Did it take you 10,000 hours to become profitable too?
My take on things is that most people spend a lot of time on things that don't move them forward. They don't have an understanding of the markets and they learn from books written by people that don't have an understanding of the markets.
When Malcolm Gladwell coined the 10,000 hours phrase, I don't think he was considering people that spent 5000 hours studying squiggly lines, getting tutored by bogus traders or generally trying to get educated from an industry riddled with snake oil merchants.
For instance, Massive spent 2 years on Ichimoku but it's not clear if he's still using that? If not, do we think this time fits into Malcolm Gladwells 10,000 hours?
I am not doubting anyone - don't put words in my mouth please.
If I don't believe someone, I will say it outright.
Massive is not telling it how it is, just how it was for him.
I spent a fair amount of time spinning the wheels when I started looking at trading. Mostly because I was looking at stuff that had nothing to do with trading at all.
Once I found people that could actually trade and that pointed me the way, the journey was fairly painless. It just was totally the opposite to what I was reading in books & most forums.
I actually have a lot of sympathy for anyone that puts 8 hours a day into learning how to trade on top of running a business. I think putting that much time into anything for so long is counter-productive.
You can only perform well for so many hours of the day, after all.
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I believe many people who get to the top do something like the above.
Many don't, which means either they get there from a longer path, artificially elongated by isolation to right kinds of stroking which are exposure-to-correct-methodology backing appreciation and also sadly fuelled by despair desire- to-be-rich desire-to-show-everybody-that-I-am-better-than-99-percent-of-you revenge-to-get-it-back (unlike a prop firm where it actually is your job and you go home with the same amount of exhilaration and/or remorse as any other working stiff who is paid on a similar scale).
Trading pulls and tugs every aspect of the human in you - for some it becomes the passion and purpose of their life and for others its stays a hobby. Who makes money? Now that is such a relative question starting from the station of your life, your ambitions, your relationship with money, your attitudes to hard work and finally what matters most to you (I know entrepreneurs who chose to sign business deals instead of being present at their daughter's births, by choice).
It is finally a game of give and take.
As with most worthwhile endeavours in life, and with life itself.
What is a mere 10,000 hours for some?
"10,000 hours, no way!" for others.
Markets reward newbies with billion dollars (think 2000s and dot com bubbles) and make paupers out of professionals (think Jesse Livermore and Victor Neiderhoffer).
Consistency, as in a day job when things are done correctly, reduces the hours ('work smart') but the starting point matters and then every step at every fork matters.
I don't work 8 hours and trade 8 hours...I sleep 8 hours every night, not 6.
If you were truly interested, you would ask a regular question
and wait for my response. Instead, your posts are filled with
assumptions, making for a very stupid conversation.
Strategy ≥ Money
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Is your point that learning to trade should be like learning to fly a plane.
It might be intensive, even intense from time to time, but it should be progressive, calm and controlled.
It does not have to be the grueling journey that many of us make.
ALthough I am toughing it out - I don't think it has to be this way. It is getting better since I started journaling properly and analyzing my trades properly and seeking assistance properly .. but I am still in the dark a little.
Can you outline the steps as you see them or as you took them .. ?
Last edited by podski; February 20th, 2013 at 05:39 AM.
Enough already DionysusToast. Your point is not well received, so move on to a different one.
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
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