Any one can say anything, but until you have done it, and very few ever have, it makes no difference because everyone is told it is not factually accurate. There are studies if you search the academics for example, but there are so few of them compared to the 1,000s times more information that it is possible to be a millionaire trading with 100 hours experience, it becomes irrelevant as "factually accurate" is diluted in to obscurity. If you have done it you know how difficult or easy it is, and you also know 10,000 hours in any discipline is factually accurate, if you haven't done it you presume you are gifted and it is easy, human nature. Everyone looks for 100% probability, doesn't exist, there is always a margin of error. The simple answer I give is in 10yrs let me know how you got on, even with the 10,000 hours you probably won't succeed anyway. If you are provided examples someone will find a margin of error to take it below 100%, and the world keeps turning minus those examples.
10,000 hours = approx 5 years of full time work/study Consider at all the great traders in history, how many would of considered themselves to be 'expert level traders' before 5 years of experience? A newb trader after 3 years might think they are an expert because they had a few few profitable years, but in reality they still have much to learn.
10.000 hours or more is probably accurate. Of course you'll hear about successful newbies, but often they're just at the right place at the right time, i.e., they got lucky.
I agree, I have known a few traders that did well for few years using some nuance in the marketplace then bigger players caught on, and whatever stopped working. Since they never learned how to read charts well, they lost their funds and all had to go back to working for others. When younger I could put all my rules on a 2 inch square postnote, not many rules when scalping, but what was amusing, when I got mega stressed, I couldn't remember well of 12 rules. And now, no way can I remember all the risk management rules I have made. But there is a great deal of memorizing involved plus remembering them under good deal of stress, more of threat of losing money than actual loss of money. I think we often hyper think of "threats" and stress goes beyond our limits, often times when you have more knowledge backed by testing, what one is higher concerned turns out don't need to be concerned at all.
You gain expertise in trading by making errors, and learning from them. So you figure on average one mistake per hour, for a total of 10,000 mistakes. Pretty much matches my experience. Yikes!
I'll agree with this post. Especially in FX, that doesn't have a direction bias. There's a difference between being a professional and master trader. I'd say 20,000 to 30,000 hrs you can play yourself off as a professional and have a good understanding of a market, but after say 30,000 hrs you could be a master trader, being able to look at any time frame a pick out winners. It's definitely more than 10,000 hrs, because if it was the same as other professions, the success rate would be about the same. Not 1/1000th
takes 10,000 to have seen every scam they can throw at you. another 100,000 to figure out how to beat them by then you're dead
It was "written" by the same genre that inscribed into the mind of the world that 95% of all traders fail. Seriously...Where is that statistic culled from? Why, how, when, where, how do 95% of "all traders fail." The statement itself is so full of fail, with no proper definition of terms that this is a science experiment gone so wrong my nose weeps.