When learning any skill, including trading, there are three general domains of knowledge that are used. These three domains include conditional knowledge, content knowledge, and process knowledge. Click below to learn more: The Three Domains of Knowledge and the Importance of Trading Skill Development In summary, content knowledge is facts, concepts, and theories that don’t change over time. It can be as simple as “1 + 1 = 2” or the definition of a bid-ask spread in trading. You learn this fast and it's easy to implement in different circumstances. Process knowledge takes longer to understand, and requires you to know the workflow of a system along with the interaction of its different parts. In trading, it’s understanding the order and the sequence of each step that you need to take while your winning setup is forming. Conditional knowledge entails the algorithm of whether or not to act under a specific condition, so you need to fully grasp why this conditional decision is important and it only works under particular circumstances. It’s the action of executing a high expectancy trading system that has, for example, 5 conditions, and all of them need to be met in a certain order before you take the trade. It’s hard to be self-taught and has the slowest of all the domains of knowledge for its learning curve, so it needs lots of repetition with practice and coaching. It’s important to take note of these domains of knowledge because it helps new traders understand that they have to develop all three domains of knowledge together to reach continuous profits. Some take much longer than others and need a coaching system. It’s important to be patient and resilient during the training of skills related to the Process and Conditional knowledge domains and not be too hard on yourself. Did you know about these domains of knowledge? Everyone uses them, but not everyone knows their names and associated learning curves. With more new retail traders entering the markets than ever, it helps to think about these domains and how they are used in implementing a trading system. Becoming a consistently profitable trader takes time so it’s important to expect delayed rewards and plan for the long term.