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

SimpleMeLike said:
tomorton,

Yes, 10,000 hours is too much time to make the money trading. I do agree that screentime, experience, losses, trial and error is good. But noonne have this much time. I believe the right training from the start is key.
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How much time did you spent already?
And what is the result until now?

Other posters can answer too if they wish.
 
schweiz said:
How much time did you spent already?
And what is the result until now?

Other posters can answer too if they wish.
More...

schweiz,

Good questions. So i started trading around in 2014. I work full time job, so maybe about 2-3 hours a day. I took about 2 years off. On and off. About 200 trading days per year.

To be honest, I put in about 2000 hours. And about 1000 of that is actually trading.

The results:

My total PnL from 2014 til now is -$8K. So i am down about -$8K (real money) overall. I been in sim/paper trading for about 2 years (part time trader). I will stay in sim til I get consistently profitable.
 
SimpleMeLike said:
I will stay in sim til I get consistently profitable.
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I think that you need to be consistently profitable for 3-5 years before you can have a valid opinion whether 10,000 hours is too much or not.

My opinion:First reach the consistent profits and then discuss the 10,000 hours.
Like in any profession you have to proof yourself before others will take you serious and listen to your opinion.
 
10,000 is just the "average" (and is about 3.5 years of working 8 hours per day on it). Some people may take 5000 hours, others 15,000. And in rare cases, 1000, or 50,000.
 
southall said:
"Dunning–Kruger effect is a cognitive bias wherein people of low ability suffer from illusory superiority, mistakenly assessing their cognitive ability as greater than it is"

The Dunning-Kruger effect describes the posters on ET who think trading can be mastered in less than 10,000 hours of hard work.
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I believe those that say it took them 10,000 hours to become a skilled trader, therefore, it will take others 10,000 hours to gain the same skill, suffer from a low cognitive ability that is manifested by their illusionary feeling of superiority, when they compare themselves to beginner traders. It is how they feel good about themselves and justify their continuous belittlement of new traders.

To say its takes more hours to be a skilled trader than it would take to become a doctor, after achieving a bachelors degree, is a nice way of putting oneself on a pedestal and feeling great about yourself, but it isn't the truth.

Everyone is different and it takes everyone a different amount of time; there are a lot of factors involved and a lot of them are psychological. It's the same if you want to be a fighter pilot; you have to have the right psychological and intellectual make up; you are tested for that. They could develop a test to see if you have what it takes to be a trader; it could have saved a lot of those the time of having to endure those 10,000 hours.
 
schweiz said:
I think that you need to be consistently profitable for 3-5 years before you can have a valid opinion whether 10,000 hours is too much or not.

My opinion:First reach the consistent profits and then discuss the 10,000 hours.
Like in any profession you have to proof yourself before others will take you serious and listen to your opinion.
More...
schweiz,

You are right. I respect your comments. You right. I'm definetely not a consistency profitable trader, so I don't know if 10k hours is enough or not.

I let you know when is get profitable lol.
 
Starspa said:
I believe those that say it took them 10,000 hours to become a skilled trader, therefore, it will take others 10,000 hours to gain the same skill, suffer from a low cognitive ability that is manifested by their illusionary feeling of superiority, when they compare themselves to beginner traders. It is how they feel good about themselves and justify their continuous belittlement of new traders.

To say its takes more hours to be a skilled trader than it would take to become a doctor, after achieving a bachelors degree, is a nice way of putting oneself on a pedestal and feeling great about yourself, but it isn't the truth.

Everyone is different and it takes everyone a different amount of time; there are a lot of factors involved and a lot of them are psychological. It's the same if you want to be a fighter pilot; you have to have the right psychological and intellectual make up; you are tested for that. They could develop a test to see if you have what it takes to be a trader; it could have saved a lot of those the time of having to endure those 10,000 hours.
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Over 90% are NEVER consistently profitable.
Has nothing to do with being put on a pedestal. On the contrary doing 10,000 hours apparently proofs that you are stupid and an idiot.
During the past 20 years I saw a number of people who tried to become a consistent profitable daytrader. Not a single one survived.

What's the return of a "skilled trader"? 5% a year? 5% a month? 5% a week? 5% a day? Numbers of hours depend on results. 5% a year you can do in a few hours. 5% a day will ask a little bit more hours...
 
schweiz said:
Over 90% are NEVER consistently profitable.
During the past 20 years I saw a number of people who tried to become a consistent profitable daytrader. Not a single one survived.
More...

schweiz,

In your opinion and from your experience with other traders, why "Not a single one survived." Just curious.
 
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