Is it too late to become a daytrader at 30?

[digitalnomad]

I'd guess that most people trying this are above average in terms of intellect and ambitions.

And that’s what makes it so dangerous. Takes some time, and a big hole in your pocket to realize how much smarter and efficient your competition is. Ego will fuck you every time.

If one is not willing to learn, adapt, and do things the same way as current seasoned players, they’ll be fucked. Seems most (at least on ET) don’t want to do the work. Just look at the thread titles, like this one for instance:
Any free chatrooms for day trading stocks?

 

[Laissez Faire]

Explain

First tell us if you have succeed in day trading. Put bluntly:

Are you rich from day trading?

 

[Laissez Faire]

It's tough enough to excel in professions where the path is laid out clear ahead of you, but in trading there is no such thing and you're not likely to find a mentor.

In practice, this means that you may very well end up spending a huge amount of time pursuing an approach or methodology that isn't valid.

And even if you were on the right path, it's still a sh't load of work if you're to get anyplace worthwhile.

 

[JamesEM]

First tell us if you have succeed in day trading. Put bluntly:

Are you rich from day trading?

Umm...no. My success, or lack thereof, has nothing to do with the integrity of the comment that I made.

Good advice can come from bad practitioners and bad advice can come from good practitioners.

All I will say is the aforementioned qualities are all you need to succeed. The result isn't dependant on anyone else but you and your view of, and actions within, the markets. The last true bastion of meritocracy.

I suspect your "no" was based on what the average..."most people" can/are prepared to do. I'm not "most people" and maybe he isn't either. It takes nothing more than pressure (deliberate practice) and enough time to accomplish all possible goals.

I've proven this to myself with the last 11+ years (and particularly the last 3 years) on my journey towards trading mastery.

 

[Laissez Faire]

Umm...no. My success, or lack thereof, has nothing to do with the integrity of the comment that I made.

It has everything to do with it.

You say it's highly likely that the OP will succeed as long as he's persistent. Certainly true in many fields and you certainly need persistence in trading also, but persistence alone? Nah...

I've proven this to myself with the last 11+ years (and particularly the last 3 years) on my journey towards trading mastery.

So, you have 11+ years in trading and you're still not rich, yet you both recommend the OP to pursue trading AND suggest it's highly likely he'll succeed.

OP. I hope you're paying attention...

 

[bln]

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.

Traders at firms execute orders on behalf of customers or portfolio managers (HF's, investment banks, retail banks, etc). You will not be trading using your own head. You will be executing orders that others have decided for you. It's boring grunt work, and a dying breed as trading desks have been constantely shrinking during last 15 years.

You can become a professional trader on your own or start an CTA/HF. And go work for a HF or Proprietary trading firm later on then you got experience.

 

[volente_00]

You miss 100% of the shots you never take

 

[JamesEM]

You say it's highly likely that the OP will succeed as long as he's persistent

I did not say this. It makes me wonder whether you are actually trying to have a constructive debate or whether you are simply trolling when you completely misquote me...

We'll have to agree to disagree on the correlation between success and integrity of knowledge

Re: "So, you have 11+ years in trading and you're still not rich, yet you both recommend the OP to pursue trading AND suggest it's highly likely he'll succeed."

What is "rich"? At what point will the OP have "succeed[ed]"? This is determined by the individual.

Is someone successful/rich if they make $800-$1000/month? Most would say no....Now consider if that same someone has engineered their situation so that they get to live off the beaten track in a cheap, 300 Euro house with an acre of land and cut down drastically on fuel costs (with a stove-driven central heating system...powered by the free wood around the property) AND food costs with the organic produce that is freely available around the property in a nearby farm. Are they successful/rich..?

They get to be with their kids in nature, take them to and from school and set the bar so low in terms of monthly costs that they can focus on trading without thinking too much about the money in the short-term.

It all depends on your goals and how you structure things. My 2 cents!

 

[ironchef]

A simulator is good but one needs to keep it real. I know a guy trading sim for years and he will hold a losing futures position for weeks, adding to the loser in order to average down the losses. Trading sim like this is futile.
If you can add fear to your sim trading, this will help immensely.

I am not trying to contradict you but put this up as a "thought experiment":

If you are not fearful, and if the sim is consistently profitable even by holding losing positions until they turn around. If you go life, won't you get the same result as the sim, i.e., consistently profitable. You say, OK but human cannot eliminate fear. I say, OK, then do what Handle123 does, automate the sim like him, take human out of the equation. And like him you can be consistently profitable too.

Regards,

 

[Laissez Faire]

I did not say this. It makes me wonder whether you are actually trying to have a constructive debate or whether you are simply trolling when you completely misquote me...

Did you not say this? Were you referring to someone else?

If you have enough perseverance, grit, determination and humility (to admit when you need to change course) it is highly likely you will succeed.

I think your quote is applicable to most things in life, but trading might very well be the exception here.

What is "rich"? At what point will the OP have "succeed[ed]"? This is determined by the individual.

Is someone successful/rich if they make $800-$1000/month? Most would say no....Now consider if that same someone has engineered their situation so that they get to live off the beaten track in a cheap, 300 Euro house with an acre of land and cut down drastically on fuel costs (with a stove-driven central heating system...powered by the free wood around the property) AND food costs with the organic produce that is freely available around the property in a nearby farm. Are they successful/rich..?

They get to be with their kids in nature, take them to and from school and set the bar so low in terms of monthly costs that they can focus on trading without thinking too much about the money in the short-term.

It all depends on your goals and how you structure things. My 2 cents!

Frugal living in a 3rd world country is another debate. In any case, the OP is much more likely to achieve this through buy and hold than he is day trading.