Self taught? Impossible!

[scose-no-doubt]

The 10000 hours is I believe related to various studies which have concluded that this is the amount of time required to spend in training/practice to become elite in your chosen field. The quality of the practice is important also, for obvious reasons.
It was first identified as the magic number by ericsson, a US psychologist, when studying the various standards of violinists at a german music academy. By the age of 20 the best violinists had practised on avge 10k hours, 2k more than the good violinists, and 6k more than the bottom group - violinists hoping to become music teachers. There were no exceptions to his rule.

(If you want to know more about this subject I recommend the book Bounce by Matthew Syed The Times sports columnist. Very interesting read,though more focused on debunking the myth of talent / child geniuses etc)

I do not see relevance though of this to trading, as we know you don't need to excel at trading to have an edge and make money. Some ppl I know made money within 3 months of starting trading.

If I decide for example to open a legal advisory service without a degree, professional mentoring and practical experience, despite 10000 hours in front of a judge, I'd lose each and every case.

 

[alphadude]

The 10000 hours is I believe related to various studies which have concluded that this is the amount of time required to spend in training/practice to become elite in your chosen field. The quality of the practice is important also, for obvious reasons.
It was first identified as the magic number by ericsson, a US psychologist, when studying the various standards of violinists at a german music academy. By the age of 20 the best violinists had practised on avge 10k hours, 2k more than the good violinists, and 6k more than the bottom group - violinists hoping to become music teachers. There were no exceptions to his rule.

(If you want to know more about this subject I recommend the book Bounce by Matthew Syed The Times sports columnist. Very interesting read,though more focused on debunking the myth of talent / child geniuses etc)

I do not see relevance though of this to trading, as we know you don't need to excel at trading to have an edge and make money. Some ppl I know made money within 3 months of starting trading.

that book was written by a journalist; if you know what i mean

they get excited too quickly.

My guess is the 10k depends on the IQ. Some do it in 1k some in 10k some in 100k and some not at all

 

[The Leopard]

Edit: That chicken was driving me nuts, so I had to kill one 'em

You probably shouldn't read this post then...

 

[MoonRocket]

If I decide for example to open a legal advisory service without a degree, professional mentoring and practical experience, despite 10000 hours in front of a judge, I'd lose each and every case.

For sure....
But what the hell.......what's that got to do with trading.
Last time I looked the bucket shop didn't ask for my pedigree.
I don't know but maybe you could inform me scose...Do the futures brokers ask for
yer qualifications?

 

[Mike Kshemaraja]

I know that this is MoonRocket's thread but as he holds you and your methods in such high esteem I think it's only fair that you expand on this in this thread rather than your own. I've instigated this exchange and I'd like to ensure that everyone benefits from what you're willing to divulge.

Can you please tell or me (or us) what my closed eyes are missing, in which way I must work on myself before I can "dance fluidly" with the market and finally what I will learn when I've done the aforementioned.

Thanks

I think the best you can do at this point honestly, is to burn yourself alive, so maybe once you completely disintegrated, you have a chance to see a bit further than Watford or Liverpool as Leopardo was ready to point out.

But honestly I cannot guarantee any success, in fact I am very pessimistic about it. But please try it because I think you have not much to lose.

 

[scose-no-doubt]

I didn't know that finance and geography were related. At least I can't say you weren't willing to teach me something.

 

[Mike Kshemaraja]

Oh no...It's all about scose-no-doubt.
Waiting for this great non-trader and arm chair critic to display his ample skills...
Waiting......waiting......waiting......waiting......waiting......
Sorry people..... Todays shows has been cancelled.

Sorry Moon

We will not see any of his trades, he is a muppet.

In case he does I think we are going to laugh for at least a couple of years.

 

[scose-no-doubt]

Do the futures brokers ask for
yer qualifications?

 

[ChocolateDigestive]

The 10000 hours is I believe related to various studies which have concluded that this is the amount of time required to spend in training/practice to become elite in your chosen field. The quality of the practice is important also, for obvious reasons.
It was first identified as the magic number by ericsson, a US psychologist, when studying the various standards of violinists at a german music academy. By the age of 20 the best violinists had practised on avge 10k hours, 2k more than the good violinists, and 6k more than the bottom group - violinists hoping to become music teachers. There were no exceptions to his rule.

