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r-in
Registered: Sep 2003
Posts: 1227 |
12-16-09 01:59 PM
Accutrader, did you have a course of your own for sale in the past? I remember talking to a guy, George maybe?, about his product when I got started in trading a long time ago.
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RCG Trader
Registered: Dec 2009
Posts: 10217 |
12-16-09 01:59 PM
Quote from rmb623:
Anyone read Malcom Gladwell's book Outlier. In it he says that he has found proof that the people who are the most successful at what they do have logged at least 10,000 hours of practice before they become highly proficient at what they do. I was wondering if any successul traders can shed light on this statistic. Do you think you have spent at least 10,000 hours practicing before you could call yourself good? Also, it seems apparent that one would have to have an unusual financial circumstance where they could learn and practice for 10,000 hours before they become highly proficient. I would imagine most people dont get the opportunity to dedicate this much time because they have to pay the bill and eat and therefore do not become highly proficient at something.
i would tend to agree with accutrader. it is important to stay with one system or method of trading. as you refine that system, you will falsify aspects of your system and add new rules. this will take some time.
remember that there is more than one way to skin a cat.
learning to understand market volatility and sizing trades correctly based on this info will help u a great deal.
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jack hershey
Registered: Feb 2003
Posts: 7369 |
12-16-09 04:04 PM
Quote from Standard Oil:
Jack,
No offense but what the hell are you talking about.
I was suggesting that if anyone sat down and jotted out a series of forks in the road a learning trader had to decide to take, serially (one after another) there is NO way he could spend 10,000 hours to become a trader who would be wealthy.
It is not a good idea for most people to try to create such a dichotomous key. Follow my suggestion and find out why.
The simplest way to evaluate any poster on ET is to profile his decisions made so far on such a dichotomous key.
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jack hershey
Registered: Feb 2003
Posts: 7369 |
12-16-09 06:02 PM
Quote from Mr_Black:
About making $$$$$$$$$$$$$$
I attached my chart.
I saw the bar 1, etc as finishing yester day's B2B 2R 2B. Then I did the short over to the ftt (which be came my pt 3 on the fanning after bar 23 killed the short R2R 2B 2R). After that the anticipation of FOMC was killing volume. Your long on volume was cooland the drift was there too.
Enjoy.
 12-16-2009 10-55-34 am mr black.png
This has been downloaded 190 time(s).
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BPtrader
Registered: Jan 2009
Posts: 625 |
12-16-09 10:30 PM
10,000 hours equal 1250 8-hour days equal 5 260-day years.
The 5 years are very intensive ones, with your focus on the market from open to close almost every day. That means you must do this full-time.
If you do it part-time, it may take 7 or 10 years.
I am not sure a mentor will do any good. If you are obedient enough, you follow a mentor's advices and skip many mistakes, but you also skip the necessary pains. Those pains are very valuable lessons.
I have already gone through the pains, so I cannot go back and find out if it is better to start with a mentor looking over your shoulder. But I believe the pains I have gone through will prevent future blunders. I have heard successful traders blowing up, that often puzzles me. Why would a successful trader blow up? You shouldn't blow up if you are successful through a lot pains, because you already know the traps and mistakes of a trader. I guess a trader becomes successful with the help of a mentor is on shaky ground, someday he may have to suffer pains that I have suffered.
After 5 years of pains, you will know what you are doing. Now I sit down in front of the monitor and know exactly what I should do. One tricky thing: I don't do what I should do.
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