setFieldValue() - stuck, please help

I’ve searched API documentation and these forums endlessly for answers to this question, but can’t find anything… I’ve also asked several different Corvid Forum Ninjas, but still can’t get a clear answer, hopefully someone can help…

I want to be able to set the value of a single field of every item/row in the database, like so:

loop for each row/item of $w("myData") {
    $w("myData").setFieldValue("field3", currentItem.field2 + currentItem.field1)
    $w("myData").next()
}      

Hopefully that is self explanatory, but what I am trying to achieve is to read field1 & 2, then concatenate them, and finally write the result back to field3 for every single row in the database.

P.S. I know that this can be done with update(), but I want to do this using setFieldValue()

?