People say trading has a low barrier to entry. well not completely true :
profitable trading has a very high barrier to entry.lol. I am glad I was informed early on, of the necessity of these 10,000hrs of screen-time first ( not excel spreadsheet time, ...) as it was all about becoming a discretionary daytrader. This is where many might give up. The 10k hrs of screen-time is just one entry barrier. Now, if one gets distracted and waste time, the 10k hrs will not be done. This is where it is good to be a real gullibile, or extremely naive . cynics people will find theories/reasons/escuses why not put the
screen-time.
Then one barrier is obviously psychology/spirituality. This is the second major barrier : a good batch of daytrading survivors then get eliminated here. And to be honest, I can understand why. The idea of seeing a psy was before really uncomfortable. Ok a life coach, a coach, ... but a psy????!!!! and Clinical psy to be precise! Don't these people deal with ...
But then one has to chose : a clinical psy or stalling... I chose the clinical psy , and really tried quiet a few of them.lol. This is where "intelligent" people might have an advantage : much easier to make the most of these people expertise. I am now understanding where "idiots" have the advantage : if one is idiot enough, one does not bother about silly things. So no real psy issues.
Discretionary daytrading looks like a horse race with obstacles : barrier1, barrier2, ... and trader(horse) fell off at barrier1, and one more eliminated! Now, we have 20% of traders ( horses) left.
Then the next barrier is to make it sustainable - because let's be honest trading is not rocket science and the tasks are super repetitive. I wonder if that's why some feel that the longer they have been trading, the less skills they have for anything else. Well, actually, I'll agree that trading makes one basically unemployable with a lot of money. But this is fine by me, as I never really held down a job - the few formal gigs I took were more about solving an "impossible" problem aka I was super-excited about the challenge and be well paid for bringing a solution. Just for the record, I always over-delivered . But trading is different : at each stage, there is something because it is about personal development.
