Now I started believing this..... regret I wasn't able to achieve success earlier.... perhaps not smart enough, but patient enough instead.......
More or less in trading its sifting out misinformation from traders/trading strategies that are not profitable and/or the variance on their strategies. On a long enough time frame most traders will not succeed, it’s a fact of trading. If you spend enough energy, time and have the intellect to see what’s not in front of your face. You might succeed, it’s certainly not for everyone just like becoming a neurosurgeon is not for everyone. Commitment and a belief in yourself goes a long way in this business.
It's more a question of experience. 10.000 hrs is 5 years.... that would mean you have some decent experience, depending on scenarios that have played out during that time. For instance, I think the younger traders today are going to be absolutely rail-roaded when some real shit hits the fans.... we've had some hick-ups in the last 6-8 years... but it's been up up up ever since GFC. That little crash 2 months ago points exactly to that.... no real experience means underestimating risks... being lulled in a low vol scenario, doing short vol trades because that worked ever since you started trading. If you haven't traded in a really bad scenario, you miss some valuable experience. So, I would say you need more than 10.000 hrs nowadays. If you started just before the GFC... you would have learned the ropes a lot quicker.
Like how human need to be exposed to germs and virus in order to build a stronger immune system to defend against future exposure. If traders don't have the experience of failure, then they have no defense in how to avoid future failure. Failure teaches you how to build up your defenses. IOW if you don't learn to fail you will not build the psychological defenses that'll teach you how to trade. I personally, sense that a lot of 'Risk Management' traders know this deep down but are in denial. The worst of all mental state.
That is so wrong! The fact is, 90% of the people on this site could not do what I do in my profession with 50,000 hours of training and I could not do what some others on this site do, no matter how many hours I worked on it. Being gifted/talented at certain things gives everyone unique talents and not everyone is equipped to be a trader. To say you don't need to be gifted or smart to be a trader may be correct, but then you will need 10,000 hours! LOL
It may take "10,000 hours" for some physical talent that requires training.... like playing the violin... but trading requires no such physical skill. The problem with learning to trade is that you don't know what is "correct", so you fumble your way around for a long time eliminating one thought after another...."whittling it down", so to speak. One could learn proper trading in a week if someone would teach it to them. (Presumes, of course, that the teacher knows.)
Dumb comment. Trading is a mental game. If not anything, this is a trading 101 basic that everyone knows (at least the thrivers should). Now I see you as that loud guy in the military who has a broad range of "knowledge" but nothing that is very deep. Now I'm in a bad mood. So thanks for ruining my morning. Hehe.