my father works for exxonmobil as an engineer/operator. he doesnt work in a comfortable atmosphere and he makes an ok amount of dough. he takes in about 75k yr. he is constantly complaining about his job because of some of the long hours he has to work (working 50 straight days as we speak on a turnaround). working at a plant like that is not something i want to do. i would love to make a living trading........... although he will be able to retire at age 55 is a big upside..........which brings me to my question...... WHAT IS THE RETIREMENT PLAN FOR DAY TRADERS ? WILL MOST TRADERS BE ABLE TO LIVE COMFORTABLE AND STILL BE ABLE TO SAVE UP ENOUGH MONEY AND STOP TRADING ? OR WILL MOST TRADERS HAVE TO TRADE TILL THEY ARE OLD, GRAY, WRINKLED, AND BARELY ABLE TO SEE THE MONITOR ?????????????????????????????????????????
from the response i got (none), im taking it u pictured yourself old and wrinkled trading and turned off the computer !/ ? :eek:
You gave traders 27 minutes to respond to you during one of the busiest trading timeframes of the day. What did you expect???
Two answers... First the pompous one that contains a grain of truth... If you don't love trading so much that you couldn't imagine retiring from it, you probably aren't going to be very successful as a trader. I've never heard a profitable trader talk about retiring. Second, the serious answer... Trading results have a large variance. If you are a good trader you'll make lots of money. If you are a lousy trader you won't last very long. You probably aren't going to make a just-barely-adequate living year after year. So if you last many years as a trader you'll probably be quite profitable. You'll have so much money you'll be able to retire whenever you want.
well macal, i wasnt giving a timeframe to respond......i was going by the amount of people who viewed the post, which was at about 55 at the time. next time think before u speak. it is currently at 127 views and one worthly response (yours dont count ) so im just taking it that either some traders havent thought about a retirement plan or that the good traders (u know, the cocky ones) think that it was a stupid question since , u know, they are already rich.
It all depends on how you save your money. If you spend everything, then you'll have nothing for retirement. It's no different then any other job, except you can potentially make more money then most jobs out there. And have fun most of the time doing it.
Well firstly if you are a good trader by most people's definitions you have retired- you have great lifestyle, great holidays, your own times. Now to get that way takes time - also if you are a great trader you probably have excellent financial advisors who plan it out for you or many great traders live in the present with no eye on the future and in that life live to the fullest and it is an insult to even suggest retiring. Kind of like James Dean's "Live fast die young and have a good looking corpse". Either way a great trader is like any small percantage of high powered individuals - living in life on his or her terms - and no offence but that person won't be working at exxon for 30 years or so - not even in their Treasury department. Simply Trading isn't for everyone!
Thanks for the response aaron,,, i know what you are saying. I was just wondering what the person that is making about 70-80k a year plans on doing in the future. because of course making that much money trading is way better than making that much money working for a place like exxonmobil. except for the fact that mobil offers a great retirement plan. -------but anyways thanks for everyone else... i do understand that a ''GREAT'' trader has nothing to worry about..... i was wondering about the trader who is making ok money and living comfortable. i know trading is alot different than any other job with set hours and a boss..... but no one want to trade till their 65 either. ( i dont think they do)