I've read some time ago that it takes 5-7 years and a loss of $35,000 for someone to become skilled enough to achieve profitability in day trading. Most people are unwilling to put in 10,000 to 14,000 hours of work, let alone being undercapitalized to begin with.
Where did you get these #'s? Seems completely arbitrary. I think 2 years max of trading full time and, if after that time, you havent shown any promise then trading is most likely not for you.
Great traders catch on quickly in the beginning because they devote 100% of themselves to trading. They maintain discipline and have high goals and will achieve them at all costs. So when it comes down to it, great traders are the ones with the intense drive to study and consume the markets. And at that point it becomes more than the mere money that drives them, its something else and in many cases its the fact that they as a speculator succeed where the majority has failed. Even then it takes years to develop into a world class speculator.
Steve Tvardek, I think the study was done by the national futures association. 5 years on average for the average person to become profitable. Some people of course take much longer, some pick up on it instantly. Every one is different. I think ANYONE can become profitable, but not EVERYONE can become profitable. Hard work and experience is key. I also think that simply a certain amount of time must pass, not just working on it relentlessly. I get my best ideas while not working on it.
Hard work, discipline, properly capitalized and a little luck,,,,,then just about anyone can make the team. However, simply making the team doesn't make you great. A few just have better instincts, and that can't be taught. Those are the great traders, of which I am not. However, just making the team can be pretty darn profitable and will put you ahead of the herd.
All those who continue to believe that great traders are not born should read this new book. Inside the House of Money : Top Hedge Fund Traders on Profiting in the Global Markets (Hardcover) by Steven Drobny http://www.amazon.com/gp/product/04...2131/ref=pd_bbs_1/102-7824110-8646565?ie=UTF8 Even the Goldman Sachs of the world, who have no capitalization problem and best training resources have concluded it is a born or innate talent. In the book they have asked the question to all the great traders as to how to recruit great traders and read the answers.
Average may not mean anything to you. You is you. Your case can be well below the average. You can control the outcome, right? Although I must admit daytrading is one of the most difficult areas in trading, it doesn't mean it's not possible for someone to gain at the very start. Someone managed to do so, so it's not impossible. The key is the willingness to learn and prepare yourself well (including your psychology) before entering into the market. If you do so, you can save most costs that others have to pay. People often say you need hands-on experiences before you can gain, or you have to lose your money before you can gain. That's just part of the truth. More experiences are always welcome, and I know most need them, but that doesn't mean it's prerequisite to victory.
the turtles were not selected random. they were picked from a questionaire. the answers probably indicated a disposition towards trading.
i have to agree wit you. like anything, trading for a living can be taught. but disposition towards greatness is probably innate. ie kasparov, einstein, beethoven, jordan, etc.