Does it really take 10000 hours to learn to trade?

Wow! I did not anticipate that my question would spark such a lengthy thread!

On the subject of prop firms, my ideal would look like this:
- does not ask for any upfront fees of capital commitments
- accepts a trader based on past performance including demo accounts after reviewing all trades and method involved
- provides training if necessary
- allows to start trading on a firm's demo
- monitors the progress, and then switches demo to live without trader's knowledge for top performers.
- after some time informs those on live accounts that they have been trading live for the last 1,2,3,etc. months and from now on they can take a profit share.

I would not mind to give 80% of my profits and only keep 20% if a company like that would take me in!


not much hope i fear,they lay down the rules not you im afraid
 
Flash how about seeing if you can watch one of the teachers trade. I imagine that they have some good traders, but these might not necessarily be the trainers. Follow one of the 'training' traders live and see how they do.
 
can you post a detailed analysis of what happened when you get chance,thanks

nothing really happened I just went along to see what they were selling. I didn't like what they were selling. Quite frankly it was all beneath me and I am not an ego driven person. I didn't waste my time though, sometimes it good to confirm you have made good choices.
 
nothing really happened I just went along to see what they were selling. I didn't like what they were selling. Quite frankly it was all beneath me and I am not an ego driven person. I didn't waste my time though, sometimes it good to confirm you have made good choices.
You should have been prepared to follow up like flash recommends. 2 Heads.
:cool::cool::cool:(y)(y):sneaky::whistle:whistling
 
Flash how about seeing if you can watch one of the teachers trade. I imagine that they have some good traders, but these might not necessarily be the trainers. Follow one of the 'training' traders live and see how they do.

that sounds like a sensible suggestion and I will put it forward. Im happy to go but theres no point in me just sitting through a question and answer session or sales pitch. If they want me to report to trade2win then the main thing I want to achieve is for them to prove that they offer something worthwhile. I guess Ill never be happy unless they trade live and I see it for a few hours. Im not sure id want to give up too much of my trading time and what could I really see in a few hrs.Thats one question in the bank anyway.They will probably run a mile by the time Ive put an email together asking for a stack of things like that.Lets see
 
guys.ive shot my mouth off about this firm,it has long been my belief that they dont really offer much for the £8000 fee. As you can see ive been invited to visit their rooms and report back. I would welcome any comments and question as to how to asses them.Just showing me round serves no purpose,I need to know what they are teaching works and offers value. Any ideas how to approach this are very welcome.Please pm me with any thoughts,thanks

You might end up feeling rather silly if you're expecting to turn up there and find a bunch of cowboys. They're a legit firm, have been around for a while and have produced some decent traders. I don't work there nor have I ever worked there but I have worked at a similar firm and I am aware of them.

In answer to the original question in this thread - 'does it take 10,000 hours to learn how to trade' - if it does take someone that long they probably won't ever find out as they'd likely be sacked well before they'd accumulated 10,000 hours of not being able to trade.

Regarding trading arcades - this is my 2c - if you're offered a position where they will train you, let you loose on a sim and then back you it is probably worth a shot - it is risky and there is a good chance you won't succeed but its not costing you anything other than time.

Paying 8k for some 'training' though - I'd be skeptical that that would be money worth spending there is a very high chance of failure trading in an arcade, you're not really going to be given any special methodology or edge and if you want to have a go on TT sim for a few weeks then you certainly don't need to spend 8k to do it.
 
I don't get this paying for SIM trading idea. Why pay at all and does one need a prop firm for a simulator? There are plenty of brokers who offer demo accounts. Just don't do things that depend on execution mechanics (e.g. day-trading in general, scalping, arbitrage, etc.). Any demo is good enough for position/swing trading.
 
You might end up feeling rather silly if you're expecting to turn up there and find a bunch of cowboys. They're a legit firm, have been around for a while and have produced some decent traders. I don't work there nor have I ever worked there but I have worked at a similar firm and I am aware of them.

In answer to the original question in this thread - 'does it take 10,000 hours to learn how to trade' - if it does take someone that long they probably won't ever find out as they'd likely be sacked well before they'd accumulated 10,000 hours of not being able to trade.

Regarding trading arcades - this is my 2c - if you're offered a position where they will train you, let you loose on a sim and then back you it is probably worth a shot - it is risky and there is a good chance you won't succeed but its not costing you anything other than time.

