The NO. 1 Secret Of Success In Trading

schweiz said:
I know after trading more than 2 decades that the 10,000 hour as a saying, but no literally, is correct.
All depends of what you call "being profitable".

I will give two extreme examples:
  • A is making 5% net a year.
  • B is making 100% a week.
For A there is no need to do 10,000 hours.
For B on the contrary achieve the 100% a week will need 10,000 hours. And for almost everybody even 100,000 hours will not be enough as they will never achieve that.
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Well, my ambition is to make about 50% of what I do Sim trading, considering the ability to get filled and the psychological factors, so I'm hoping my hobby makes between $500 and $1000 a day. How many hours will that take, 5000?

You're right, the chair is ugly, I'm getting a much better one; took this one, temporarily, from my office in town.
 
jinxu said:
I've done it. Not that big a deal. The secret is to be very good at trading.
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I can tell, if I plan on continuing to view this forum, I'm going to need taller boots; the........gets pretty deep in here!
 
Starspa said:
I have been using my set up for a couple months, I love it! I have increased text size, what I really like is that I have up to 18 charts on one screen, too often, when filtering software notifies you of a move, it's too late, having all of the stocks in play, up on the screen, allows you to see a pattern setting up so you can enter a position at a much better time.
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And imagine i daytrade trade using a laptop and an ipad for a hotspot while sailing down the road 70 miles an hour. My wife driving of course.
 
Starspa said:
This, without question, is the most valid point in response to my post. Even in Sim trading I break my rules all of the time, usually by revenge trading to get back a loss, which was caused by not following my rules in the first place.

It is the psychology factor that certainly may take some minds up to 10,000 to master, I know it has nothing to do with IQ, it is 100% the ability to control the mind. Since every mind is different, the more accurate statement would be; "it is unpredictable of how
capable each unique​
person is in controlling their mind during the act of trading; therefore it is possible that it could take up to 10,000 hours or more, before they master the art.

As it relates to an earlier analogy; I doubt it took Tom Brady 10,000 hours to master his gift and most people on this planet couldn't do what Tom Brady does after 1,000,000 hours. I am, unfortunately, extremely analytical and to me the blanket 10,000 hour statement, for all people, did not make sense. I am sorry to those that thought my statement was meant to imply that they are stupid; it wasn't.
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The point is you can’t control your mind. You can learn how to deal with it but no amount of willpower or discipline can control it. Example: within the next 60 seconds DO NOT think of a juicy red apple sitting on top of a chocolate cake.
 
volpri said:
And imagine i daytrade trade using a laptop and an ipad for a hotspot while sailing down the road 70 miles an hour. My wife driving of course.
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I can imagine, but for instruments other than equities. I used only a laptop for a few months and it can be done, but I think, with equities, it is a definite edge to have more screens with more data.
 
volpri said:
The point is you can’t control your mind. You can learn how to deal with it but no amount of willpower or discipline can control it. Example: within the next 60 seconds DO NOT think of a juicy red apple sitting on top of a chocolate cake.
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As I am on my way to the store to buy a chocolate cake; I get the point of mind control. So what are they referring to with the 10,000 hour meter? It takes that long to learn how to deal with it?
 
Saltynuts said:
Is vincent really bragging about trades that barely earned him enough to buy a Happy Meal?
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well NOW...if he is making 2000 month trading with a high win rate that is probably better than most low rollers on ET and will buy him a new pair of boots...several happy meals...a few steaks...may even get a few dates with some pretty ladies...(as most all ladies like shopping LOL). I wouldn’t knock it too much ...at least he is winning and doing so after 6 months..way better than most traders....go vicente! I say go!
 
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