It is a never ending process of increasing your base knowledge.
Sometimes through reading and studying others,
Sometimes 1st hand experience
At other times from seeing the way others operate
Sometimes it takes doing something (right or wrong) yourselves to re-enforce what you thought you already knew!
This process shall never end and nor shall I ever wish it to end. I believe over time I shall grow to be a wise old investor. I hope I don't get to cocky to many times in the future and think I'm better than I actually am.