuring performance or ability of a trading system to generate profits but instead focus on yearly returns which are so far positive. 

[aimhi 10]

Traders should get their hands on journaling in order to review them for improvements and learning from their mistakes.

[RJo 10]

I posit that traders should code auto-trading bots, or use a platform interface that supports building bots without coding, and then backtest everything in demo before trading at all.

@aimhi, I believe that you have already posted this in another thread.🤓

Edited November 16, 2024 by RJo

[aimhi 10]

Backtesting is important and we also have to forward test our strategies before implementing them to real accounts in my opinion.