10,000 Hours to Master Trading?Welcome to another Trading Myth Buster’s episode.
This is where I take the old adages and see if we can bust them or not.
Today’s adage goes to…
“You need 10,000 hours to master something”.
Let’s first break this up into how many days this will take.
If you practise an art of something for 30 minutes a day…
10,000 hours equates to 300,000 minutes.
We then divide that by 30 minutes and of course we get 10,000 days.
Divide that by 365, and here’s how long it will take you to master something…
Drum roll…
27 years!
However, most professionals practise 8 to 10 hours a day – hence them being able to master the art in a short time.
This is definitely plausible if you want to be a professional ballet dancer, golfer, cricketer, rugby player and even a chess champion.
But no ways in hell, should it take that long to learn how to trade.
I am just the exception but it’s because of what was available when I started…
So please bear with me, on this side note…
In 2003, when I started, it took me 10s of thousands of hours and years and years, to learn how to be a successful trader.
This is because of a number of reasons:
I spent two years studying both technical and fundamental analysis
Each year I learnt and adapted a new trading strategy
I back-tested and forward tested countless systems
I had no one to show me the way
I made unnecessary and timely mistakes
Charting platforms and education were extremely limited
I traded from morning up until 4am trading different markets
I went back to the drawing board trying to find what works, year in and year out
I entered into limbo mode for three years living in doubt and thinking trading was a scam
So as you can see, I wasted thousands of hours of finding out HOW NOT TO TRADE…
Made countless mistakes and wasted a ton of money – without having someone to direct me.
But I pushed through it all and eventually found my feet one day.
And so, yes it took me a lot longer than what it should have.
So how many hours do you need to learn HOW TO TRADE?
If a trader follows a path of a successful trader and method, it should not take more than 10 months to get their feet off the ground.
Here’s how I calculated this time for learning to trade:
#: 1 Month – Learn the basics to advanced theory
#: 1 Week – Adapt and learn a proven and trusted trading strategy
#: 1 Week – Back-test and journal 20 trades with different markets
#: 4 Months – Forward test 20 trades with the proven strategy using a demo-account
#: 4 Months – Real test 20 trades using a proven trading strategy with a LIVE (real money) account
Here’s how to follow the foot-steps of successful traders
The above is how to master the art of trading on your own…
But having said that, you’ll still most definitely need to learn the mechanics of:
How to trade CFDs
How to take a trade
How to adapt money management rules
How to develop the mind of a successful trader
This is a subjective and introspection journey that you need to run your own marathon. Take your time, go with your own energy and day by day you'll get closer to achieving your trading goals.
And the more you do it, the quicker and more effortless it will become.
10000
YFII - GO UP to 10000$ ???A_V_I_A_T_O_R think YFII - GO UP to 10000$ !!! What do you think about it idea?
10k Pounce, Use Zone Support, Stay Above & 'Bounce'Ripper P action the last hour before open to push the market through certain resistance levels like it’s not even there. I posted in the last chart that the subtle trend line was being tested being an indication that an attack was transpiring.
NOW: Bitcoin needs to stay above the 10k spot. Even if consolidates it’s a good area to sit as its broken somer major resistance to get there.
Area of Interest
Straight into this P zone and I’ll go into whats in its favour.
Bulls should look to fill this wick off the monthly as much as possible:
Zoom in the is the High of 2020 thus far and P action to get up here is a safety point of reasoning that this market has power and confidence:
Diving into Daily dynamics:
From the above note that Bitcoin has:
Broken the 10k mark
Broke the Trend Line mentioned yesterday after testing an hour before todays open, pull back, EXPLODE
Inner upward channel touch and bounce
25% Level of Channel, Look to Rise to 50%
Previous tests of 10k become support showing strength
Rest of the day we watch and analyse P action to stay above 10k, push , settle fall focusing on resistance play around the subtle ‘yellow’ Trend line on the 4 hour chart published above.
