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TraderZones
Registered: Mar 2008
Posts: 6707 |
12-16-09 11:19 PM
Quote from jack hershey:
NO way he could spend 10,000 hours to become a trader who would be wealthy.
I thought they were talking about how long it took to read a few of your posts...
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jnbadger
Registered: Nov 2004
Posts: 1481 |
12-16-09 11:31 PM
Quote from TraderZones:
I thought they were talking about how long it took to read a few of your posts...
Thank you for saying that. I can't believe how many threads get pollut.... Well nevermind.
I haven't read the book, but I agree with the 10,000 hour rule.
I've been doing this for a long time, and I'm currently getting used to a new strategy, due to the fact the old one is dead, and it SUCKS.
"Getting it" is one thing. Adapting to new market conditions is another.
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rmb623
Registered: Nov 2009
Posts: 32 |
12-17-09 12:22 AM
BPTrader you make a good point. With the examples that Gladwell uses in his book, the 10,000 hours doesnt really start until the people become addicted to what they do. Most of the time the 10,000 hours are very intense and very focused with mentors critiquing and helping along the way. My point is that to get to this level of proficiency you must 1) be young 2) not have a family 3) have parents/friends whoever helping you financially 4) LOVE what you do 5) not give up.
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illiquid
Registered: May 2002
Posts: 3613 |
12-17-09 01:41 AM
Quote from neveral0ne:
I would want to know this too...young trader just started trading in a prop firm here 1 month ago, I'm very motivated and I can allow to sacrafice some time since I am still young..
I've tried to "mentor" a couple people over the years but it just never worked out. Granted neither were full time nor completely committed to a life of the markets, but now looking back it makes complete sense to me that such an attempt would be destined to fail (at least on my part). I'm a firm believer that ultimately everything boils down to experience when it comes to the difference between success and failure -- hence, I would agree completely with the 10k hours (more or less). Accordingly, I'm pretty much nonplussed when other traders come up to me and pry about what I look for, somehow I just can't verbalize or distill anything beyond the obvious. It's all trade by trade for me.
In this game, a little bit of information can be alot more dangerous than none at all.
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RangeBar
Registered: Apr 2009
Posts: 333 |
12-17-09 01:47 AM
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.
Very interesting. I have that book; been sitting on my bookshelf for a year or more. Guess I'd better stay off Elite Trader and read it.
It's kind of comforting to see him say '10,000 hours of practice': I've logged about 6,000 of screen time and feel like I'm ALMOST getting it. I wonder if the 10,000 hours have to be bunched together. My 6,000 hours spans over 10 years as something I do between projects.
On the other hand, it's kind of dispiriting to think I have 4,000 left to go !!!
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jnbadger
Registered: Nov 2004
Posts: 1481 |
12-17-09 01:59 AM
Quote from RangeBar:
Very interesting. I have that book; been sitting on my bookshelf for a year or more. Guess I'd better stay off Elite Trader and read it.
It's kind of comforting to see him say '10,000 hours of practice': I've logged about 6,000 of screen time and feel like I'm ALMOST getting it. I wonder if the 10,000 hours have to be bunched together. My 6,000 hours spans over 10 years as something I do between projects.
On the other hand, it's kind of dispiriting to think I have 4,000 left to go !!!
Man, I hate bursting anyones bubble, but dude...
You need thousand's of hours in front of the screen with real money on the line before you are anywhere near proficiency. That's what's hard.
I seriously believe I could teach my daughter to make consistent money on a sim account in a half an hour.
And I hope the 4000 hours to go comment was a joke.
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