I read a blog article a few days back and cant find a link anymore but basically what it says is...For anyone to become a master in something, he or she needs to spend 10000hrs in that particular thing...
So lets look at trading...lets say you spend on average 5 hrs a day....so it will take you approximately 2000 days or 6-8 years to become a professional...This is assuming ofcourse you are fully dedicated and do spend 5 hrs a day...
Now statistics say that out of all traders maybe only 3-5% at a best guesstimate actually make profits consistently and over the long run...Why? Because most people give up after a year or 2...They either get frustrated or disillusioned or the market kicks them out...the great bear market of 2008 would have done that to a lot of people...If you remember, I once wrote about this...How I started out with few of my friends in this business and in the end only I am left...Not that I am very successful..Only that I do realize that I need to put in effort and lots of effort...I realize there is no free lunch...And we need to work for it..Now more than ever..Which is why I find it laughable that people tune in for tips and free calls...
I occasionally dab a little bit in guitar and music...Maybe I would have spent around 1000 hrs on and off...I can play a bit but I got fed up in between and stopped...Now I started this up again...I think I shall persist this time until I can play good enough...Maybe I will post some of my songs here some day..But my point again is that NO PAIN...NO GAIN...
Do your due diligence folks...Work toward those 10000 hrs...
Will post some thoughts for the week a little later.
Best.
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