It takes 10,000 hours to master just about anything. Assuming you spend 9 hours a day at studying a particular thing, 6 days a week, 52 weeks a year...then it will take about 3.5 years. Trading is the same way. It will take active studying and devotion for 10,000 hours to master the trade. Famous retail traders like Tim Knight and Dan Zanger have admitted to many losses before they became profitable. Tim Knight admitted that he wasnt profitable until a few years ago (his first trade took place in 1987). Dan Zanger had wiped his account in 1992 and didnt catch up until 1998. He stated that it takes at least 5-6 years before a trader can be a master. I dont think any retail trader sits down for 9 hours a day and actively studies trading. Instead, they attempt to fit it in whenever they can trying to accomodate work, family and friends. At that rate, it would take probably 10+ years like Tim Knight.
From personal experience this seems about right...been at it now for 4 years...second year fulltime now. Did I blow out an account: Yes (2), Am I profitable now? Yes (enough to make a living, nothing extravagant). Am I a master trader? Not hardly (still working at that daily) But hey...half the fun is the challenge of learning and fine tuning...at least in my opinion.
I've been trading since 92 and have change strategies 5 times. I now have an excellent strategy after 4 years of experimenting.
How do you define a master trader? Is a profitable trader a master trader, or is it not enough to be profitable to be a master?
Thats like asking is enough to be a decent golfer or do I need to be a Tiger Woods. To be a master you can't JUST be profitable. "Profitable" is such an arbitrary term. If someone nets a buck a day technically they are profitable but come on, no one would call that masterful.
A master trader is one who can trade any market (bull or bear) profitably enough consistently and can live comfortably off of what he is making. Anyone can trade a bull market as any pull-back can simply be waited out and the average-down technique can be used such as the 90s. A bear market is where you truly prove yourself as a master trader...
Put your hours in, love what you are doing and you will master anything if you have the passion but 90% of people out there hate what they do for a living and thus are ok with average performance or making that monthly check to just get by.......Trade well. PS....A Master Trader in my book can look at inter-market analysis and trade the asset class when it drives the other asset classes and can than spot the next phase and move to that next asset class to extract the $$$$$$ consistently. Currency, Fixed Income, Commodities, Equities and RE would make up this Asset mix. Master the relationship and you will be ahead of the pack.
don't be stupid okay with b.s post about 10,000 hours of MONITOR TIME crap. they can make master traders in weeks in trading school. this isn't rocke science or medical school MORON! this hustling in the wall street, high school education not required. hell even literacy not needed. man you can be illiterate and still make money in hustling.
There really cannot be a standardized amount of time it takes to become a PROFITABLE trader.. My friend was profitable in literally 3 months. He learned so fast, he completely blew through my expectations and nailed a huge return... I would say, as a generalization, 10k hours SHOULD be the max amount of time it takes to become profitable...otherwise, give it up!