Have you done 10,000 hours?

Quote from Red_Ink_inc:

I figure my total is about 18,000+.
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I'm gratified to see some experienced traders posting on a thread for a change.

There are those few fortunate outliers who have the skills, luck and resources to make it to the promised land sooner.

But for the average slob trader like me who has been able to stick with it and take the hard knocks and requisite losses, 10,000 hours does feel about right.
 
I have two perspectives. My second year trading I was up-albeit for only a day-well over a million. In 20 some years since I've never been close to that kind of single year windfall again.

OTOH, I've done well the past two years and I really attribute it to the experience of having traded this kind of volatility when I was younger.

Newer traders can compensate for lack of experience by putting themselves in a position for outlier gains. It's very, very doubtful that a "newbie" is going to attain quickly the skill set to recognize multiple profiles/patterns. Realize your weakness and press your strength. Most newer, under capitalized traders are better off taking well conceived shots rather than trying to inch it out.

An analogy: A rookie QB isn't going to "pick apart" many defenses but he can get lucky and hit a bomb or two....
 
Quote from coolweb:

very much true,
I was very early in another industry, studing it from age 14, took about 5 years until i made money in it at age 19-20

Often came home from school, worked on it on and off till midnight or 2.
Solid 7 hours a day experience, 7 days a week.
Was an expert in the game by the age 20.
Could spot an opportunity from a mile away and managed a team to exploit it.

(not investing...)
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That's a great story, very few take on such opportunities so early. What was the general nature of the business, technical/engineering or some other field?
 
good post. agree with 10,000 hours. i was told by a great mentor that it takes about 5 years, the learning curve is so painful, which is why few make it.

then i studied w.d. gann....took him 10 years, after he was an investment broker. inspired me to keep going...it is now worth it:D
 
If someone were to learn trading from someone who is successful and know how to educate (not how to instruct), it can take only 100 hours! (1% of the total time needed).

But one need to pay for the time saved, losses avoided, pain avoided, and gains obtained.

True education in trading is a precious thing!
 
Quote from Pa(b)st Prime:

I have two perspectives. My second year trading I was up-albeit for only a day-well over a million. In 20 some years since I've never been close to that kind of single year windfall again.

OTOH, I've done well the past two years and I really attribute it to the experience of having traded this kind of volatility when I was younger.

Newer traders can compensate for lack of experience by putting themselves in a position for outlier gains. It's very, very doubtful that a "newbie" is going to attain quickly the skill set to recognize multiple profiles/patterns. Realize your weakness and press your strength. Most newer, under capitalized traders are better off taking well conceived shots rather than trying to inch it out.

An analogy: A rookie QB isn't going to "pick apart" many defenses but he can get lucky and hit a bomb or two....
More...

Newer traders (or any trader, for that matter) should read this quote before putting on any trade:

“I think the secret is cutting down the number of trades you make. The best trades are the ones in which you have all three things going for you: Fundamentals, Technicals, and Market Tone. If you can restrict your activity to only those types of trades, you have to make money, in any market, under any circumstances.”

- Michael Marcus, Market Wizards
 
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