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How does experience come?

Jack Smith (GlobalScalper)
May 18 2020 at 08:09
57 posts
Can anyone please explain to me how the experience is gained?

Someone says 'experience comes with the times' but I don't believe it when it is on Fx-Market.
I've seen a lot of people spent almost 10 years in Fx-market but believe me when I talk to them about Fx Trading I just feel I'm talking with a 6 years old kid.

There is a saying 'success comes from the experience and experience comes from the bad experience'.

Well, I don't believe it too. Wasting plenty of time and a huge amount of money isn't it a bad experience?
If so, I've known many people they wasted plenty of time and lost a lot of money on the Forex market BUT STILL, THEY HAVE ZERO KNOWLEDGE ABOUT FOREX MARKET. I would say, THE KNOW NOTHING ABOUT FOREX TRADING.

So could you please explain to me 'How or where does experience come from ?'

Thank you all.

Attachments:


Kazile
May 19 2020 at 07:33
119 posts
Of course, experience comes with a certain amount of time spent in trading.

Fearlesswalker (Fearlesswalker)
May 21 2020 at 15:56
28 posts
Experience comes to you with every successful deal or failure. When you do something right, you make conclusions, and when you fail, you learn from your mistakes. With every withdrawal of money that you make. The more you trade, or do the things that are related to it, you become more experienced. I wouldn't say it comes with time. Someone can trade for 10 years, but he only does it on weekends and he doesn't do it well. And someone will spend 2 years trading, but at the same time do it for a few hours every day and on weekends. As you understand, someone who has been trading for 10 years will not necessarily be more experienced than someone who has been doing it for 2 years. You have to draw conclusions for yourself.

Jack Smith (GlobalScalper)
May 22 2020 at 08:58
57 posts
Fearlesswalker kelvin


You've explained better than me, buddy. I agree with you.
Thank you.



kazile


Well, but that's not true for everyone, Some are just wasting time & money but learned nothing.

Great day.


FundsProManager (TraderProHungary)
May 22 2020 at 15:34
83 posts
Experience comes and counts by the number of years you have been trading successful, You master the act of making profits as against losing, Eg Your risk to reward ration should always be at least 80/20, which simply means there is 80% Chance of you wining any trade you place than losing it, to achieve this you my be a very patient trader, that I my trick.

saifi1958
May 23 2020 at 05:18
5 posts
Experience comes from loosing trades when you take it as a challenge WHY? If you assess your trades and analyize the reasons behind you will learn and earn a lot. Do not call it just LUCK.

marco_mmbiz
May 23 2020 at 11:36
368 posts
GlobalScalper posted:
...
So could you please explain to me 'How or where does experience come from ?'
 


From failure. Learn and earn (gain experience).

Some learn it the 'easy way' by reading, listening, watching and testing a lot before they start anything for real. Others (the most of us retail traders) learn it the 'hard way', with real money from the very beginning. But that's still the best way, because demo accounts are never the same like real accounts (different spreads, volatility, leverages, markets/server connections etc.).

You don't only need to know all the basics about Forex and CFD trading (strategies with huge trends/zones/areas, indicators and so on), but you also need to know how brokers are working (some are changing spreads/swaps/rollovers within minutes; broker bonuses originally are not meant for you but only for them (from their banks behind them); some are even market makers who might have different numbers to other brokers; also look on the execution/server loads when it comes to high volatility etc.).

You might read all those suggestions from pro-traders aswell, but most retail traders don't have the right mindset or even don't read it (maybe they don't want to hear it because of their way too big and greedy egos).

So yeah, experience comes from failure. Trial and error, all the time. '70-90% of all traders are losing their money', that's what brokers are telling their clients as soon as they visit their pages (better known as: 'High Risk Warning'). 😉

patience is the key
Tuxedo888
May 23 2020 at 12:18
65 posts
There is NO luck in trading

If you have built your strategy, back tested, traded your strategy /edge on a Demo, over a suitable period of time (min 3 Months)
trade only one pair.
And your money management is in place, and you understand when to trade ,more importantly when not to trade. depending on what you are trading.

I believe that is the start,and your experience will grow from there.

FundsProManager (TraderProHungary)
May 23 2020 at 19:27
83 posts
Experience comes and counts by the number of years you have been trading successful, You master the act of making profits as against losing, Eg Your risk to reward ration should always be at least 80/20, which simply means there is 80% Chance of you wining any trade you place than losing it, to achieve this you my be a very patient trader, that I my trick.

Dorigda
Jun 07 2020 at 05:40
83 posts
You will never gain experience if you do nothing.

Jack Smith (GlobalScalper)
Jun 08 2020 at 19:19
57 posts
Dorigda posted:
You will never gain experience if you do nothing.


Well, Not to trade is better than losing money ;)

Anthony Ramos (greenbandits)
Jun 13 2020 at 02:01
17 posts
TraderProHungary posted:
Experience comes and counts by the number of years you have been trading successful, You master the act of making profits as against losing, Eg Your risk to reward ration should always be at least 80/20, which simply means there is 80% Chance of you wining any trade you place than losing it, to achieve this you my be a very patient trader, that I my trick.


Great explanation!

We are Risk managers not ( Traders) once you understand this you will see the markets in a different way altogether.

It took me years of losing to grasp this mind-set but once I did it opened a whole new ball-game that I can control.
 

ProfitingSystems
PROFITINGSYSTEMS
Jun 14 2020 at 13:30
48 posts
What ever you do in this World, You gain Experience from how long you have been doing that Successfully, Same thing applies to Trading, no matter what just make sure you are earning profits steadily, month in, month out and continue this process over 1 year and you are experienced already, do it over 5 years, you are Proffesional, I'm happy for myself with this.

Russel Gutierrez (russellgutierrez)
Jun 16 2020 at 13:02
56 posts
Experience comes from your failures/mistakes. You have to learn from your bad experiences to become better and successful. Once you get to know where you are lacking behind then you can fix those flaws and move ahead. Therefore, in trading you need to practice and plan more to gain experience. Practice is the only key to gain experience.

F_rex
Jun 16 2020 at 14:07
3 posts
Experience comes from deliberate practice.

The way is to avoid what is strong and to strike at what is weak.
Tezilkree
Jul 08 2020 at 05:37
57 posts
Experience is the kind of thing that comes with time.

traderroni
Jul 24 2020 at 07:04
37 posts
Tezilkree posted:
Experience is the kind of thing that comes with time.


Yes it comes with time and after a lot of practicing.

Honest_Fx (Curtid33)
Jul 26 2020 at 01:58
49 posts
I'd say the hardest part about gaining experience is admitting your mistakes and getting over them. Patience is another big one. So is self-confidence. Think of how many people are dependent on forex signals instead of their own craft, or how many rush to charts on Sunday evening.
The results of experience are reflected in your track record. Maybe you haven't blown your account in 2 days, maybe you're losing money at a slower rate, maybe you're breakeven after a month now.

Stonesong
Jul 27 2020 at 02:44
128 posts
Indeed, experience and it is not only the time spent trading, but also how you deal with your failures.

Suarez
Aug 03 2020 at 07:09
55 posts
One can gain Experience only after regular trading and practice.

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