Experience or Education?

[Whitesnake]

Its just like asking which eye is more important right or left Both experience and education is very much important for the traders to excel in the forex trading business.

 

[itkraze]

Its just like asking which eye is more important right or left Both experience and education is very much important for the traders to excel in the forex trading business.

Yes you are right and a nice comparison with eye's example. We need both experience and education if we want to become a good forex trader.

 

[LoRio]

But shouldn't we combine it? Learn and apply, learn and apply and shrug off unprofitable/harmful knowledge?

I dont think you can shrug off "unprofitable knowledge" , cause if you have no experience, you will "shrug off" the wrong things.
For example , in the beginning i got constantly burned in Dollar Yen , so my resolve was to stay away from dollar yen.
the result was that i got burned elsewhere too.So slowly i picked up on CPI , Rates , Inflation targeting ,press releases etc...

Though , throughout my forex "life" , one thing has not changed:
The most dangerous trades might be placed after closing a profitable position.Also known as the..."god mode".

 

[trademanagerpro]

Education + Practice = Success

 

[Pharaoh]

I dont think you can shrug off "unprofitable knowledge" , cause if you have no experience, you will "shrug off" the wrong things.
For example , in the beginning i got constantly burned in Dollar Yen , so my resolve was to stay away from dollar yen.
the result was that i got burned elsewhere too.So slowly i picked up on CPI , Rates , Inflation targeting ,press releases etc...

Sometimes it takes longer to unlearn bad info than to learn good info.

Though , throughout my forex "life" , one thing has not changed:
The most dangerous trades might be placed after closing a profitable position.Also known as the..."god mode".

I always called that "Pharaoh Mode"

 

[Whitesnake]

@pharaoh,

yep sometimes to learn the bad things also becomes very much essential for the traders so that they can avoid such bad stuffs while trading.

 

[willforex]

Education + Practice = Success

My winning formula in forex is

Education+experience+good trading system+ better mindset+risk management+discipline+patience = Success in Forex trading

Some factors are major factors.

 

[itkraze]

My winning formula in forex is

Education+experience+good trading system+ better mindset+risk management+discipline+patience = Success in Forex trading

Some factors are major factors.

Good formula you wrote here, actually there are so many things that are required for success in forex trading but main thing is following good money management.

 

[derrickmills]

As many before me already said in this thread, learn first and use your knowledge to gather the experience needed to be a top notch trader ;-)

 

[forex-amplified]

learn first ....then experience