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

[Q.E.D.]

You gain expertise in trading by making errors, and learning from them.

So you figure on average one mistake per hour, for a total of 10,000 mistakes.

Pretty much matches my experience.

Yikes!

I've traded mostly futures, full-time for 40 years; active (even past 12 months, had more than one day with > 1,000 lots,) and I think even now I'd be satisfied with just one mistake -- or more correctly, mis-judgment -- per hour.

 

[Q.E.D.]

95 % of all traders here and on twitter succeed.

I'd take the other side of that bet. And to start, only those still trading after 10 years are eligible.

 

[schweiz]

even past 12 months, had more than one day with > 1,000 lots

Is that your total daily traded volume or is it the volume per trade?
If volume per trade, how long to get a fill?

 

[DeadCat22]

A billion hands have virtually touched a computer mouse.
But how many of those hands can make their computer magically turn into an ATM money machine?

Doing so definitely requires skills.
Many many have tried and attempted to do so, and many many have failed.

Again, what skills u talkin bout? Clicking a mouse isn't a skill. It ain't about skills. It's about a type of personality. U feel me? haha

 

[Q.E.D.]

Is that your total daily traded volume or is it the volume per trade?
If volume per trade, how long to get a fill?

Right, I should have explained. No, my typical order is 1-5 lots, not a thousand per ticket!

 

[Q.E.D.]

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.

First, I always take my smartphone to bathroom, with a position, using SPLASHTOP application, to just reflect what is on my trading computer, although if necessary, I could place an order thru SPLASHTOP.

2nd: trading when ill, is almost always likely to be costly. But it is not the subconscious that helps there, IMO, but knowing very specific rules. For me, esp with ES is that stops need to be wide. Although I also have the emotional impulse to place close stops, that is just not how the mkts work.

 

[Q.E.D.]

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

One of my favorite quotes from Bruce Lee:
I fear not the man who has practiced 10,000 kicks once, but I fear the man who has practiced one kick 10,000 times.

Apply conceptually to trading, it means it is not the number of hours, per se, but the particular expertise/experience learned during those hours.

Read more at: https://www.brainyquote.com/quotes/bruce_lee_413509

 

[DeadCat22]

Nobody can tell a real trader from a fake one. LOL

 

[Q.E.D.]

Nobody can tell a real trader from a fake one. LOL

The margin clerks can.

 

[DeadCat22]

First, I always take my smartphone to bathroom, with a position, using SPLASHTOP application, to just reflect what is on my trading computer, although if necessary, I could place an order thru SPLASHTOP.

2nd: trading when ill, is almost always likely to be costly. But it is not the subconscious that helps there, IMO, but knowing very specific rules. For me, esp with ES is that stops need to be wide. Although I also have the emotional impulse to place close stops, that is just not how the mkts work.

You need knowledge brotha. haha