Let’s Go, Happy Trading
Bitcoin to Date
Daily
Current Price: $10,179 USD
Daily Change %: +7.29%
Market Cap: $187,485,435,787.50 USD
24 Hour Volume: $35,864,270,680 USD
Population of the World: ~7,788,513,400+ humans
Today’s Bitcoin Total / World Population: ~ 0.002361393382208 Satoshi’s / $24.03 USD per person
Overall
Approximate Bitcoin in Circulation: 18,391,744 BTC
Approximate Bitcoin Mined Last 24hr: ~ 900 BTC
Approximate Bitcoin Left to Mine: 2,608,256 BTC
Road to 21,000,000 Bitcoin Mined: 87.58%
Current Bitcoin Dominance: 67%
📈Support & Resistance📉*
Support Levels
1st Support Zone: 9779.1
2nd Support Zone: 9503.1
3rd Support Zone: 9133.1
Resistance Levels:
1st Resistance Zone: 10472.2
2nd Resistance Zone: 10944.8
3rd Resistance Zone: 11845.7
Price Level Consideration
Approximate Days Until Halving: 1439 Days (Pending Timezone / Blocks Mined)
All Time High Half Way Point: 9942.5
Prominent High: 13767.4
Prominent Low: 3994.1
🐃 Bulls Verse Bears 🐻
🐃 Bullish Above: 10485.8
🐻 Bearish Below: 6474.1
Monthly & Weekly Opens
Monthly Open: 9447.2
Weekly Open: 9447.2
Current Price Zone: ACCUMULATION ZONE
Biggest Bitcoin Transaction of the Day**
1. 🚨6,000 BTC ($57,017,246 USD) transferred from Bitthumb ➡️ Unknown wallet 🚨
2. 🚨6,000 BTC ($56,837,567 USD) transferred from Bitthumb ➡️ Unknown wallet 🚨
3. 🚨2,898 BTC ($27,741,142 USD) transferred from Bitthumb ➡️ Unknown wallet 🚨
Largest Cryptocurrency Transaction Today:
🚨🚨500,000,000 ETH ($102,054,358 USD) transferred from Ripple escrow wallet ➡️ Ripple🚨🚨
Gold***: $1,741.33 USD +1.28 +0.07%
Silver***: $18.34 USD +0.01 +0.05%
——————————————————————————————————
*📈Support & Resistance📉: These are typically zones & not exact price levels depicted by the lines. Keep in mind that price may respect and repeatedly touch several times on smaller time frames.
**What you won’t see on exchanges: This is purely to reference that traders watching the charts are neglecting the ‘Transaction Sentiment’ of large (🐳 WHALE) transactions from wallet to wallet and OTC execution send transactions (new/old wallets). TIP: The amount/s transferred daily tells a story of flow to potential market dynamics that may transpire.
*** Personally I HODL Gold/Crypto over having a majority of Fiat currency 💸. Previously before trading crypto in 2015, Gold was one of my main charts thus I look at the price regularly comparative to Bitcoin.
Created & published by Des Landen
Landen International
Rectangular ,triangle everything said we are going for 9400$Hello guys thank your for your time joining my inspect , here is my idea after breaking triangle we have a nice pump and BTC broke trend of rectangular and we are going for 9400$ BTC needs no rest now till 9400$ maybe no rest till 10300$ ?
share your idea please press the like button thank you all for your time
My Bitcoin Ascending Triangle Game PlanOk, I'm assuming everyone knows Bitcoin is attempting an ascending triangle. What I don't like about this ascending triangle is the bearish divergence. What I really DON'T LIKE is the cross to the negative side as of two days ago on the MACD. This just shows that 'winter is coming' and the perfect opportunity for a short with it. Of course this is not financial advise and I'm merely sharing my thoughts.
GAMEPLAN
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It is May 25th, 2019. I'm expecting a drop to 7890 around Memorial day before starting our last shot at breaking 8300 if we do not continue to fall.
While the trend continues upward because of bulls buying dips, I will stay on my long and might add some at 7890 if we get there with VERY TIGHT stop losses.
We all know we are over extended and the crazy strong resistance from 9.5k to 10k. So the way I will play this is planning to long 6k to 6.8k or short 9.3 to 10k and close my current positions via a stop at 7.7k if we drop below the support area.
I will also be selling from 8800 to 9500 area while raising the stop at the same time. My plan is to average my entry within these points spread out evenly with a massive short at 10k or massive long at 6k if we get there which I doubt.
Whether long or short there's going to be a lot of opportunity coming up soon. What is your game plan? How are you playing the next week? I hope you've establish it ahead of time.
BTCUSD - Bitcoin to break upwards to $10,000!The bitcoin market rallied a bit on Friday and Saturday, reaching towards the same resistance areas that we had seen previously during the last week. The recovery shows that there are plenty of buyers waiting for any opportunity to buy Bitcoin.
At this point, the market seems similar to the rally we had at the end of 2017. If we break the 8250 level, the market could go much higher, reaching towards the psychologically 10,000 level.
In the case of a pullback, I will be a buyer as soon as it doesn't break our 7000 support.
Watch Out When Breaking $10,000Watch Out When Breaking $10,000
Since everyone expects a bull market as soon as we break the $10,000, I imagine the drop will come much sooner than expected.
So I could very well imagine that the market is going to fool everyone like everytime.
Therefore, you should take care very well.
Again and again I read in the comments of 'Top Authors' that people will do the opposite of what they do.
What is happening? It happens exactly the opposite.
I do not want to talk bad to anyone, but many are very easily manipulated by the market.
As a smart whale, you would do everything to be able to benefit yourself or right?
That's why they do the opposite of what the crowd does and it works every time
At the end, I would like to say that this idea might be wrong.
You decide in the end about what you do.
This should only be a warning.
It may be right or wrong.
The market decides what happens.
Note: The red arrow only indicates the direction it could go if it's a fake out. As a result, there is no specific target, as we still do not know how far down it will go when this scenario is happening.