I for one would appreciate photo of you on floor laughing. A stick figure drawing would surfice
10,000 hours to learn trading - Who wrote this rule?
- Thread starter tomorton
- Start date
The "10,000-hour rule" is often misapplied. The reasons (as described in the article linked below):
1. The number 10,000 was chosen arbitrarily.
2. 10,000 hours was only the average.
3. Practice itself isn't enough.
https://www.inc.com/nick-skillicorn...to-the-people-who-wrote-the-original-stu.html
But regardless of what "magic number" one chooses (or doesn't), I think the third point is the key. The original "10,000 hours" was based on deliberate practice. Although there are even disagreements about how "deliberate practice" should be defined, the main point is that it's not just about "putting the time in" -- it's about the quality of that time, how you use it... what you do in a focused, deliberate way to improve your skills.
For a trader, that means that XX,000 hours of simply being "an active trader" won't cut it! Instead, becoming an "expert trader" ( = consistently profitable trader) will require focused, intentional practice at improving your trading skills and knowledge -- things like actually having a plan, systematically analyzing/assessing your results (preferably with the guidance of an expert mentor/coach), taking specific actions to fix your mistakes, repeatedly performing desired skills and processes, researching/reading, etc.
Just sitting in front of your computer "trading" every day is not enough, any more than "going golfing" a few times a week and hitting balls at the range will eventually make you a competitive-level golfer... much less a PGA contender. For many of us, it means we need to do more of the tedious, boring stuff that isn't as "fun" as sitting at our computers, engaging in trading chats/forums, and watching the market and taking trades... !
1. The number 10,000 was chosen arbitrarily.
2. 10,000 hours was only the average.
3. Practice itself isn't enough.
https://www.inc.com/nick-skillicorn...to-the-people-who-wrote-the-original-stu.html
But regardless of what "magic number" one chooses (or doesn't), I think the third point is the key. The original "10,000 hours" was based on deliberate practice. Although there are even disagreements about how "deliberate practice" should be defined, the main point is that it's not just about "putting the time in" -- it's about the quality of that time, how you use it... what you do in a focused, deliberate way to improve your skills.
For a trader, that means that XX,000 hours of simply being "an active trader" won't cut it! Instead, becoming an "expert trader" ( = consistently profitable trader) will require focused, intentional practice at improving your trading skills and knowledge -- things like actually having a plan, systematically analyzing/assessing your results (preferably with the guidance of an expert mentor/coach), taking specific actions to fix your mistakes, repeatedly performing desired skills and processes, researching/reading, etc.
Just sitting in front of your computer "trading" every day is not enough, any more than "going golfing" a few times a week and hitting balls at the range will eventually make you a competitive-level golfer... much less a PGA contender. For many of us, it means we need to do more of the tedious, boring stuff that isn't as "fun" as sitting at our computers, engaging in trading chats/forums, and watching the market and taking trades... !
He does this a lot. Prolly could produce a second income by donning a lint suit and charging others as he sweeps up the floor with daily profits.
I've never met, nor heard of a successful trader who thinks it easy. In fact, as in my case, whenever it seems like one just needs to sweep up the dollars, is the moment just before one is smacked with a major realization of ones inability to trade, with losses. I once heard money manager on CNBC say that a trader has either just been humbled, or is about to be.He does this a lot. Prolly could produce a second income by donning a lint suit and charging others as he sweeps up the floor with daily profits.
Back in college, I said Calculus was freaking easy and was very puzzled why a lot of people was struggling with the class. That made a some people mad. But to me Calculus really was easy. I could've done all the homework in my sleep if possible.
Back in the day, I rec'd 100 on NY States Regents Calculus exam,--as did many others in my class-- in my senior year in high school. Now I need toes and fingers to count beyond 10.
Agreed. Trading can really "dumb" you down. Hehe.
When I was 21, & member of Comex futures exchange in NY -- before going broke -- one of the best traders had prev taught abnormal psychology at college level. If only Hannibal Lecter had decided to manage money.
Anyone can be taught how to trade. Buy here, sell there.
These people are giving answers rather than being taught imo. If the teacher is good, he will give you all the answers. The student is not taught. He is being giving. That's my take. Trading can only be learned by the individual, or be giving to the individual. People who have real "knowledge" don't give it away easily.