Too old to go Prop?

When I refered to making money for one's prop firm, this definition applies if you actually share your profits with the firm, or if you put up risk capital and make 100% payout. Your longevity as a trader benefits firms in the latter type of deal via the commission overide they make off your trades.

Either way, when you make money, you write your ticket in this business.
 
As a few girls and guys around here would say.... Age is just a number... lol, I just prefer under 23, looking like Jessica Alba, and... yeah good stuff..... :p
 
Concerning the population of people able to work and the changing demographics, indicate that perhaps that we will be working longer and older entrepreneurs will become more mainstream.

The ability to remain nimble minded and to be able to trade, might be a problem though. Trading is performance specific and a specialty. But I could imagine if you have an edge and are older, there really is not a problem.

Just my opinion and I hope I am wrong and can keep nimble-minded enough to trade and continue to find edges.

Perhaps I can get the younger ones to trade my system and I could manage them....the trouble is they leave with your work. This is a solitary journey without delegation. Prop shops churn through the traders and eat as much as they can...while the more experienced ones survive and eek out a consistent living. Some talented ones I suppose amass fortunes.

steve46 I beieve has retired. I have not read this entire thread, I wonder what he has to say?....

Mr. Hershey has traded for 50 years or more, I wonder what his comments may be?

Professor Bill Schamp has retired as a University Professor, but stays busy trading. Mr Schamp has the open mindedness of a teenager and I would like to hear his comments.


Michael B.
 
Quote from monistat7:

a handful of guys aged 35+ have joined the training program at my prop shop.

100% of them eventually failed at becoming profitable traders.

they teach a bare bones method of NYSE scalping in the training program and older folks simply do not have the hand-eye speed to become good scalpers. its not just because they are older but because they were not raised on video games, which helps us younger generation folks out alot.

if your style is scalping NYSE stocks, you are most likely not going to make it.

if you are in need of a stable income to support your family, do not try prop trading.

finally, if you have a good trainer, the odds of success are like 100 times better. a good trainer is near impossible to find since stock trading ultimately is a zero-sum game.

p.s. if you put up money, virtually every prop shop will take you in because at the very least, they can have you churn up commissions for them and ask you to put in more money if you lose too much. risk free profits for them.
More...



RE : PS, I was told that is not the case, but that is what I assumed that anyone with capital will be accepted to a Prop Firm , they need a few bodies to generate comm. for them !




BTW, how long did it take you to make real money ?
 
Age has nothing to do with it...

As long as you stay away from split-second trading strategies...
Where speed and youth is at a premium.
The kind you tend to find in churn and burn prop shops.

I'm 47...
And an infinitely better trader than I was 10 years ago...
And I never thought I would be saying this...
I learn faster and can master more complex ideas faster...
Than when I was in university.

I also do a better class of drugs than when I was a student...
 
I'm skeptical.

I've been worked with a few props in Chicago for past few years... (Don't live there now...)

Most Chicago Props won't teach you anything. You can expect a "Here's a computer... Now Trade!" or "Read 'Trading in the Zone'.... Now Trade!". That's the reality of it.

Another thing is traders in the firms are there to either... lower their cost of trading, get leverage, or just like to hang out with their group of traders. No one goes to "learn" to trade.

I've never met a potential / full-time profitable trader expecting to learn to trade. We all join expecting to make more money.

Yes, I've been mentored... but I TAUGHT MYSELF TO TRADE, THROUGH OTHERS HELP.

I feel that, that little difference in the mind, makes a big difference.
 
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