Anybody here start trading for a living after 55? I have been a buy-and-hold type for years, which probably explains why I'll never be able to retire. I keep up with financial news daily and have followed the market for years but have not actively traded. Any new old-dog traders here that learned it late? I read a quote from one of the Bright boys in a book who said he would advise an over-sixty guy to take what money he has and enjoy it because it takes years to learn to trade. Just looking for thoughts on the subject. Thanks.
"Trading" can mean different things. You can hold a position for weeks at a time or seconds at a time. There is nothing wrong with trying out swing and position trading. At 55, the Grim Reaper is not knocking yet. I would recommend staying away from fast-fingers scalping, which has really gone downhill in the past year or two. But there are many people who make an excellent living trading with a time frame of weeks. The patience that you likely have developed in your "old" age can be a virtue. Good luck.
I was 56 when I started. Making a living, not getting rich, and still learning. Saying it takes years to learn is nonsence. Some people learn to trade in weeks, some never learn after years of trying. The learning curve is based on the individual, and imo not age related.
if you are interested in the activity of trading, willing to put in lots of time and effort, and are of sound mind & body, why not? life expectancy is about 78 for a male due to heart attacks and strokes, but if you are of sound body & mind, and eat properly you may achieve a healthy life span closer to 110 years, the true maximum life span of humans. that's another 30+ years, or almost 50% more time in a conscious state (before an eternity of oblivion and BLACKNESS :-| ..) to trade, learn and enjoy. but if you are like most, you will be gone much sooner. so you see it all depends on what you do, and what you want to do. the key is LIFESTYLE & DESIRE!
The above statement, Brother Pussy, is the most inspiring thing I read for a while, and I commend you for it. Respect! Brother Candle
Thanks for the comments. Yes, Faster, that was inspirational. And Horse, would you comment on your trading style? I know it's an individual thing, but I'm just curious because you're actually doing it for a living and you're probably not doing it like a video game. I was just hoping for a little confidence building and it looks like I'm finding it here. Thanks, again, for the replies.
<i>more time in a conscious state (before an eternity of oblivion and BLACKNESS :-| ..)</i> So I guess you are an Atheist?
nljones5, You and I are very similar regarding age and background. I'm 52 and have been actively learning about short term trading for about a year and a half. I got started in the Reagan 80's and the crash of 1987 was what gave me the clue that "buy and hold" isn't all it is cracked up to be. After that, my time frame for holding stocks has gotten progressively shorter...now it is a matter of minutes and hours, not years... "Faster..." pretty much summed it up...so no, you aren't too old and there's a lot of great trading ahead. Just be sure you know what you're doing....Do small size for a while and when you're turning a profit then you're probably ready to crank up the size (risk). Personally, I benefited from attending a week long course which focused on professional trading...also, I highly recommend Van Tharps recent books...his approach to risk management works well for me. YMMV. But really, there is nothing quite like the experience gained by sitting down and pulling the trigger every day. Good trading! Jim
Airspeed, would name the course? I think I should take a look at something like that because right now I'm a little ovewhelmed with books, each of which takes a week or more, but I will add Van Tharpe to my reading list. I think I meant to do that before. If you don't want to appear to be hyping a course on the board, would you leave the name in my mail box. Thanks.