1. 10,000 hours
In his recent book Outliers: The Story of Success,
Malcolm Gladwell describes the 10,000-Hour Rule, claiming that the key
to success in any cognitively complex field is, to a large extent, a
matter of practicing a specific task for a total of around 10,000 hours.
10,000 hours equates to around 4hrs a day for 10 years. For some reason
most people that ‘try their hand’ at trading view it as a get rich
quick scheme. That in a very short space of time, they will be able to
turn $500 into $1 million! It is precisely this mindset that has
resulted in the current economic mess, a bunch of 20-somethings being
handed the red phone for financial weapons of mass destruction. The
greatest traders understand that trading much like being a doctor,
engineer or any other focused and technical endeavor requires time to
develop and hone the skill set. Now you wouldn’t see a doctor performing
open heart surgery after 3 months on a surgery simulator. Why would
trading as a technical undertaking require less time?
Trading success, comes from screen time and experience, you have to put the hours in!
2. Education, education, education.
Continue Reading
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.