- Professional Trader
- Last Online:
- Aug 20, 2022
- Using Local Time:
- Joined Forex Factory:
- Jun 2004
Input by privatefr
- Trading From:
- Rio, Brazil
- Favorite Trading Book:
- Beat the Forex Dealer * Master the Markets * Trading in the Zone
- What separates the 10% that make money from the 90% that don’t?
In his recent book ‘Outliers’ Malcolm Gladwell describes the 10,000-Hour Rule, claiming that the key to success in any cognitively complex field is, to a large extent, a matter of practicing a specific task for a total of around 10,000 hours. 10,000 hours equates to around 4hrs a day for 10 years. For some reason most people that ‘try their hand’ at trading view it as a get rich quick scheme. That in a very short space of time, they will be able to turn $500 into $1 million! It is precisely this mindset that has resulted in the current economic mess, a bunch of 20-somethings being handed the red phone for financial weapons of mass destruction. The greatest traders understand that trading much like being a doctor, engineer or any other focused and technical endeavor requires time to develop and hone the skill set. Now you wouldn’t see a doctor performing open heart surgery after 3 months on a surgery simulator. Why would trading as a technical undertaking require less time?
Trading success, comes from screen time and experience, you have to put the hours in!
From pivotfarm blog: http://www.pivotfarm.com/blog/2010/07/10/the-greatest-traders/