Will a monkey play on the PGA tour if he puts in 10,000 hours? Those are the same odds in becoming a profitable trader.
If profitable traders shared how to become profitable to a small number of people, those people would become profitable traders too. Mike
i just spent 10,000 hours trying to dunk a basketball. i'm 5 ft 1. no luck. hope an NBA team calls. i also just ran for 10,000 hours....hope i win gold medal in marathon in olympics... 10,000 on thinking about the new facebook.....nope 10,000 on throwing a fast ball 100 mph......nope how time = skill is the dumbest thing i have ever heard.
You need to put in effort and time for ANYTHING...you wanna run a marathon, you need to run your daily kilometers, you wanna become an engineer, you need to study X years..how is that dumb ?
That coin has another side to it as well - How many traders have accumulated a fortune by trading for 10 minutes? How authors made the best seller list after 10 minutes of writing? How many NBA players played for 10 minutes before they got drafted? Take Gladwell's book in the context in which it was written. Those hockey players and programmers he was referring to had a passion for what they were doing - and a little luck.
126,458 hours, 32 minutes, and somewhere between 17 and 28 seconds. If you do the math, that's about 14 years. And actually, I was consistently profitable for the first 13 years, until I blew up. After that, I learned, "Never fall in love with a position."
average of 10 hrs a day, 350 days a year = 3500 hrs per year. Have been doing it since 2009, became profitable consistently in fx after 2 years at this game. 2*3500 = 7000 hours. Lots of backtesting and screen time in these 7000 hrs
beware, I also have been consistetnly profitable in fx since Aug 2011 (when I started trading it.) So it may not be our skill, it may just have been an easy market this past year. I'll let you know in 13 years how it goes, since that has been my longest winning streak.