Any Day Trader Over the Age of 65?

[tortoise]

Quote from OldTrader:

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

great post. a lot of wisdom here. thanks

 

[MAESTRO]

I am 55 this year. I have been trading non-stop for 18 years (except the time I spent in the hospitals). I can tell you that like a good wine you are getting better with age. Day trading or any other trading makes you to watch markets all the time. However, you get more pleasure from making 5 - 8 % a month, every month rather than making 40% one month and losing 30% another. I did not have a losing month since March 2007 and that makes me very happy! I used to be very aggressive; not anymore. I am getting more and more leveled in my emotions and taking small losses as needed is getting much easier. I switched to option strategies from the active day trading of actual futures and stocks, but I am not a "bag holder". Trading is like chess - there is infinite number of winning strategies and there is always a way to improve yours. Constant refinement of your own carefully crafted strategy is a source of constant pleasure (at least for me). This has become my ultimate entertainment, hobby, way of thinking etc. I am getting easily bored at any party when I cannot find somebody who I can talk to about Volatility, Deviations, Deltas and Vegas. My brain constantly requires the exercise and I cannot wait to get back to my daily routine of analyzing the psychology of the markets. It is such a wonderful research lab with "rats", "monkeys" and "dogs" readily available for you to conduct any experiment you want.

I love it!

MAESTRO

 

[schizo]

Just look back and consider how much the world has changed over the last 20 years. As a matter of fact, I got into trading 20 years ago. Back then, we didn't even have a color monitor, let alone CD-ROM. And the biggest hard disk sold on the market was 40 MB (that's megabytes, folks!).

We've morphed this far in just 20 years. Who knows what could happen in the next 20 years. I have no doubt I'll still be flipping in my sweet ol' 60's.

Flip on!

 

[maxpi]

No boss, no schedule that much, pays.. it's the job that don't quit... I'll trade until they pry the mouse from my cold dead fingers...

 

[spd]

This thread is awesome, coming from a somewhat (30) still young guy on fire for learning every intricacy of the markets.

 

[spd]

Quote from schizo:

Back then, we didn't even have a color monitor, let alone CD-ROM. And the biggest hard disk sold on the market was 40 MB (that's megabytes, folks!).
D

LOL Dont forget the Turbo button your your 386SX CPU ha!

 

[schizo]

Quote from maxpi:

I'll trade until they pry the mouse from my cold dead fingers...

My point, exactly.

 

[pennystocker]

I hope my trading account stays alive well into my 65th year and that they will have healthier and more effective versions of viagra on the market.

 

[schizo]

Quote from jnbadger:

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.

It's my hope that system/platform vendors will take notice and implement powerful trading systems that is still easy to use for the aging demographics.

 

[Xspurt]

Quote from MAESTRO:

I am 55 this year. I have been trading non-stop for 18 years (except the time I spent in the hospitals). I can tell you that like a good wine you are getting better with age. Day trading or any other trading makes you to watch markets all the time. However, you get more pleasure from making 5 - 8 % a month, every month rather than making 40% one month and losing 30% another. I did not have a losing month since March 2007 and that makes me very happy! I used to be very aggressive; not anymore. I am getting more and more leveled in my emotions and taking small losses as needed is getting much easier. I switched to option strategies from the active day trading of actual futures and stocks, but I am not a "bag holder". Trading is like chess - there is infinite number of winning strategies and there is always a way to improve yours. Constant refinement of your own carefully crafted strategy is a source of constant pleasure (at least for me). This has become my ultimate entertainment, hobby, way of thinking etc. I am getting easily bored at any party when I cannot find somebody who I can talk to about Volatility, Deviations, Deltas and Vegas. My brain constantly requires the exercise and I cannot wait to get back to my daily routine of analyzing the psychology of the markets. It is such a wonderful research lab with "rats", "monkeys" and "dogs" readily available for you to conduct any experiment you want.

I love it!

MAESTRO

Hahaha. Great post.

I am pushing 50 and I hope to be able to trade when I am 85 if the machinery runs for that long. I get bored with life if I am away from trading for too long as I too miss playing in the lab with all the animals.