Paying 8k for some 'training' though - I'd be skeptical that that would be money worth spending there is a very high chance of failure trading in an arcade, you're not really going to be given any special methodology or edge and if you want to have a go on TT sim for a few weeks then you certainly don't need to spend 8k to do it.

it depends what you mean by a legit firm. Sure they can offer exactly what they say and be very professional and win every award going. That does not mean for one second that what they offer is anything like worth £8000. T2win has produced some good traders as well. The point is value and integrity here. I worked for an it training firm for a while,selling the mcse courses at £6k a go. They had the best sales and training set up going,it was seriously the dogs ******** and anyone who completed the training was guaranteed a job once the exams were passed. The training center virtually sold itself. Im sure you get the picture. this is exactly what Id expect to find with futex. Heres the catch,less than 1% of anyone paying the 6k passed the training.
we know a very few % of traders make it as a trader, so if say 20% of the people who go to futex come away a profitable trader,then they can hold their heads up high and proudly. HOWEVER,will they tell you what the success rate is,no of course not and I believe its sure to be below that. Im sure with real dedication and determination similar results can be achieve by home study. So if I go there I wont be looking silly,I know exactly what to expect, which is why i may not go as they will not be able to answer the important questions. But what if I went there and watched their trainer trade all day and he did really well,then surely Id have to say the training is worth it as surely spending an amount of time with a successful trader who does it live and explains is worth a lot. So far I have never heard of any mentor or training programme that does that which is why I and many others are very skeptical about futexes business module. Perhaps futex would like to make some comments on what has been said in the last few posts
 
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It is a case of quality not quantity.

If you waste an hour going down the wrong path, it will take 2 hours to realise and come back to where you started from (even longer if you are stubborn). So this is where a lot of time is spent.

There is of course nothing wrong with going down the wrong path, but we must head down there with an idea of what we want to find, and why we are going down there in the first place, if not, how do we know it is the wrong path? If you have no idea of what you are looking for, then you might as well head down the black hole as you will never come back.

Just like in any subject you must also possess/develop the required skill/talent to progress any further than average. This is a simple rule of life; and in trading terms that means the true ability to control oneself. The test of self-control does not always come from the market, but from various events throughout the day, it is a constant test.

There will be those that scoff at the value of self-control/understanding human nature (which is a never ending process), and will focus all their efforts and time on testing out various indicator combinations, back testing pin-bar patterns etc, until they too arrive at the conclusion that "it was me all along".

If at this point, there is still enough energy left to carry on, you will at least stand a chance of "making it".

Your actions will dictate how long it takes to make it, but make sure you have decided in advance what your definition of "making it/learning to trade" is, that way you will know when you get there!
 
it depends what you mean by a legit firm.

As in they're (very) likely making most of their money from clearing - not from flogging training courses. These sorts of firms are basically liquidity providers - their main interests is generating lots of RTs. Firms like this will make some of their money from profit splits too but usually its clearing that they're interested in (there is obviously potential for a conflict of interest here between the clearing firm and the trader (depending on the style of trading))

Main point here is that they've stated they do back people - read into what the futex guy has posted. If you're paying 8k then its probably because they don't believe you're worth backing. Seems they're happy to allow a few others to train, who they wouldn't hire, so long as they bear the costs of the training themselves.

FWIW you'll very likely find the trainers can and do trade - it is highly unlikely they could survive somewhere like that if they didn't - this in itself isn't likely to tell you much about how likely it is that someone being trained by them will succeed. Especially someone who've they decided isn't worth backing in the first place. Given that they've been around for a fair few years, they probably have an idea of what they look for in a trainee - if they're asking you for 8k then that tells you all you need to know about their view on the chance of you making money - it certainly doesn't appear to be a +ve view.
 
the best way to learn is by trading and losing if you any sense the feeling of watching your money dissapear so quick in front of your eyes should gear you up to learn and not gamble go and pay a visit to alan rich he will help you understand but in the end it s up to you and your emotion as to weather your gonna succedd
good luck traders
 
Wow! I did not anticipate that my question would spark such a lengthy thread!

On the subject of prop firms, my ideal would look like this:
- does not ask for any upfront fees of capital commitments
- accepts a trader based on past performance including demo accounts after reviewing all trades and method involved
- provides training if necessary
- allows to start trading on a firm's demo
- monitors the progress, and then switches demo to live without trader's knowledge for top performers.
- after some time informs those on live accounts that they have been trading live for the last 1,2,3,etc. months and from now on they can take a profit share.

I would not mind to give 80% of my profits and only keep 20% if a company like that would take me in!

Actually, you may find that a real prop shop would prefer zero trading experience and zero time on forums such as this.
 
Actually, you may find that a real prop shop would prefer zero trading experience and zero time on forums such as this.

Probably true, considering the sheer number of numpties posting across these and other boards, I'm sure they would prefer a blank canvas to work with.
 
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