10,000 Hours

one year later,still on this stage!!!! albeit some notable improvement.

10,000 hour rule applies in trading as well but dedication, concentration and effectiveness also does matter.

10k hours seem about right for me.

i have spread it over 15 years to keep quality of life and career, creating something (system not right word) that suits my personality and has clerly changed account balance curve to positive for a while now.

you need hours and also years to recognise markets changing, black swans, etc. 10k in 3 years may(??) be ok for scalper but longerterm you need years more.

also you need to set right goals for you.

All small important stuff that can break your next winning streak

Ask quality questions and never stop asking.

Just my two cents

The amount of hours you spend on trading does not matter to be a successful trader. Only "gifted" people can be successful.

Having said it, some people need a lot of time to get the "gift" to kick in. Some traders may take years of training to discover their gift. But some don't need it. Only a basic training clicks their gift in the brain.

What is the nature of the gift? It is an ability of perceiving a "culture" among the chaos.

Say, in ancient days in Polynesia. Only gifted persons could be a navigator to sail across the Pacific. They could see patterns among the stars in the sky. They could see the patterns in the movements of the stars. They had absolutely no idea about the astronomy we know today.

"Charts" can be read by only gifted persons who subsequently lead the ship to destinations. They are called navigators or traders

Here a good recent book about this topic Outliers


And to the guy who spent 512 hours in one whole year perhaps this is a typo because 120 hours is 5 days
so I'm not sure what anyone can expect to gain in around 25-30 days of study rofl...... patience is a great virtue
keep going eventually you'll get what you want....just remember no hard work goes in vain and all your efforts
will be rewarded in time so just stick with it,grasshopper....

This rule applies to not just forex but everything in life because once one approaches

and then goes on to eclipse the 10,000 hour mark in any study and or action, all that

time went into :nerd: , marks a milestone or bench mark in which now one can say that, they

have developed the state of oneness with that art or craft and now that individual can

be considered a master of the topic/concept/action/habit etc..... But always know and remember this...

A true master always remembers that they also forever remain the student .... Notice how

the two phrases go perfect with each other...Student Master....Master Student.... it is because in reality

this is always the case quite frankly .... knowledge is power one must always seek the path which

involves always remaining with humility no matter how smart ...Just remind yourself of

all the books in the world there is, about all the many different concepts and realize knowledge is infinite

and whenever one gets the chance to move on to the next level and stage, then go on because

the quest/path/journey never stops unless you say so and or want it to and the progress to be

made is in the eye of the beholder and since I am the owl I see us humans as all being unlimited, as along as you

believe and realize your own worth then your efforts will be rewarded .... Here's a trick question?

Do you think you will ever have one million dollars in your closet? Careful how you answer...it may

just be true...but only, I said only,just for you though ..... Knowledge Is Power because Knowledge Is Infinite

.....

Great way of stating that....

WE READ TOO MANY BOOKS!

I read Malcolms nbook. I read all about the formula of needing 10,000 hrs of practice to be considered an expert. My opinion...bullshit. And the poster who said "The market will always give you what you want." More BS and you can tell Ed sekoyta and all who say that I said so. First of all gentlemen,I'm no spring chicken to this game nor to life. I have observed guys like Robert Prechter, who wrote all those Elliot Wave theory books. he had to have 20 or 30,000 hrs of studying in on that one methodology alone when I first bought his book 15 yrs ago. It didnt work then, and it doesnt work now. Show me one Elliot Wave trader who make s aliving at trading. I say its zero or close to it. Also, Guys in the market wizards books can tell you anything they want, what they wont tell you is how many of their colleagues studied just as much as them and are now driving a cab.

Question for all of you: If everyone on this thread puts in 10,000 hrs playing baseball, will any of us ever be good enough to make the pro's. No! Same with music, art, any sport,etc, etc. The real quote should be is.......if you are going to ever have a CHANCE to be an expert, youll likely need 10,000 hrs. And again with trading it is harder because there is way too much info out there to start your journey in the wrong direction and it takes you over 10,000 hrs just to realize that and by then most of us are burned out on trading! Tell you what. start a thread that says; thread for people who have studied trading of any kind for over 10,000 hrs-TELL US WHERE YOU ARE TODAY. I say not 2% can truthfully say they can make a living trading. I started my career as a poker dealer in Vegas and then went on to be a professional poker player. I have my 10,000 hrs in playing poker I assure you. yet, I doubt I could make a living at poker. Why? Because 90% of the other players have as much time in as me? Same for trading, no?


And lets not forget luck. You dont think there are guys who in their first yr of trading buy a system on the Internet for a few hundred bucks because they see how THEY could get it to work better and in 6 months a newbie guy has added in one thing, like just the .618 fib ext or 1 moving average gets changed or one candle pattern is added to the mix and it totally blows the cover off the ball. And the guy doesnt have 500 hrs of trading. And then there is being in the right place at the right time which is sorta like luck but................

Don't read too much into this bench mark: 10,000 hrs... because you are right in a sense...

Talent is linked to genetics therefore 10,000 hrs for me may allow one to qualify for the pro's and

you on the other hand maybe not so ...,but this does not mean you can not teach someone with Zero

registered hours....You see? .... Regardless of how sharp the skill is upon reaching this mark once the

mark has been hit you are now well more equipped than a absolute novice on the topic.... And one may

add that if it takes 10,000 hours for you to figure out you've been doing it the wrong way as you suggested,then

all this means is that you are looking at and into the wrong points and places of the topic ..., and as a conclusion

you will not be as effective as someone starting out on the right path, for instance someone who spends the first

couple of years studying pure price action and supply/demand zones with fare alot better than someone hopping

around from system to system gauging numerous indicators to the point that they have no clue what the indicators actually

even mean... Point is, Is that 10,000 hours of correctly placed effort will yield and optimize effectiveness to the maximum capacity

and while giving the same amount attention into the wrong element will seem like, well, nothing but wasted time and effort....

Have you spent 10,000 hours staring at charts yet ?

Very nice points in this thread. Enjoyed reading.

One would think that it is easy to believe but you will come to find that it is very well

quite hard for some even after they have seen the cold hard facts which are the numbers

and concepts ....What you believe in will assist you in your 10,000 hour quest, because first

that is what will be required for you to have little to no self doubt and nervousness with

you while on your quest .....You gain confidence with experience and results which will show

you if you are looking in the right place, the best way to get through and past a new experience

is via ironically, familiarity ..... Some may argue synthetic experience is just as important if not

more important than actual real world experience...... However way one may choose to learn

you must always know you have to go through with it and the best way going about it

is with absolute confidence, that is the know how one obtains from seeking and to remember

to stay humble is how the progress continues in and throughout time.....