They 40 year old daytrader

E

empee

Granted, daytrader (in its modern form) is a fairly "new" industry, but are there any older daytraders that manually daytrade (meaning not automated) today? Or, are there daytraders that aspire (if their edge persists) to day trade as a career/do it when they are in their 45-55 years? Or is the plan to make enough that you can turn to swing trading, etc?

Just curious since I haven't run into a "older" daytrader yet. In addition, I would imagine at some age the reflexes may become to slow that its difficult to do.

To clarify, I dont mean a hobbiest daytrader, or a daytrader that trades because they have more money than they need and do it for entertainment (like some old people I suspect). I mean daytrader like you live on the income it generates daytrading (real deal).

I know there are some "daytraders" that trade size in the spooz, etc. but then they have enough size that they don't need to to trade that much, so I guess I'm referring to ppl who scalp for ticks or pennies. (like a classic daytrader you'd see @ home or @ a prop). Maybe Don can answer, are there old ppl who daytrade manually?

Its hard to believe ppl can do that at 50 years old (TODAY and tommorow) with automation, etc. plus reflexes and you're mind has to stay sharp, I dont know how I could stay sharp/alert at 50+ to daytrade today. (imagining of course!)
 
i daytrade for a living and i am in the GENERAL AREA of 40 yrs old :)

not gonna say how old i am with all u punk young doods here :)
 
I'm talking like most of the ppl who post on the P&L threads where they are making 500-1000 a day. Does anyone aspire that will be their career (not a bad one if ur making $1k net a day!)
 
"Age and treachery will triumph over youth and skill every time."

Then again, some of us have both (no longer young) age and skill on our side. :p
 
Quote from empee:

I'm talking like most of the ppl who post on the P&L threads where they are making 500-1000 a day. Does anyone aspire that will be their career (not a bad one if ur making $1k net a day!)
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$500 per day is still more then most earn in, nothing wrong with being 45, making $500 a day, and being in complete control of your schedule and life, IMO.

I do have a few years to go before I get there, though.
 
imo and ime the #1 reason why traders fail is lack of emotional control/discipline NOT lack of analytical ability

older people TEND to be more emotionally mature, and thus - ceteris paribus - would make better traders in regards to that issue

otoh, people tend to get more risk averse with age, and being a successful trader (daytrader) generally requires a willingness to take a certain amount of risk - PROPERLY managed
 
Agree 100%.

Young guys are usually too gung ho and usually see things in black/white where market has many shades of gray.


Quote from whitster:

imo and ime the #1 reason why traders fail is lack of emotional control/discipline NOT lack of analytical ability

older people TEND to be more emotionally mature, and thus - ceteris paribus - would make better traders in regards to that issue

otoh, people tend to get more risk averse with age, and being a successful trader (daytrader) generally requires a willingness to take a certain amount of risk - PROPERLY managed
More...
 
Quote from empee:

Just curious since I haven't run into a "older" daytrader yet. In addition, I would imagine at some age the reflexes may become to slow that its difficult to do.
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Hahaha - dang, son, wadda ya thinks happens when ya get over 50? I'm with Whister - I'm in the "General Area" of 50, and happy to say the pecker still even works - lol! I got at least another good 30 yrs of trading in me, before being parked in some nursing home hallway in a wheelchair :-)

The brain is like any other body part - if ya use it, ya won't lose it. And what better exercise than to do battle w/ the mkts on a daily basis? Granted, my goals are probably not as lofty as the younger set, as the nest egg is pretty well in place. But I reached a point where come hell or high water, I was gonna support myself w/ daytrading, at least as far as paying the monthly bills.

My ultimate goal is to take a briefcase full of cash (winnings) down to the dealership and plunk it down on some luxury model that I don't even care about. Just wanna be able to say I did it - then I'll give it to the kids and let them fight over it - lol!

Just enjoy your trip to 50, cuz it gets even better later :-)
 
I am 43 and have been a "daytrader" for many years. I also have a group in yahoo that meets daily. 90% of them are in there 40's or even 50's....all good profitable "daytraders".....living on what we earn!!.....young whippersnapper!!
 
I am in my thirties. I remember in the early 90's a floortrader on cnbc (or fnn,financial news network-cnbc bought them). He was in his nineties.
I also remember a different nyse floortrader featured in Barron's a few years ago. He was approaching 100. As with all aspects of life, it depends on the individual. 50 definitely isn't a decrepit age especially if you are not abusing the body with food, drugs, or alcohol.
 
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