Tuesday, July 28, 2009

13 years to become an expert

In Malcolm Gladwell's book Outliers, a study done by Anders Ericsson on violinists shows that it takes about 10000 (ten thousand) hours of practice to become an expert at something. When I read this for the first time, I was fascinated by the fact that it takes such a long time of dedicated effort to become really good at something.

Today, I was reading a book on trading strategies and it mentioned that a traders life is divided into decades. The first decade he makes his mistakes, the second decade he makes his money and the third decade he enjoys the money.

That set me calculating and trying to tie Gladwell with the traders cycle. If a person spends 3 hours per day for 5 days a week for 52 weeks a year, he will need about 13 years to be an expert at trading. And that is assuming that he is passionate about it in the first place. So, now we know, why we haev so many people failing as traders. It's just that they have not served their time as yet!!

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