10,000 hours to success

beerwm · 26 April 2009

ok, so us newbies are told-

--->10,000 hours to become a good trader.

--> KISS, keep it simple stupid.

takes 10,000 hours to keep it simple?

ivant · 26 April 2009

Trembling Hand said:
Guys this 10,000 hours thing is really misunderstood and misquoted.

Its comes from work in the 90s by mostly Dr. K. Anders Ericsson and some others.

Its not 10,000 "doing". Ericsson found that the difference between expert performers and the good performers was that the so call experts or the one recognised as be at the top of their field had engaged in deliberate practice of at least 10,000 hours.

Just doing does not make you an expert. To take techs example how many apprenticeship become true masters? Close to none but most have logged 10,000 by their 4 -5 year. They become competent but not top of their field.

The 10,000 hours thing is now quoted as 10,000 hours to success. this is exactly the opposite to what the studies, and there is a heap of them, was proving. Lots of people clock up 10,000 hours doing. Few become masters in their field.

I second TH on this. 10,000 hours means nothing, other than that you understand the field better. I'm in my 4th year at uni, and I can definitely tell you that it is not enough to become great at commerce. You will maybe get a job, at least you would think so (Monash), but you need something else to be good.

AbundantIncome · 26 April 2009

Does it mean i need like 5 years before I pass the point of beginner's lounge ... oh nooooooooooooooooooooooooooooooooooooooooo

i think it means there are a lot of years of heart ache/ head ache ????? HOPE NOT !!!!

tech/a said:
Average apprenticeship 3 yrs 6240 hrs
Average Degree 3 yrs 6240 hrs
Masters 8320 hrs
Doctorate 14560 hrs

Most race drivers start in carts at 7 and end up racing at 18 ish.
So say 11 yrs at 10 hrs a week 5720 hrs.
Most pro golfers would have spent 10,000 hrs + playing golf.

Most businesses fail in the first 3 yrs 6240 hrs.
Most traders in the same time frame.

10,000 hrs is a good "Average" for consistent understanding of a discipline I think.
Just as 95% of traders fail is a good "Average".

tech/a · 26 April 2009

beerwm said:
ok, so us newbies are told-

--->10,000 hours to become a good trader.

--> KISS, keep it simple stupid.

takes 10,000 hours to keep it simple?

Most need to go through the motions and emotions of finding out what doesnt work more so than what does.
Thats why people alter their trading when they have a run of losses or go buy a new book or go study a way of trading.

They have to go through the complex so they arrive at the simple.

They also have to know what it is that they employ simply.

Mr J · 26 April 2009

beerwm said:
ok, so us newbies are told-

--->10,000 hours to become a good trader.

--> KISS, keep it simple stupid.

takes 10,000 hours to keep it simple?

The 10,000 figure would be to become a great trader. One could become a profitable trader in far less than that. I strongly believe in keeping it simple, as simple is often most effective. Many activities rely on understanding a few key concepts, and I think the same can apply to trading, and it's how well these are applied that determines success. Of course, many trading systems are quite complicated, I'm just saying that profitable trading doesn't need to be complex, but just having a good understanding of the basics (if that's what we'd call them).

IFocus · 27 April 2009

10,000 hours or ten years has been quoted by many researching the success of the likes such as sporting super stars Tiger Woods, then there is Bill Gates etc

Here is Gladwell for those that haven't seen it before on the subject

http://leavittbrothers.com/stocks-o...eos/2009/01/charlie-rose-malcolm-gladwell.cfm

Also as TH has said already how you spend your time in trading or more importantly practice is critical to the time you take to reach success, practice bad behaviors guess what you just get worse.

Practice good behaviors and you get good results, practice what you are good at and you get "gooder" faster.

brettc4 · 27 April 2009

I've done some quick calculations.
Based on my day fob which has nothing to do with the markets.
A 2 year and another on the way, 1.5 hours or tavel a day in a car with someone who doesn't care about the markets, and a bit of sleep here and there. I can spend on average 0.72 hours per day.

I figure it will take me .... 38 years, give or take.

ice · 27 April 2009

kennas said:
I've probably put in 160,000 and I'm still crap.

Having met quite a few serious traders I have generally found that people who make comments like that are actually pretty good.

ice

helicart · 27 April 2009

I first invested 40 years ago, and have been swing and day trading for 4.

I still cycle through extreme levels of under and over confidence.
When your account has a 20%+ drawdown, it plays silly buggers with your head....you get angry, twitchy, jumpy, and unable to think about anything else for long....entering on a signal is hard, really hard.

Fortunately, I haven't had a drawdown greater than 12% for 2 years, but even that knocks me around.

10,000 hours of one man's time can be 40,000 of another's.

It's Snake Pliskin · 28 April 2009

kennas said:
I've probably put in 160,000 and I'm still crap.

Kennas that reads funny.

10,000 hours to success

beerwm

ivant

AbundantIncome

tech/a

No Ordinary Duck

Mr J

IFocus

You are arguing with a Galah

brettc4

ice

helicart

It's Snake Pliskin

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