Best of the Week
Most Popular
1. 2019 From A Fourth Turning Perspective - James_Quinn
2.Beware the Young Stocks Bear Market! - Zeal_LLC
3.Safe Havens are Surging. What this Means for Stocks 2019 - Troy_Bombardia
4.Most Popular Financial Markets Analysis of 2018 - Trump and BrExit Chaos Dominate - Nadeem_Walayat
5.January 2019 Financial Markets Analysis and Forecasts - Nadeem_Walayat
6.Silver Price Trend Analysis 2019 - Nadeem_Walayat
7.Why 90% of Traders Lose - Nadeem_Walayat
8.What to do With Your Money in a Stocks Bear Market - Stephen_McBride
9.Stock Market What to Expect in the First 3~5 Months of 2019 - Chris_Vermeulen
10.China, Global Economy has Tipped over: The Surging Dollar and the Rallying Yen - FXCOT
Last 7 days
UK Population Growth - Latest ONS Immigration Statistics and Consequences - 24th Mar 19
The Fed Follows Trump's Tweets, And Does The Right Thing - 24th Mar 19
Yield Curves, 2yr Yield, SPX Stocks and a Crack Up Boom? - 24th Mar 19
Risk/Reward in Silver Favors Buying Now, Not Waiting for Big Moves - 23rd Mar 19
Similarities Between Stock Market Today and Previous Bull Market Tops - 23rd Mar 19
Stock Market DOW Seasonal Trend Analysis - 23rd Mar 19
US Dollar Breakdown on Fed Was Much Worse Than It Looks - 23rd Mar 19
Gold Mid-Tier GDXJ Stocks Fundamentals - 23rd Mar 19
Which Currency Pairs Stand to Benefit from Prevailing Risk Aversion? - 23rd Mar 19
If You Get These 3 Things Right, You’ll Never Have to Worry About Money - 22nd Mar 19
March 2019 Cryptocurrency Technical Analysis - 22nd Mar 19
Turkey Tourist Fakes Market Bargains Haggling Top Tips - 22nd Mar 19
Next Recession: Finding A 48% Yield Amid The Ruins - 22nd Mar 19
Your Future Stock Returns Might Unpleasantly Surprise You - 22nd Mar 19
Fed Acknowledges “Recession Risks”. Run for the Hills! - 22nd Mar 19
Will Bridging Loans Grow in Demand and Usage in 2019? - 22nd Mar 19
Does Fed Know Something Gold Investors Do Not Know? - 21st Mar 19
Gold …Some Confirmations to Watch For - 21st Mar 19
UKIP No Longer About BrExit, Becomes BNP 2.0, Muslim Hate Party - 21st Mar 19
A Message to the Gold Bulls: Relying on the CoT Gives You A False Sense of Security - 20th Mar 19
The Secret to Funding a Green New Deal - 20th Mar 19
Vietnam, Part I: Colonialism and National Liberation - 20th Mar 19
Will the Fed Cut its Interest Rate Forecast, Pushing Gold Higher? - 20th Mar 19
Dow Jones Stock Market Topping Pattern - 20th Mar 19
Gold Stocks Outperform Gold but Not Stocks - 20th Mar 19
Here’s What You’re Not Hearing About the US - China Trade War - 20th Mar 19
US Overdosing on Debt - 19th Mar 19
Looking at the Economic Winter Season Ahead - 19th Mar 19
Will the Stock Market Crash Like 1937? - 19th Mar 19
Stock Market VIX Volaility Analysis - 19th Mar 19
FREE Access to Stock and Finanacial Markets Trading Analysis Worth $1229! - 19th Mar 19
US Stock Markets Price Anomaly Setup Continues - 19th Mar 19
Gold Price Confirmation of the Warning - 18th Mar 19
Split Stock Market Warning - 18th Mar 19
Stock Market Trend Analysis 2019 - Video - 18th Mar 19
Best Precious Metals Investment and Trades for 2019 - 18th Mar 19
Hurdles for Gold Stocks - 18th Mar 19
Pento: Coming QE & Low Rates Will Be ‘Rocket Fuel for Gold’ - 18th Mar 19
"This is for Tommy Robinson" Shouts Knife Wielding White Supremacist Terrorist in London - 18th Mar 19
This Is How You Create the Biggest Credit Bubble in History - 17th Mar 19
Crude Oil Bulls - For Whom the Bell Tolls - 17th Mar 19
Gold Mining Stocks Fundamentals - 17th Mar 19
Why Buy a Land Rover - Range Rover vs Huge Tree Branch Falling on its Roof - 17th Mar 19
UKIP Urged to Change Name to BNP 2.0 So BrExit Party Can Fight a 2nd EU Referendum - 17th Mar 19

