Have you done 10,000 hours?

[Cutten]

Quote from Ivanovich:

I've probably studied porn for 10,000 hours. Does that make me a master of it?

No but it will fuck up your sex life. Quit porn, use real women - I bet 10,000 hours will make you not just an expert but very happy

Back to trading & other normal skills. I think the 10,000 hours, it depends how you spend it. For example if you just play guitar in a band for 10,000 hours, you won't be as good as if you spend 2000 hours playing and 8000 hours practicing. IMO it is practice & learning that improves your game the best. I'd say 1 hour of study & practice is worth about 5 hours of experience. The reason is that the former is specifically designed to improve your skills and learning, the latter is simply implementing them.

I know that when I review my trades, try to test new methods etc, I learn much more, much faster, than if I just stare at a screen trading.

So probably to be a great trader you need 8000 hours practise/study/testing and 2000+ actual trading. With 10,000 of just trading, you will probably be a decent but not great trader.

 

[wee man]

Quote from Ivanovich:

I've probably studied porn for 10,000 hours. Does that make me a master of it?

'Master-bator'... perhaps?

 

[sumosam]

“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



Good quote, Cutten. My best trades are always when I cut down on my trades, and select the best of the best....and, I have studied for 4 years, took and still take many classes. I have been trading actively for past year or so, still need more screen time, but agree that education, psychology are important foundations.

 

[Picaso]

Quote from Cutten:


Back to trading & other normal skills. I think the 10,000 hours, it depends how you spend it. For example if you just play guitar in a band for 10,000 hours, you won't be as good as if you spend 2000 hours playing and 8000 hours practicing. IMO it is practice & learning that improves your game the best. I'd say 1 hour of study & practice is worth about 5 hours of experience. The reason is that the former is specifically designed to improve your skills and learning, the latter is simply implementing them.

I know that when I review my trades, try to test new methods etc, I learn much more, much faster, than if I just stare at a screen trading.

So probably to be a great trader you need 8000 hours practise/study/testing and 2000+ actual trading. With 10,000 of just trading, you will probably be a decent but not great trader.

So true.

"Practice doesn't make perfect. It makes permanent." Michael Jordan

"If I had six hours to chop down a tree, I'd spend the first four hours sharpening the axe". Abraham Lincoln

Best trading,

Jorge

 

[coolweb]

Quote from Trader KGB:

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?

The area I made most money was from expired domain names (internet)

I understood the drop times at networksolutions now VRSN (verisign), was 3:00 am in the morning, or so , also had access to com zone files (incredibly free, you just need to send in a fax agreement and they gave you FREE ftp access, but few people realize this)

Sorted and removed the .com domains names out of the files per day, the ones that were removed from the global zone files then had I think 30 days or 60 days I forgot left where on that specific day it would be dropped.

Then you ram networksoluitions with hundreds of NEW DOMAIN NAME emails @ 3am (back then 1999 all domains were registered by EMAIL and were $100)

I have a lot of stories that was just one of the busines I Was in , and it was 1999 ,and I Was 19 back then. You could pickup amazing expired one word domains back in the days...

To me it was a work of art, a result of complete understanding of one industry, When you reach expertise++, nobody can phase you.


Now I am a trader.

 

[Champion]

Quote from lindq:

WSJ today reviews Malcolm Gladwell and his new book "Outliers".

He's quoted as saying that in his studies of experts in a variety of fields, concentrated study of at least 10,000 hours is required to begin to gain mastery.

Sure. But there are so many morons on ET ranting against fat cats, they're not going to become one. Its a blue collar forum of losers these days. They are not savvy enough and in any event will not run the course to put in all the time to learn and progress.

You have to do endless hours to get in place a sound methodology and play professionally buying the upswings and selling the downswings as they follow each other. These swings form the overriding characteristic of a liquid volatile intraday futures market. Its there in front of you every day.