I am a career coach and have two clients who are former traders (they were traders at companies, not trading for themselves). For one of them, his type of trading disappeared because of automation, and the other feels he is too old to get another job in trading for various reasons. I have had some suggestions, but I'd love to hear some ideas from traders who know people who have been there. What are some of the careers that former traders go into after they retire? I figure some of you veterans must have some retired friends. . . Thanks.
1) Each of those guys may have never really been a "trader" to begin with. 2) They need to develop a "business owner" mentality instead of an "employee" mentality. 3) If they are techology-phobiacs, they could merely be passive investors if they have deep-enough pockets. 4) If they made the effort to develop a trading strategy and became more familiar with computers/software, they could actually become "traders" and not waste their time with people like you.
Nazz I think the OP was inquiring about what non-trading careers former traders gravitate to. It depends upon their skill set and interests.
You may be correct. The unfortunate thing is that a lot of former traders don't have transferable skills to the rest of the world. In a job interview, the interviewer will never understand nor respect trading. Can you imagine going to college for 2-to-4 years when you are in your 40's or 50's..... Yick! That should be motivation to remain with trading or retire completely and not waste your "golden years" in the work-a-day world.
That's my motivation bro. My skills would place me somewhere between telemarketer and limo driver.....
I think it would be a lot more honest if you were to tell your clients that you have absolutely no idea what they can do next, and you can't help them, and there is no fee. Wheedling free suggestions from total strangers -- in your first and only posting to a chat site -- and then regurgitating that "information" to your clients for a fee, doesn't seem like a huge Value Added service. Or putting it another way: I see what's in it for you. But I fail to see why I would be motivated to help.
My motivation for asking this question is I'd like to learn more in a professional area where I'm not so expert. If you need to charge me to answer my question because I'm not a trader, let me know. What's in it for someone who answers me is an opportunity to get a discussion going about what are the second careers that have made former traders relatively happy. Not all traders have made a fortune on which they can retire, and not everyone feels they can switch over to a new kind of trading when their area disappears. Let me know if this question isn't relevent to your lives or those of your older colleagues. . . .
What kind of traders are your clients? If they are sales traders, then maybe another sales position as those positions are more sales than trading. If it is a floor trader/broker, then it is very hard to transfer to anything. There are a lot of former floor brokers that are looking for their next career and it is a very hard position for these guys.
When is it that you get too old to trade? When does the job become too physically demanding for an old person? I would think that trading would be an ideal occupation or hobby for someone that's retired. It's not very strenuous. You can stop and start whenever you please. You can take a laptop with you and do it when you go to Florida in the winter. The only downfall might be that there isn't a lot of real life interaction with other people. If you want that, go be a greeter at Walmart.