“You develop some ideas, go forth into the market and try some things. Over time, you build up experience this way. (Profitable or unprofitable, it’s still experience.) Then, having accumulated that experience, you step back to examine and theorize. You analyze what happened and why. You think about the strengths and weaknesses of what you just tried. You start to develop a new round of ideas. You get a sense of where the holes are in your capability, where the most profitable areas of exploration might be.”
“Progressing forward as a trader is a matter of filling in knowledge gaps and connecting abstract concepts with vivid memories of real world application. The absolute beginner is so void of experience he has no idea where his gaps even are. At the point of starting out, all trading knowledge is a swirl of hypotheticals. The trick of advancement, then, is to go back and forth between theory and experience, theory and experience, in a regular intertwined dance.”
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