(If you want to know more about this subject I recommend the book Bounce by Matthew Syed The Times sports columnist. Very interesting read,though more focused on debunking the myth of talent / child geniuses etc)

I do not see relevance though of this to trading, as we know you don't need to excel at trading to have an edge and make money. Some ppl I know made money within 3 months of starting trading.

as Pete pointed out you can seriously cut down the amount of screen time by using a multi monitor setup.

 

[Mike Kshemaraja]

I didn't know that finance and geography were related. At least I can't say you weren't willing to teach me something.

That is not true, big head with little balls, I nicely invited you to come to my thread and work together (work together and not teaching you).

But you disregard that invitation and continued with you cheap defensive sarcasm, that is why I sent you to hell.

 

[scose-no-doubt]

 

[rsh01]

as Pete pointed out you can seriously cut down the amount of screen time by using a multi monitor setup.

I didn't know people could look at 2 or more screens at exactly the same time. They really are talented. Anyway this would come under 'purposeful practice' which is accounted for in the research.

 

[alphadude]

I didn't know people could look at 2 or more screens at exactly the same time. They really are talented. Anyway this would come under 'purposeful practice' which is accounted for in the research.

2 monitors means 5000 hours to become foremost expert on market behaviour; you can then call yourself McDady or Lord Sugar

 

[the hare]

But what the hell.......what's that got to do with trading.

The analogy is a very good one, even though the conclusions that you draw from it are probably completely polorized.

You could spend 10,000 hours trying to trade pin bars with various forum gurus,
or you could spend 10,000 hours sat in front of a chart learning to trade. One approach would be beneficial one would not.

Similarly you could spend 10,000 hours in a court room without any formal training, or you could get educated. One approach would be beneficial and one would not.

 

[Tayto_Crisp]

as Pete pointed out you can seriously cut down the amount of screen time by using a multi monitor setup.

Never really considered this one. Does this mean you can be in say 6 different east eu teenage trafficked chat cams at once. You could even indilge in yor mother and daughter fantasy if you like.

 

[The Leopard]

Never really considered this one. Does this mean you can be in say 6 different east eu teenage trafficked chat cams at once. You could even indilge in yor mother and daughter fantasy if you like.

 

[MoonRocket]

Well this little boy is about to toddle off to bed. Did you know it is night time over here scose....Yes it is.
I started off badly hit the wrong trade ticket for the instrument and as one would expect went immediately to a loss not just the spread but also the price. Reversed it instantly. Went to the correct ticket but sold instead of buying but only realised what I had done after about three minutes when I noticed that every time the priced moved down I went into profit so now I was disorientated then slowly it dawned on me what I had done, but hey I was in profit,
so I held on for ten pips. Next trade was a scratch trade but watched it move substantially in my favour after getting out. So it was definitely time to quit.
And then guess what? Yes it was wonderful...... scose came along to put a light hearted finish to the evening.
It must burn up a man(?) like you to see such a dumb@ss like me, still make a profit for the day. :hystericallaughing :

 

[The Leopard]

18 viewing even though the US has just opened.

Nothing like a tear up to get bums on seats .

 

[rsh01]

that book was written by a journalist; if you know what i mean

they get excited too quickly.

My guess is the 10k depends on the IQ. Some do it in 1k some in 10k some in 100k and some not at all

He's not guessing he's filtered though loads of research from various scholars and teachers - for example the hungarian chess teacher Laszlo Polgar who trained his 3 daughters, as an experiment, to be world class players - one was ranked in top 10 in world (including men).

IQ wld only be a small variant in purposeful practice imo, another more significant factor wld be a teacher providing you with various techniques that allow you to practice much more purposefully (Said was a professional table tennis player and he attributed a sudden improvement to his new coach making him practice with multiballs using diff sized tables). Btw it is argued by many contemporary scientists that a persons IQ can be improved.

 

[MoonRocket]

The analogy is a very good one,

No it's not. I only need money to trade (for myself) And if my account grows over the long term it is usually representative of the hours of screen time(plus other things as well)
To practise law I need the ticket which represents years of study. Years of study, no matter how brilliant I am is of little use without the ticket. Although I could represent myself or others but I cannot do it as a business just like I cannot open an investment service without the paperwork.
All we were talking about is what it takes to be a profitable trader, that's all