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In the workforce, many translators with10+ years experience did not learn translation with software. They used good old paper and pens. However, translators my age most likely studied translation in conjunction with specialized software as I did. These CAT Tools (Computer Aided Translation) have become an big part of my personal translation process and using them is almost a reflex.
I can do both and I usually start on the computer then move to a paper after2-3 hours.
Paper and pen is slower but it is more effective and easier to concentrate on and it is healthier for your eyes.
Yes, it is effective and works absolutely fine. .....
Honestly, I ask you all: how can you translate without CAT software nowadays? I cannot do it any other way. CAT software helps you maintain uniformity, consistency, not to mention speed. Of course, my specialty is technical translation, which means a lot of repetitions, a translation memory to follow, glossaries to build, and also working with other professionals.
I think the only difference is that through using the computer in translation you well do it faster and easier. But, if you want to concentrate more and to enjoy your work then use the pen and paper method.
As for myself, I will keep using this oldschool, but certainly NOT old-fashioned, method for as long as I can translate. One reason is that it's the base from which other methods came to life; another is that it stimulates your brain, enabling you to brainstrom and produce better translation in the process.
On the other hand, I can't seem to find any cons as long as the last version is being finalized using a pc-based word processor.