Is it too late to become a daytrader at 30?

That’s the beauty of forex market that there is no age limit. If you think that you are able to trade and you have the potential to handle the variability and uncertainty in the forex market then forex is the best profession I believe. It will give you independence of work; you can trade at time, day or night. Apart from your regular work, you can be able to trade with smaller to big amount as you want.
 
jinxu said:
Anyone can become a trader. What you mean is the probability that you can become a profitable daytrader?

Assuming you are coming into this with zero knowledge and experience. It'll take you a very long time. For example, there are a few ET members here that are in their 10th, 15th, or 20th year and still not profitable.

There was even one guy who was here in his 30th year and not profitable but trying to sell his system.
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Thank you for your information. I was told that day trading is a different intensive game. If you can do it, you can do it within 1 year. If you're not smart enough to join the game, you will be kicked out soon, no need to spend years to prove that.
 
Traderwen said:
Thank you for your information. I was told that day trading is a different intensive game. If you can do it, you can do it within 1 year.
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I'd say this is untrue. In fact, you'd have a difficult time accumulating the requisite knowledge in even 2 or 3 years. At least without having some background that broadly transfers to it. Never mind that a single year will only expose you to a fraction of market cycles.
 
Xela said:
Welcome to ET, Andy.

For myself, I'd need to know a lot more about you before venturing an opinion on that question.

The main reason I'm responding is just to mention that it's perfectly possible, in principle, to "become a successful daytrader" without needing to "get a job on a trading-floor", so there's no intrinsic reason why the difficulty of achieving the latter (about which you may well be right) should necessarily dissuade you from attempting the former.
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Good Lord.
 
Traderwen said:
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.
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Yes.
 
There are many things to consider, the biggest risk that you are taking is your opportunity cost and mine was very high.

I went to school, got a half decent degree and rejected a good job that had the potential to make big bucks so I can become a trader. Got a part time job and started trading about 7 years ago, took me about 2 years to become profitable thankfully I started when I was still in school so when I started working part time I was already making money trading, but it wasn't much because of low capital.

Took me another 3 years to get a decent sized account and got a good chunk of money from some friends to trade with as well. I make decent money trading now, probably more than I would have if I took the traditional route out of school. But consider that you have no benefits, to retirement, no salary, no one to fall back on. And eventually your edge will fail. If I can get another 7-8 years trading the way I have been the whole journey would have been worth it I can walk away with a bit of cash if not I'm in big trouble. I will be a 30yrld with no real job experience or real skills in the workplace and who would be almost unemployable.

So consider your risk and think long and hard if you truly want to do this, you must live it to succeed trading you cant be on the fence about it.

Goodluck!!

apo
 
Xela said:
Good question - I think probably stuff about your background, career to date, educational resources, etc.

It's more or less obvious, overall, for example, (though some do misguidedly try to deny it!) that people with a previous history of successful self-employment and self-responsibility, and people with qualifications/experience in math/statistics/probability really are likely to encounter a deck that's rather less adversely stacked against themselves than is so for many others.
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Well, actually I decide to give it a try no matter what.
I have wasted so many years in my 20s, I don't want to continue to waste my life on something I'm not that into in my 30s.
 
Laissez Faire said:
Most people who try fail and the few who don't fail are most likely not exceeding the performance of a simple buy and hold strategy. Further, I'd guess that most people trying this are above average in terms of intellect and ambitions.

Not sure what your background is, but you're most likely better of pursuing something else. If not, I'd rather recommend that you swing trade/position trade and spend your effort working extra hours that you can keep depositing into your trading account (assuming it's actually profitable).

Over 10 years with compounding of profits this will be MONEY.

Pursuing day trading, you're more likely to spend 5-10 years with only debt to show for.
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I know there are some successful day traders. Also I know there are much more unsuccessful day traders whom are ignored. If I keep losing money in day trading, I believe I won't spend 5-10 years in this.
 
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