In search of the secrets of traders’ success, we discussed the importance of focus on Deliberate Practice by professionals under a coaching system for proper trading skill development. Why do so many aspiring traders think they can master the knowledge of trading themselves without a need for mentors? What are other additional undisclosed elements of success that allow forex and futures traders to become consistently profitable over a long period of time?
In this video, we discuss the importance of the three domains of knowledge and its impact on the attitude of traders to master the essential fundamentals for trading skill development.
Most aspiring traders do not know about the existence of the three domains of knowledge and the importance it has to properly master trading skills. The three domains of knowledge are fundamental in understanding the proper knowledge of trading and to save time in learning basic trading skill development.
All aspiring traders are familiar with content knowledge, which is what they mainly learned in school.
The following are the characteristics of the learning curve of content knowledge:
The following are the characteristics of the learning curve of process knowledge:
The following are the characteristics of the learning curve of process knowledge:
Understanding the various domains of knowledge and the time required for mastery creates a different mindset towards training as summarized below:
A professional-minded person exerts a more patient, resilient, humble, and coach-able attitude toward developing trading skills.
One of the secrets of successful forex traders, along with traders of all other financial markets, is that they know the importance of developing their content and process knowledge while developing their trading skills. Professionals develop their practical skills in a safe environment by using Deliberate Practice Drills under a Learning Management System (LMS), which will be discussed in detail in the next blog post “Winning Trading System”.
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