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The Path from Empty Vessel to Expert Trader
May 14, 2019 | 8:39 am | The 5%ers' Blog > Magazine
May 14, 2019 | 8:39 am
The 5%ers' Blog > Magazine

Trading – Not Always what you Think it is!

Some believe that if you invest 10,000 hours into a new skill, you are sure to become an expert in that field. By this, I mean entirely investing your time and energy into working 8 hours a day, five days a week, for three years. That is what makes us skilled at what we do. That can be either an intimidating thought for some or inspiring for others. Become an expert trader is an exhilarating skill to choose from, but it is not an easy one. Many traders struggle through a tedious and up- and -down journey. Even those who have built their solid foundation, still find it difficult at times.  

Good Enough Never Considered as Good Enough 

Trading is one of the least tolerant professions as you cannot earn a living by being merely average. You have to become an expert to make consistent earnings – and 10,000 hours of investment time does sound like a genuine requirement. What is not said enough, is that the majority of your trading skills are usually acquired within the first 20 hours of your learning. Meaning that once you have reached your 20th hour, by then, you would have earned about 60% to 75% of the skills and theory needed. The remainder of the skills will be gained only after putting the long days, nights, and weeks of practice.

Easy to Learn But Challenging to Master

The ‘learning curve’ graph below shows that we begin incompetent at a skill. Then over time with practice, we can improve our skills. Eventually, our rate of skill plateaus and remains the same until we are ready for a new growth and learning spurt.

 

 

Trading not for the Faint Heart

But, this could be a misleading experience. Traders may become frustrated and lose confidence because trading success is hard to reach, especially since they already know most of the skills required and yet still, cannot reach achievement. Since trading professions are unique – To make a living out of trading takes no less than being excellent. To mediocre perform at a skill would not be nearly good enough to make a living off trading.

Brainpower = Trading Power

Another stage related to the expertise of a skill is the three weeks rule. Thus your skill will be practiced for three weeks consecutively, and through this, the ability will become ingrained in your daily routine and will play a natural role during your tasks. Your mind can adapt to anything, and so during the process of these three weeks, you will notice how powerful the mind is and how your brain can reprogram itself into reaching higher targets and creating new habits. When becoming an expert and skilled trader, the three weeks challenge will be an excellent tool to embrace working habits within your trading planning and routines.

Developing a Meaningful Habitat

Practice this method to acquire new habits.  Begin a new program or break habits within your job or relationships that are not working for you, such as smoking and changing destructive patterns. Our minds are flexible, and soon after the three weeks are over, any action that we previously practiced, will become intrinsic to us.

So What if you have to Give it Another Shot?

The 10,000 hours is one hell-of-a-commitment. To know if you are the right candidate for this business, you can try out the 20 hours concept and once you acquire the broad knowledge and tools, then proceed for the three weeks challenge to put you on track. If something is not working, it’s a guarantee that you can go back to start and relearn the practice, which is way better than remaining on the current journey and struggling along.

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