Since I have only about 7 months experience and there is so much to learn, do experienced traders find that you are still learning a lot come 2-5+ years OR have you learned enough to quickly look at a chat and know what you are looking for?
I’m just wondering how much of the learning intensity tapers off.
Loving the journey but still trying to figure out the markets and what kind of a trader I am.
I think thats a great question. Actually the body of knowledge needed to make money in trading is small - it aint like brain surgery, being a pilot, or even an accountant.
The real learning is the learning about yourself , your fears, your greeds.
You can spend yrs in a no mans land of boom and busts to your account.
Eventually you come out the other side.
My advice is find a simple system, devoid of bells and whistles and then spend your time concentrating on the peak performance aspects that will keep you from straying from that system.
You dont need to know even a quarter of whats out there.
The problem is that old strategies tend to become unprofitable that’s why you have to be in a kind of mode of looking and inventing new methods and approaches to find market edge. So the answer be - you won’t be “fully” educated forex ever.
I have been in these markets for more years than I care to count - and I am still learning and expect to carry on learning to the day I stop. Markets change, technology changes, methods change, timeframes are different, and, perhaps most of all, we ourselves and our needs and expectations change.
It is all just one big learning process. But learning is fun and a challenge and I wouldn’t want it to stop - ever!
i just know that I wasn’t trying to lose large amounts of money starting out, because I knew that would most likely happen if I truly didn’t have a consistent strategy developed first. 2020 is going to be my year for sure! I can feel it
Maybe for many things, maybe most things, but not in the markets I trade and how I now trade them compared with back then.
Most weekends I play through random back months of price feed with my usual trading process (anywhere back to 2008 is available on my platform simulator) and the moves have very different characters at different times. It is quite eye-opening and a very useful exercise.
And I must admit that I cannot sit staring at a screen trading off 5 min charts like I used to. Now my joy is in the stealth of spotting a long term move and tracking it and watching it gradually unfold as it tells its story.
And I should also admit that there is (now) nothing more satisfying than locking in a profit on an open position and letting it ride, almost risk free - something that would bore the socks off “back in the day”!
As is sometimes said - nothing is more unchanging that change itself!
Hmm - yep there is real merit in manual backtesting and seeing the unfolding phases of the market.
For beginners i think manual backtesting is one of the most underated exercises there is.
But while i agree the long term phases change, i see nothing but the same type of patterns i trade, the fractals, pin bars, inside bars, deMark trendlines.
All acting as they always had, fundamentally there is always something to worry about, but my short term patterns i am hoping are always going to be there.
Yep, I fully agree with that!
Afterall, what are patterns and candlesticks, etc other than the footprints of where that animal called “the market” has been travelling!
When we have regular visitors in the winter their car may change and their tyres and the frequency and the speed may all change over time - but the tracks left in the snow after their visit are always the same.
You raise a good point with this. And the continual learning how to read these market footprints is a very relevant point to this thread.
2 years?! I went live after 2 months. But than again, I also lost $2000 as well. So probably not a good idea either. I still trade a demo account now and again when I want to try something out. Yet I still trade live but with the absolute smallest size I can. It’s not about making money, it’s about improving my psych.