Is it too late to become a daytrader at 30?

[Scataphagos]

Only in hindsight you will know what you had to do.

This is a big deal. If in hindsight you see you should have made a certain decision... it's not "that you got it wrong"... but more that "what would have been correct and why"?...you can apply that understanding the next and subsequent times you see it.

The "why" is crucial...

 

[jinxu]

Impossible to know in just a few months.

I knew after a few months that is was going to work... till I found out I had a problem. Solved that problem and knew that from then on it was going to work. This scenario repeated for many years, till I understood that you never know if it will continue to work.

The only thing I did was every month make an objective analysis of the progress (or the lack of progress), so that I knew if I could continue or not. Sometimes when things went really wrong and had to start again from scraTch, I overruled the obejctive analysis and continued. I have the mentality of a pitbull, I never give up (too difficult to me). I was lucky I was so stubborn because I finally arrived at the point (or even beyond) I was aiming at. But for the same money I would have lost lots of money and time in something unachievable.

Only in hindsight you will know what you had to do. So trying can make you happy or be dramatical for you (and also for your wife and children).

I took a different path. 7 or 8 years ago, it clicked on me that trading was a mind game and I needed to get smarter to beat the market. So I had the idea to start pouring R&D in how to make myself smarter using psychology.

I figured that during the system development state I needed to generate ideas. In my Research I figured out a method to "train" my mind to generate creative sparks at a higher rate then normal. Using these creative sparks would generate trading ideas at a high frequency. Then from these trading ideas would form the basis for my trading system.

Now I'm trying to figure out a way to monetize my method of brain training so I can offer it to the masses. But problem is people are cheap if it's knowledge base. And I don't feel like writing a book.

 

[jinxu]

You put enough pressure on something...it will either explode into greatness or crumble.
Pressure are how diamonds are made. -- a powerful change agent or catalyst for many things in life,

Kind of like in movies...live life casually getting nowhere, have no purpose or ambition....or suddenly have a gun placed to your head -- and Seeing the Divine Light` in every little thing,

Yep. 7 years ago I started a bunch of small thousand dollar accounts and kept on blowing up over and over. On the outside it look like insanity as it seem like I'm just throwing money away. But in secret I found that each time I blew up it caused me to develop out of the box trading ideas that I probably wouldn't have thought up if I didn't blow up.

So I kept blowing up thousand dollar account over and over. Each time giving more insights on the market. However it probably was just fortunate circumstance. I was still in college. Why it works was that a thousand dollar was to me at the time a lot of money. Each thousand dollar failure was painful (to me). And it sparks my creativity.

I highly doubt someone blowing up a $100,000 account would generate the same result. Or even $50,000.

If failure lead to success. Then multiple failures can lead to higher success. That is why I understand now why in a lot of biography, people mention failure as a driving force for their eventual success. Therefore, that is why IMO I think people who come into trading with the mindset of being afraid to fail will usually end up not succeeding.

 

[Xela]

If failure lead to success. Then multiple failures can lead to higher success. That is why I understand now why in a lot of biography, people mention failure as a driving force for their eventual success.

I don't really disagree with you, but I think there's surely some concealed "survivorship-bias" in this observation, too? (One doesn't hear much about all the ones who remained failures, after all.)

Therefore, that is why IMO I think people who come into trading with the mindset of being afraid to fail will usually end up not succeeding.

I'm not quite convinced about the "therefore", but I agree with the observation, anyway.

 

[lawrence-lugar]

I think there's surely some concealed "survivorship-bias" in this observation

One doesn't hear much about all the ones who remained failures

This is ET...we all strive to be one of the rare survivors, and screw everyone else's well-being -- kind of like the rich people of the Titanic and the limited life rafts.

In any collective grouping...many will fail and essentially die, or simply get nowhere.
But who really cares...we all look out for mainly, exclusively...ourselves, Numero Uno.

 

[jinxu]

I don't really disagree with you, but I think there's surely some concealed "survivorship-bias" in this observation, too? (One doesn't hear much about all the ones who remained failures, after all.)

I'm not quite convinced about the "therefore", but I agree with the observation, anyway.

Yeah, there was A LOT of luck involved looking back. That is why I wouldn't recommend daytrading or even trading to just anyone. There is no guarantee they would replicate my experience. Probably wouldn't imho.

For example, there is only 2 or 3 trading related book that I would highly recommend. These books were ones that I read at the beginning. If I hadn't stumbled upon them I doubt I would have been able to develop a working trading system as the ideas from these books are the basis of how I trade. So I was lucky that I started out reading the "right" books because most trading books are garbage. If I had read the "wrong" books I'm not sure where I would be if I did.

Like in chess, how well you can play in the end and middle game is largely dependent on how well you played at the opening. A bad opening can lead to bad middle and end game playing. But if you started out with a strong opening, then you have a fighting chance at winning. Which is why there is a lot of opening move tactics.

I used to play chess. I don't anymore. It got boring once you figure out that the opening move was the most important part of the game because I didn't like memorizing a bunch of them.

 

[themickey]

This is ET...we all strive to be one of the rare survivors, and screw everyone else's well-being -- kind of like the rich people of the Titanic and the limited life rafts.

In any collective grouping...many will fail and essentially die, or simply get nowhere.
But who really cares...we all look out for mainly, exclusively...ourselves, Numero Uno.

Yep, the reality is, everyone here on ET is a potential competitor.

 

[beerntrading]

it is important to keep that foolishness to stay young of mind. But you should know when you can be foolish and when you should be serious.

That's what you call maturity

 

[DeltaRisk]

Hi everyone,

I'm Andy. Is it possible to become a trader? I' already 31 years old. I know most of trading floors only recruit the young under 25 since they are more likely to be successful (Even though, most of them will not survive in the first year of their trading career according to my knowledge). I'd like to ask if there're any chances for "old man" like me.

I did some swing trade occasionally, not very expierenced on day trading. I think day trading would give me an opportunity to know how stock market works and help me to become a professional trader.

Do you think it's realistic for me to become a daytrader?
Thank you for your advice.

It’s a community type of deal if you’re going down the road to become a salaried trader, you probably won’t get the job if you went to a state school. It also does help if you are among the Jewish community.

Yes, you can become a profitable trader.
I trade professionally everyday, although I’m clearly not on Forbes yet.
The thing about trading is..... what separates you from the millions who’ve tried? The success rate for any retail trader isn’t 95% when factoring in actual trading, it’s closer to .001%

Do you have the time and willingness to make nothing or lose money for 5-10 years while you filter out all of the “trading advice,” you’ll receive? If so, you’ll find your edge.

If not, just stay in the market for the long term. (That is against my suggestion for the next three years.)

 

[qxr1011]

I' already 31 years old.

too young imho

Do you think it's realistic for me to become a daytrader?

realistic is not the right word

its possible,

but how probable depends on many factors... still probability is low for anyone