Quote from SteveNYC:
That post by Jack is one of the longest if not longest post on ET ever. He should receive some award.
He seems to make sense but I only understood and agree to disagree on one thing he said in his post. I may have found an error in his post.
He said that 10,000 hours of trading is longer than it takes a body to replace its cells.
Well, it takes a body 10 years to replace its cells.
10,000 trading hours can be achieved in about 6.15 years.
Here is the math:
One trading day has 6.5 hours.
There's about 250 trading days in one year.
250 x 6.5 = 1,625 hours/year
10,000 hours / 1,625 hours per year = 6.15 years.
Just 6 years to become a maestro of trading.
Thanks so much for your input.
ET has a cap on the # of characters and spaces in one slug of posting. I just stay under that limit by getting a count. If you go over it dissapears
A lot of learners put in 10 hours a day and some work on weekends. 2,500 hours a year is my round number.
In trading there is a myth about "full time" trading. No one who knows how to trade, has to trade each market day or any whole market day. What would be the point? My point was in reference to market capacity. You can only trade at five times the capacity by taking partial fills while carving the turns.
My estimate of 40 to 60 days comes from the deep recognition of the routine a trader follows.
CW follows a betting regime used by John Boyd to train fighter pilots. Their objective was to win dog fights; OODA was the routine.
When a person begins to learn, he follows a routine that has no "chance" and instead only has "certainty. The OP did this when he learned to use a pencil to write in his first language. He was successful and completely differentiated in a matter of a month or so. This core successful experience came by following a routine. The routine was repeated daily in a group setting with a roving teacher.
In trading, it is the same. Pencils are used and logging is done. A laptop is used and the volume and price are annotated. There is one pattern and an Order Of Events happens.
Where we meet, a screen (52 inches) is on the wall. Any laptop is cabled to it. All computers are connected to a hub that allows a chart to be updated over the 300 seconds of each bar. I narrate the market events as the traders wish. They usually like 5 to 10 minutes ahead of the real market time.
We do about 10 to 12 pages a day and put it into three ring binderrs.
We enter as the market opens on bar 1. We trade up to the beginning of midday. In AZ, opening is 6:30 am. I happen to log and annotate all day so I can take the offer through the day up to about bar 78. Then I just log through bar 81.
The group does a weekly add/delete on their stock Universe. We enter about 1 and 1/2 hours before price begins to move. We exit when volume no longer keeps up. This is crossover stock trading. The owned stocks maintain the highest money velocity.