Market Oracle FREE Newsletter

Stock Market Trend Forecast March to September 2019

10,000 Hours To Graceland

InvestorEducation / Trader Psychology Oct 01, 2009 - 07:23 AM GMT

By: Charles_Maley


The world’s a stage and most of us are desperately unrehearsed - SEAN O’CASEY, IRISH DRAMATIST

Do we really have a clear understanding of raw talent? Is there such a thing as a natural born trader?

I think there is innate talent, but I also think it plays much less of a role in success than we think. Given two traders with equal aptitude, the one who works harder will win. Like any other field.

Malcolm Gladwell in his book OUTLIERS, sites a study by The Academy of Music in Berlin. The study set out to discover just how far talent goes. In the study the schools most promising violinists were split into three groups. Group one was comprised of the “sure to be world-class” players. Group two were classified in a more “good” category and finally the “unlikely to play professionally” category.

The students all began playing at roughly the same age, around five years old. They also practiced about the same three of hours a week. After a few years passed however, things changed. The students that would become the most successful began to escalate their practice sessions. By age twelve they were playing sixteen hours a week, and then thirty hours a week by the time they were twenty. It turns out, that by the age of twenty, the world-class put in over ten thousand hours as compared to about eight for group two, and four thousand hours for group three.

Gladwell points out that “Their research suggests that once a musician has enough ability to get into a top music school, the thing that distinguishes one performer from another is how hard he or she works. That’s it”.

I guess we could apply this to any school or profession. Larry Bird was not the most athletic guy in the NBA, but he would practice constantly, frequently shooting in the Boston Garden before or after games alone in the dark, hours on end.

Gladwell also notes that John Lennon and Paul McCartney actually started playing together in 1957, before they formed The Beatles in 1960. By the time they hit some success in late 1963 they had performed an estimated 1200 times. In fact, they had played together over 10 years from the high school days, to the release of Sgt. Pepper’s Lonely Hearts Club Band. How many hours was that? I’ll bet more than 10,000.

Even prodigies like Mozart, put in the time. His first recognized original masterpiece was concerto No. 9, which he composed when he was twenty-one years old. By twenty-one however, Mozart had been composing for over ten years. Not those 10,000 hours again!

Some people think stress from working hard will kill you, but I think that depends on passion. Practicing hard at something you love is not the same as hard work. It only appears this way to people who don’t care for that particular endeavor. I constantly work on my trading and never feel like I’m working hard. In fact, not working hard enough at it is more stressful for me. It reminds me of the quote by Malcolm Forbes who once said “retirement has killed more people than hard work ever did.”  

Enjoy this article? Like to receive more like it each day? Simply click here and enter your email address in the box below to join them. 

Email addresses are only used for mailing articles, and you may unsubscribe any time by clicking the link provided in the footer of each email.

Charles Maley
Charles has been in the financial arena since 1980. Charles is a Partner of Angus Jackson Partners, Inc. where he is currently building a track record trading the concepts that has taken thirty years to learn. He uses multiple trading systems to trade over 65 markets with multiple risk management strategies. More importantly he manages the programs in the “Real World”, adjusting for the surprises of inevitable change and random events. Charles keeps a Blog on the concepts, observations, and intuitions that can help all traders become better traders.

© 2005-2019 - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.

Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules