I'm told there's no age limit when it comes to day trading. As a day trader in his early 40s, I plan to do this as long as I'm able. On that note, how many of you over the age of 65 (retirement age) trade actively throughout the day? Please vote as honestly as you can. Thanks.
i would guess that by the time they are 65 most blow up enough times not pursue it further. therefore, unless one is a new trader he/she should not be >=65. feel free to prove my hypothesis wrong. Shortie Pythagoras Out
I'm 2 and a half months shy of 65 so I can't vote in your poll. But having been at this for 35 or so years, and retiring at 38, I think you'll find that in the declining years your emphasis will be on quality over quantity. And your experience should allow you to outdo the young machine gunners, and it'll give you more satisfaction at the same time. That's not to say that you won't be able to use your mouse as a trigger if that's your fancy. However, you might see a decline in your ability to concentrate for the same period of time as you could when younger. Wishing you luck in making it to 65!!
I was too old for scalping when I was 30. I'll probably be too old for program trading when I'm 40. Maybe you can swing trade when you're old?
If you're a successful scalper even by the age of 30 you best have enough money doing some low risk swings to make a decent living.
I won't be turning 65 until late in June, but I answered your poll anyway. Just a few points. First, I've been trading since I was 19...when I opened my first account at Merrill Lynch with a phoney ID. I was trading when the first listed options started trading, when gold futures started, when they started index futures. For the most part I've watched the market from bell to bell for all those years. I've taken my vacations at holidays or over slow periods. I'd have to say though I've haven't missed many sessions. I try to schedule appointments after 3:30 PM CST or before the opening, although once in a while I have to miss a few hours. There's a reason for that...I love the markets. I always have from the first time I saw the ticker tape scrolling across the front of the Merrill Lynch office and the commodity tickers ticking back and forth that they used to haver at the from of their offices. I'm a discretionary trader, mostly index futures, although I do trade some stocks and other futures at times like gold, oil, notes, and the euro. I do day trade. But sometimes I'll hold positions overnight. Kinda depends on what my confidence level is at the time. That said though, there's a few things I've learned over the years. One of those is that speed and agility is not a prerequisite for success as a trader. How fast you can push a button has literally nothing to do with long term success as a trader. Over the years I've decided that the single most important quality that one can have for successful trading is the ability to embrace risk. Guys that jump in and out of a trade incessantly generally speaking (in my opinion) are fearful. They're trying to overcontrol the trade and/or the market. The ability to sit and allow the market to work for you is important even in a day trade environment, and resulting from the ability to embrace risk. Can a 65 year old embrace risk? Why not ask T Boone Pickens, who's now 82? In any case, these days 65 isn't what it used to be when my grandfather was 65. Why would you stop doing something that you love? But if you don't love it, you probably won't be around until then. When you think about it though, you sit in a chair, you watch your screen, you draw your conclusions....not anything a 65 year old can't do. OldTrader
I'm only 42, and I'm already starting to feel this way. Automation allows me to be in many positions at once, but the system is very selective. I've always done much better with a sniper mentality, and getting older (and somewhat more mature) allows me to not be envious of the young fellers who are so damn fast on the keyboard.
Interesting post, thanks. By "discretionary" trader in index futures, do you mean you study macro fundamentals relating to worldwide market indicators, politics, headline news, etc. in order to make your educated guess as to likely market moves? I assume you look at charts as just another factor to consider in making your moves. This is what I do, mostly with ES.......am curious if your methods are similar. Stosh
Guys that jump in and out of a trade incessantly generally speaking (in my opinion) are fearful. They're trying to overcontrol the trade and/or the market. The ability to sit and allow the market to work for you is important even in a day trade environment, and resulting from the ability to embrace risk. Great point there, glad I saw them