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

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.
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I know this is directed at me because he posted a criticism about me on the other thread then deleted it. Think I didn't notice.

My response. Just do what you want to do. I'm not in the position of needing help so I don't give a fuck what you want to believe.
 
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Jeffro72 said:
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.
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The actual quote is 10,000 is the minimum. I read is somewhere in a book by a legitimate author.
 
schweiz said:
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...
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The typical amount of applicants that are rigorously tested to be approved for the U.S. Naval Academy Class that that choose to be a fighter pilot is about 250 a year; only about 50 of those then become pilots; a fraction of a percent of those that aspired, to be, in the beginning.

The reason more than 95% of those that choose to become traders fail, is not because they didn't spend 10,000 hours, it's because of the ability they were born with are not the abilities required. Trading is very demanding of several human qualities and we all are different; I am sure time can help for some, but for others, it wouldn't matter how many hours they practiced. I'm certainly not saying it's easy, all I have ever said is they can stick the 10,000 hour rule, it defies common sense.
 
Possibly the reason it is difficult to become successful as a trader stems from the work environment.
For example, most people go outside their homes for normal employment, drive to work, mix with work collegues, then switch off brain and return home to family.
With trading, there is possibly constant distractions at home plus the lack of incentive to be disciplined.
The lack of work/trading collegues means lack of feedback on progress and lack of guidance.
Trading imo, suits hermit mentality people though best, if one were locked up in a prison cell in solatary confinement, one would be proficient in under 10,000 hours. :)
 
jinxu said:
I know this is directed at me because he posted a criticism about me on the other thread then deleted it. Think I didn't notice.

My response. Just do what you want to do. I'm not in the position of needing help so I don't give a fuck what you want to believe.
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No, it wasn't directed at you and I'm glad you were able to read the post that I chastised you for insulting and being a jerk to Xela. The reason I deleted that post, was because it was for your eyes and there was no need for everyone to read it.
 
Starspa said:
No, it wasn't directed at you and I'm glad you were able to read the post that I chastised you for insulting and being a jerk to Xela. The reason I deleted that post, was because it was for your eyes and there was no need for everyone to read it.
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1. Use a PM. Ask if you can't figure it out.
2. Go read https://www.reddit.com/r/whiteknighting/
3. I wasn't being a jerk to Xela, but I have noticed similarities to her and NoDoji.
 
themickey said:
The lack of work/trading collegues means lack of feedback on progress and lack of guidance.
Trading imo, suits hermit mentality people though best, if one were locked up in a prison cell in solatary confinement, one would be proficient in under 10,000 hours. :)
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Obviously, these hermit type sounds like they have a huge advantage.
 
Starspa said:
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.
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Dude, at least do a few seconds of google research before replying to my posts:

"The requirements for becoming a doctor in the U.S. may vary by specialty. In general, doctors complete a 4-year undergraduate degree program, spend 4 years in medical school, and then complete 3-7 years of residency training before they are eligible for medical licensing."
 
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speedo said:
SimpleMeLike, you seem like an earnest guy. If I were at your stage, I'd spend more time observing price development and testing ideas based on those observations and less time involved in lengthy discussions based on suspect suppositions.
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speedo,

Yes, I am pretty straightforward guy. I have no need to show off here. I enjoy ET.

What do you mean by price development? Price action? If so, that is what i am doing now. I stare at candles on lower time frame chart with some technical analysis (trendlines and support and resistance) and make risk decisions.

I do write down ideas (strategies or "ah hah" moments) daily (if I see some).
 
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