Forex Traders: Are You A Learner Or Knower?

In the world of retail trading there are two types of traders.

The first are those who focus on what they can learn.

Every time they face an obstacle, they think:

  • “What is this encounter trying to teach me?”
  • “What am I refusing to learn?”
  • “What do I need to change?”

These are the traders who pick things up quickly, and learn to follow reality instead of what they think the reality should be.

The second type of traders are those who focus on what they already know.

When they come across something that goes against their beliefs, they think:

  • “This is wrong!”
  • “It can’t be like this…”
  • “This person/thing/situation is stupid”

These are typically the complainers. Instead of allowing new or conflicting information to teach them about reality, they cling on to preconceived notions in an attempt to maintain the status quo that exists only in their minds.

Unfortunately, the market — like life — changes all the time. And when a new idea, perspective or trend comes along, one of these groups of traders is ready to capitalize on it, while the other will resist it until it becomes unbearable.

By |2015-06-23T13:09:56+00:00June 23rd, 2015|General|2 Comments

2 Comments

  1. Okeke June 23, 2015 at 1:58 pm - Reply

    True Chris. But there’s a third kind of people; The ones who, when they see a changing market, rather than try to learn the new dynamics or if they can’t, would rather stay away from the markets until it returns to the one they’re familiar with. In other words they won’t trade at all in a market that seems to be changing.

    • Chris Lee June 23, 2015 at 2:21 pm - Reply

      Good point Okeke. These traders would (in my opinion) still belong to the “Knower” group, because they are assuming that the market conditions they are familiar with, will return. That may not happen.

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