In the book Outliers: The Story of Success, by Malcolm Gladwell there is a chapter devoted to the 10,000 Hour Rule.
The short message is: “… that ten thousand hours of practice is required to achieve the level of mastery associated with being a world-class expert – in anything.” Gladwell cites many examples in his book: Mozart, Bobby Fischer, The Beatles, Bill Gates….to name a few.
In the book How to Make Money in Stocks, by William J. O’Neil, this question is address – “Are Successful People Lucky or Always Right?” His response is “They just try harder and more often than the average person. There aren’t many overnight successes; success takes time.” He goes on to remind us that; “In search of a filament for his electric lamp, Thomas Edison carbonized and tested 6,000 specimens of bamboo. Three if then worked. Babe Ruth worked so hard for his home run record that he also held the lifetime record for the strikeouts. The Beatles were turned down by every record company in England before they made it big. Michael Jordan was once cut from his high school basketball team.”
I find these messages to speak to the same issue. If you want to be a master at anything, you’ve got to be willing to work at it! There are no shortcuts. At OptionsAnimal we insist that our students experience their failures in a paper account. Placing your hard-earned capital at risk before you have completed at least a great deal of your 10,000 hours is just plain foolish. As for me? I began my options trading education in 2007. I’ve spend 40 hours per week studying the markets and options strategies since that time. At 40 hours per week, 50 weeks per year, I have probably reached the 6,000 hour mark. I am giving myself the full 10,000 hours to master this. I intend to reach that goal. It will take many more hours and much more serious study, but I’m confident that my expectations are aligned with my goals. And, I plan to enjoy myself every step of the way!