Tuesday, November 25, 2008

Hard Work is the easiest way to success

How do people become successful ? One study suggests that practice makes perfect. The tennis star plays tennis , practices tennis every day. He / She then becomes a champion. The same applies to doctors, lawyers, and, of course, traders. About 10,000 hours (ten thousand hours) of practice is the minimum required to acquire the chosen skills.

I have a comment which says:

"am no big shot trader, so may not be able to do detailed chart analysis etc. "

There is no relationship between big shot traders and chart analysis. Also, the definition of big shot traders is not clear. Were the people in Lehman Brothers big shot traders ? They probably were so, but you may not want to follow them , given the fact that they bankrupted their company.

To my understanding, technical analysis is the ONLY viable method for short term trading.

Therefore, if you wish to be a trader, you have to understand, practice and acquire skills in technical trading. Be prepared to give 10,000 hours for the practice, before you become skilled.

6 comments:

Yasharth Nathani said...

Hello Mr. Sukhani

Just read your latest feed and couldnt resist to reply,
I just entered the market during Jan 2008 fall and was caught in that fall which proved to be very lucky for me. did the hard work during these 10 months for giving money to get tips to youtube, ebooks learning TA,EW.

My question is many people here can give the 10k hours of hardwork but the problem is they shuld be lucky enuff to survive those 10000 hours, people not lucky enuff will be kickd by our market and will never return to the market again.

Therefore, if you wish to be a trader, you have to understand, practice and acquire skills in technical trading. Be prepared to give 10,000 hours for the practice, before you become skilled. And be lucky enuff to be in the market till you aquire akill.

Have a good day, no offence meant.

tushar said...

I have a bit other view on this::

I am a firm beliver of "Practice makes the man perfect"

But this apply to those fields where sample space is limited.
e.g. doctors , lawyers,etc. lawyers practice a definite number of laws.
And in that to there are sub-categories like criminal lawyer, divorce lawyer,etc.
So with these finite laws , lawyers can practice again and again and become master/big shot.

But with traders this is not the case. why?
because there are no specific rules to trade as such. Means the sample space is infinite. i.e. any expected/unexpected things can happen.

one creates its own rule that others might not follow.
so even after 10,000 hours of practice there is no garuntee of a big shot trader.
But u will learn something for sure with each passing day.

Brij Mohan Kajaria said...

10000hrs will it work?

Who knows till then whole capital of Investors may be gone like Banks of USA that became bankrupt overnight Making the world cry for their hard earned capital.

BULLS said...

More to what Mr Sukhani said... may be, he would like to further add (though, that only he would be able to confirmed):

TRADE ON PAPER, until you are pretty sure to join the battle fields. Till then, Make your own assessments of the markets from the Technical trends/charts you are aware of & may be, try to learn more from the experience of some few thousand such sessions.

Yet another of my experience reveals... it is different to trade on Paper & Real one. Its like Training for Battle, but with safeguards with consciousness that u wont get killed while training.

Paper trading is again different from Real-time trading, where you do not fear of losing bucks. The aspect of consciousness draws the line of difference between rehearsal the real drama.

May be, real life experience in trading & simultaneously learning - would be like chopping & reviving from the fall time-n-again. The conditions would resemble a battle field, almost - what more with current market volatility. Well, May be, the same choppiness is true for experienced traders as well. Thats how mkts are... it is never as certain, as sometimes it looks. It can surprise even the best of the best analysts, leave alone lay investors/traders.

A Request to Mr Sukhani... to write a few lines (when he is free of some time) on Paper Trading vs. Real trading, so that we can be more certain abt above views.

-BULLS

My Yahoo Mail & Chat id:
bull4bears@yahoo.co.in

deepak said...
This post has been removed by the author.
Mind Without Fear said...

Hello,

just wanted to share this one of the latest blogs from Dr. Steenbarger. This is in the context of the importance of practice required for becoming a successful trader. Dr. Steenbarger has written a lot about it expounding on the theme of "See one, Do one, Teach one".

Here is the latest blog quite insightful

http://traderfeed.blogspot.com/2008/11/trading-performance-insight-from-ziad.html

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