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GG1972
Registered: Aug 2008
Posts: 483 |
01-19-10 04:17 AM
Just from personal experience 10000 hours seem about right
when you compare it to other professions remember that there are instructors or tutors teaching the right stuff- in trading, finding the right stuff probably takes a lot of time and building confidence, honing your edge, working on discipline etc these take time and they all depend on each persons individuality and intelligence.
And depending on above factors your 10000 hour period might differ. Forsome people can never learn discipline and that might be the end of it all- if trading were a degree I think it would have these subjects - edge exploration, probability, risk management, discipline, capital preservation, capital management
some might have to repeat the whole year;)
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nursebee
Registered: Jan 2009
Posts: 302 |
01-19-10 09:58 AM
10000 hours? I read a book that says it takes two weeks and then you can play ping pong all day...
I learned to juggle with ease. But taking it from 3 to 4 balls has been harder.
Whatever "making it" is for a trader, surviving until then is most important, no matter when that time comes.
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successtrading
Registered: Aug 2009
Posts: 54 |
01-19-10 12:23 PM
Quote from accutrader:
If you spend 50 hours a week for a year, that would be approximately 2,500 hours a year. 10,000 hours would be 4 years. Based on my experience and that of other traders that I know, most people do not become consistently profitable in 4 years. Realistically, I think it takes 10 years.
Some people may be lucky and have an experienced person to learn from. Most people will never learn. Most people, who join chat rooms that have viable systems, never take the systems to heart. They try to add pieces of the systems to whatever they are already doing.
As you point out, it does take unusual financial circumstances to be able to go a long period without any income from trading.
This is disheartening but I wish that I knew this when I started. I would never have done this. My advice to anyone starting to trade is to find something else to do. This post may get lots of flames about me being dumb or slow. I am neither as I stood first in my class in post graduate work. My only intent is for new traders to start with their eyes open.
Great post.
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dont
Registered: Oct 2004
Posts: 893 |
01-19-10 01:10 PM
It takes 10 000 hours of deliberate practice, not just pressing a few keys and following the motions. Most people maybe even all people cannot manage more than 2-3 hours of deliberate practice before they are exhausted.
Problem in trading is that you get very little deliberate practice and the feedback is very very random.
You could be doing the right thing and get bad results, you could be doing the wrong thing and get good results.
If you can find a mentor and its somebody you trust, it has to help.
Otherwise you have to try and figure it out for yourself all the while trying to cope with losing money, better to get a job and forget trading.
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Optionpro007
Registered: Mar 2005
Posts: 3726 |
01-19-10 02:34 PM
Quote from Gabfly1:
I remember when DeNiro said that in Heat. I wrote it down.
Another useful nugget came from Sean Connery in The Untouchables: "Take it easy. Take it easy! lt'll all happen in time. This is the job. Don't wait for it to happen, don't even want it to happen. Just watch what does happen."
I wrote that one down, too. 
Great quote Thundy. Thanks for sharing.
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alberta01
Registered: Nov 2006
Posts: 10 |
01-20-10 07:01 AM
are you a ratard?
practice? you're either right or wrong. whatever you see on the tape, feel in the order flow or market depth is unique to each person viewing it.
do you think you're going to see a familiar setup? or the same trader on a bid or ask? which, as a result, all your practice is going to come in handy?
lol
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