BPTrader you make a good point. With the examples that Gladwell uses in his book, the 10,000 hours doesnt really start until the people become addicted to what they do. Most of the time the 10,000 hours are very intense and very focused with mentors critiquing and helping along the way. My point is that to get to this level of proficiency you must 1) be young 2) not have a family 3) have parents/friends whoever helping you financially 4) LOVE what you do 5) not give up.
I've tried to "mentor" a couple people over the years but it just never worked out. Granted neither were full time nor completely committed to a life of the markets, but now looking back it makes complete sense to me that such an attempt would be destined to fail (at least on my part). I'm a firm believer that ultimately everything boils down to experience when it comes to the difference between success and failure -- hence, I would agree completely with the 10k hours (more or less). Accordingly, I'm pretty much nonplussed when other traders come up to me and pry about what I look for, somehow I just can't verbalize or distill anything beyond the obvious. It's all trade by trade for me. In this game, a little bit of information can be alot more dangerous than none at all.
Very interesting. I have that book; been sitting on my bookshelf for a year or more. Guess I'd better stay off Elite Trader and read it. It's kind of comforting to see him say '10,000 hours of practice': I've logged about 6,000 of screen time and feel like I'm ALMOST getting it. I wonder if the 10,000 hours have to be bunched together. My 6,000 hours spans over 10 years as something I do between projects. On the other hand, it's kind of dispiriting to think I have 4,000 left to go !!!
Man, I hate bursting anyones bubble, but dude... You need thousand's of hours in front of the screen with real money on the line before you are anywhere near proficiency. That's what's hard. I seriously believe I could teach my daughter to make consistent money on a sim account in a half an hour. And I hope the 4000 hours to go comment was a joke.
I have been trading for about ten years, with about six being mostly full time. I have been trading currencies for five years and professionally for the last three. I actually feel like I am proficient at currency trading, but humility is still my main focus as the market can gobble up 10 years experience and an ego in the blink of an eye. So from my experience 10,000 hours seems like a good estimate, especially in this career with the varying market cycles and necessary emotional maturing.
I tried to mentor a close friend and a family member. Both times it ended with them giving up after about four months. Bottom line is this: You can learn from others and gain some basic skills, but ultimately you have to be willing to climb the mountain alone to learn everything necessary for survival. Most won't make it to the top. Some will quit and turn back. Others will die trying.
I think it's that old million monkeys on a typewriter analogy. Big enough sample and some are bound to be profitable for a time due purely to luck.
Yes. Or you're fudging your numbers. I knew this guy. It just baffles me how people just don't want to admit they're wrong. I know it's hard sometimes, but Jesus. http://www.startribune.com/business/39816617.html?page=2&c=y
I'd say 10,000 hours is in the ballpark of what it takes to break yourself of the common habits in trading. Been at it for 9 years now and I wouldn't say with 100% confidence that I was successful/consistent until year 6. I think that there is a major misconception in trading that just because we quickly make money then you can make money quickly by becoming a trader. Not the case. Takes time, effort, and the ability to learn from your own and other peoples mistakes.