10,000 hours to learn trading - Who wrote this rule?

T

tomorton

Actually, nobody did. It seems highly likely that its a misconstruction of Anders Ericsson's research findings that expert-level performance of the violin required 10,000 hours of practice: he also studied top level athletes and chess grand-masters and gave them the same 10,000 hours to expert level performance.

The 10,000 hours rule was then snatched up and mis-applied to all sorts of new projects that an individual might take up, and trading is just one of these. Ericsson never studied trading.

Have a look at these for a bit more detail -


http://www.bbc.co.uk/news/magazine-26384712

Let's face it, the rule has no evidence so its just another trader myth.
 
tomorton said:
Actually, nobody did. It seems highly likely that its a misconstruction of Anders Ericsson's research findings that expert-level performance of the violin required 10,000 hours of practice: he also studied top level athletes and chess grand-masters and gave them the same 10,000 hours to expert level performance.

The 10,000 hours rule was then snatched up and mis-applied to all sorts of new projects that an individual might take up, and trading is just one of these. Ericsson never studied trading.

Have a look at these for a bit more detail -


http://www.bbc.co.uk/news/magazine-26384712

Let's face it, the rule has no evidence so its just another trader myth.
More...

You're right. Trading probably requires FAR more than 10,000 hours.
 
Was it ever a rule? Just a general concept in trading to give people an idea of what is ahead, like learning the violin or something.

I bought myself a nice pizza when I relised I had passed 10k of screen time. I was probably 90% as expert in scalping at 6k. I had hardly changed my method since maybe then.

20 hours for every sub-process may get you to the starting line in many areas but you need all that broken down in to specific skills. The total will add up to a lot of hours.

Though the market is fractal reading a chart is subjective and that is where the skill is for me, just 'knowing' what are the probable next developments from position x. That is what took thousands of hours for me.
 
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tomorton said:
seems highly likely that its a misconstruction
10,000 hours rule was then snatched

Let's face it, the rule has no evidence so its just another trader myth
More...

Like most popular phrases and quotes in life...they are over-popularized and glamorized and hyped up and remembered by the media and general public.

But this is not to discount that. Trading, like obtaining a black belt in Karate...or becoming a college professor, undoubtedly takes time and experience and wisdom.
It doesn't happen overnight, despite some of the rare few who may experience immediate success trading, the overall process still requires alot of time regardless of who you are.

I would personally cap the Success Window of trading to a maximum of five years. -- If you haven't found your holy grail by year five, chances are you will never. You have displayed a lack of common sense, and grit and smarts and ingenuity and hunger.
You can't teach an old dog new tricks, as they say.
Some people will continue to beat their head against the wall, while others will realize and look for a different route through it.

Young, dumb and full of cum...you don't want to be that demographic. Neither do you want to be an old hound dog with nothing to show for it. The magic bullet spot where prime traders truly excel at is usually within 4-7 years of market experience. That's where things truly grow wings, and stabilize, and become fruitful.
2018 ET. o_O

Just typing this, I already made $2,000 today. The position is still open, I'm waiting, watching, monitoring...for when is the right time to close it. or reverse it. I opened it at 9:50am.
 
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Actually seems to work,because if by that time you did not have breakthrough then is better to try something new.I only learn about it last year when reading up on psychology

Confirmation for the 10-year rule also appears in the job of Csikszentmihalyi, specifically concerning the ‘incubation' phase of creativity. He argues that it is impossible for a person who has not learned a domain or been involved in a field" (102) to make best use of the incubation phase. He suggests that a lot of the patterns, knowledge and rules of a field like physics must be ‘internalized' before much deeper incubation can occur or creative, scientific breakthroughs be made. In other words, a discoverer must be familiar with a discipline for deeper creative solutions to emerge.

10 year rule
 
tomorton said:
Actually, nobody did. It seems highly likely that its a misconstruction of Anders Ericsson's research findings that expert-level performance of the violin required 10,000 hours of practice: he also studied top level athletes and chess grand-masters and gave them the same 10,000 hours to expert level performance.

The 10,000 hours rule was then snatched up and mis-applied to all sorts of new projects that an individual might take up, and trading is just one of these. Ericsson never studied trading.

Have a look at these for a bit more detail -


http://www.bbc.co.uk/news/magazine-26384712

Let's face it, the rule has no evidence so its just another trader myth.
More...

Gladwell in Outliers is the most recent, based on scientific and anecdotal studies of various disciplines, it makes no difference how gifted, smart, wealthy someone is, without the 10,000s they get in line like everyone else. The more hours you have, and real hours via experience, the closer to the head of the line you are. Just try not be be at the top, I'm doing that, it's not pleasant as everyone wants to displace you even if you actually don't care if you are there are not.

The 10,000 hour rule is factually accurate, however that doesn't allow anyone else to make money via services and pretend knowledge, so it is duly ignored as an "inconvenient truth".
 
TDMA said:
Gladwell in Outliers is the most recent, based on scientific and anecdotal studies of various disciplines, it makes no difference how gifted, smart, wealthy someone is, without the 10,000s they get in line like everyone else. The more hours you have, and real hours via experience, the closer to the head of the line you are. Just try not be be at the top, I'm doing that, it's not pleasant as everyone wants to displace you even if you actually don't care if you are there are not.

The 10,000 hour rule is factually accurate, however that doesn't allow anyone else to make money via services and pretend knowledge, so it is duly ignored as an "inconvenient truth".
More...


But is it really "factually accurate" in trading?

Who studied traders and trading to get to this conclusion?
 
tomorton said:
Actually, nobody did. It seems highly likely that its a misconstruction of Anders Ericsson's research findings that expert-level performance of the violin required 10,000 hours of practice: he also studied top level athletes and chess grand-masters and gave them the same 10,000 hours to expert level performance.

The 10,000 hours rule was then snatched up and mis-applied to all sorts of new projects that an individual might take up, and trading is just one of these. Ericsson never studied trading.

Have a look at these for a bit more detail -


http://www.bbc.co.uk/news/magazine-26384712

Let's face it, the rule has no evidence so its just another trader myth.
More...

i never put much stock in the number of hours rather in the number of trials (and errors)

i have read somewhere while back that to become a professional in many fileds where knowledge is freely transferable it usually take a newbie about 30,000-40,000 trials

given the fact that in trading the knowledge is not transferable i would increase this number 2-3 times... so 100,000 trades.. how many hours that will take really depends on the method and time-frames playing ...for regular folks it may take many lives
 
I just had a reminder of why we need a lot of drilled in experience, so you don't make mistakes, even when ill.

I have a bad stomach flu and went long 20 cars on ES, suddenly needing the bathroom I put in a stop closer just in case. But I did not, ill something miss-fired in my brain, I would have added another 20.

However I knew I'd done something wrong, with little experience I'd have messed that up. Subconscious competence saves a trader on days like this.
 
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