BarroMetrics Views: Trading Success III
( Continuing with what is required for expertise)
There are two aspects to this:
One aspect, is how much time do we need to internalize the skills needed to become an expert?
Ericsson suggests at least 10,000 hours; others suggest half that. Irrespective of the numbers, some period of extensive training is necessary. So guys and gals, you can forget the ads that promise to turn “S1000 to $200,000 in a few months, from day 1, no experience and effort” necessary. To turn S$1000 to $200,000 in a few months consistently over time is the act of an expert. And science says that it’s not possible.
The other aspect is: how many hours a day do we need to spend in Deliverative Practice? The studies suggest two hours per day.
Coaches and Mentors
In our field, probably the most difficult of the factors.
Ericsson makes the point that the type of coach depends on the student’s stage of development. In the early stages, anyone will do provided he has has some competence and are generous in their time and praise. But as the student progresses, it’s critical the student find teachers who can advance their skills. Ultimately top formers align themselves with coaches who themselves have reached high levels of achievement.
I have found trading to be one of the most rewarding professions in the world. But the rewards come only with the right effort, time and money. No shortcuts, I am afraid.