As the years get pass, although i have a profitable day-trading strategy, i feel weaker as i aged every single day. Anyone old man like me?? Just want to hear stories from old age traders.
I am 32 yrs old. In 2005, I met a prop trading mnger who likes me much, but refused me as I was too old (their Co. has a age limit @24 yrs). Finally he, making confidence in me, recruited one of my friends I recommended to him; but my friend was fired 1 yr later.
I am 56 years old I have hired traders from many cultures and both genders. No concern for anything except ability to do the job and to fit in the (small, 5 traders) office. My best employee was a Danish woman who was the best fixed income trader I ever saw. She was 49 when I hired her. In answer to the question, employers here are not permitted to ask an applicant's age. They may however choose to divulge it. Steve
hi rateesquad, I am of China origin, live in Paris France now. The Co. is a UK-Holland Co. There's no discrimination for nationality I am sure (As my friend they recruited is a chinese guy also), but just because they have such an internal rule, described in their offer. He could not take the risk to break the rules for me. (he had unsuccessfully tried to present me to their AM division) I think the things should be better in US than in Europe, as your mentality is opener than in Europe.
There is massive age discrimination on trading desks. Anyone over 35 is considered old and over 40, they try to get rid of you asap. It is so hard to prove age discrimination but it exists in this business.
Currently 35 (will turn 36 this month) and never felt better. I have been investing for years (since age 19 or so) and trading/running my financial business full time the past 3.5 years. Although daytrading is only a small portion of my time/effort and can be rewarding, you will find that as you amass wealth, being able to build larger positions and extended time frames becomes much more important. This still entails a TON OF TRADING but with a much different attitude. Think of it as graduating from smash-and-grab to jewel heisting to eventually becoming the Don (don't know why I chose crime syndicate analogy, just seemed fitting, LOL). Simply put, I've made sure to make daytrading a very small effort and my overall business has been flourishing. I think younger traders have a small edge in daytrading and are at a GREAT DISADVANTAGE in trading longer time frames. I remember long ago that I put a person into a mega-winning trade that only took a week and a half to evolve and they punched out with less than half the profits that I did. If you're going to take the pain make sure you get most of the gain. I have found they are much more adverse to the emotional toll. Hell, some of my most emotionally tormenting trades have been my biggest/successful. I have become masochistic I suppose (reality: just really good at separating emotion from my trading). I guess I'm fortunate in the fact that I reverse engineered my style/career. I worked the regular grind and started investing successfully at a young age. I only needed to scale down my positions and timeframes. I am used to holding for extended periods of time through adverse conditions (survived the bubble and 911, was out on substantial margin during the attack, as a matter of fact, and never even came close to a margin call, knowing how to hedge is golden). Daytrading will take its toll and to really amass wealth you will need to do well at much higher stakes with a bit longer timeframes. Your abilities to scrutinize companies, markets, politics, tax implications, overall deals, etc.. becomes a MUCH GREATER IMPORTANCE/ADVANTAGE than precise entries and exits. These, for the most part, are put into proper perspective and the domain of the experienced/wiser mind that only survival and age can teach. Anyone that says experience isn't a factor that creates/contributes to edge is most likely young or won't be around for very long. Also, age tends to weed out those that have been luckier than good. Just my experience since you asked. Got to know how to shift gears. The more gears, the longer the lifespan. If you survive, adapt and stick with it, your best days are yet to come. Good Luck!