What is the average age of a consistent trader?

[mason_ritter]

I reckon trading is something that is easier with experience and with more capital. Therefore I think the most successful traders are going to be older.

That really depends on how old the trader was when they first started trading. I have seen people start in their early twenties.

 

[Pat494]

I reckon trading is something that is easier with experience and with more capital. Therefore I think the most successful traders are going to be older.

Might be a big mistake to start with all your capital. It is not unknown for newbies to blow up their accounts maybe more than once.
Start small, maybe $200 or so and grow it.

 

[mason_ritter]

That is a good idea, I think. Don't take big risks while you're still learning and focus on said learning instead.

 

[Vara La Fey]

What about those going it alone? Own account, own research, trading from home
I still maintain that the odds are in favour of those who start later in life. Maybe I'm wrong...

Here's me: alone, own acct, own research (and Qs here), and I'll trade from home.

I'm 55 and I've been studying for maybe 3 weeks. Great test case? Maybe.

I've also spent 7 years in boots-on-the-ground "creative" real estate, mostly finding deals and wholesaling their purchase contracts, where I taught myself to think in terms of "angles", which I think equate to "plays" here.

The thinking seems to translate because 2 days into my studies - when I literally didn't know if you needed a broker (you don't in real estate) - I already knew
1) to never put all my eggs in one basket, because that always destroy a lot of people in every walk of life,
2) to demo things until I know what the blankety-blank I'm doing, and
3) an option strategy that's likely the only safe way to play Tesla at Q3 when Elon keeps or breaks his promise of profitability and stocks are fairly certain to move sharply one way or the other for at least a couple days. A week later I learned that "my" strategy is common and is called a "Strangle". Of course I'm demoing it hard. (Been slightly in the paper money on multiple occasions. Gonna have to drastically improve that.)

K. I can't offer anything remotely conclusive to answer the OP, but FWIW my way of thinking took time and maturity to develop. OTOH - and this could be important - a younger person (or a younger me) would likely learn new things quicker and remember the details better than senile old t-girl like me who just wants to go out and have a cigarette and - wait, what were we talking about? Who are you people, anyway?

 

[Vara La Fey]

Just noticed the vast majority of the source material for this uni study is based on data from 90s to 2000.

This is starting to look like the forest vs the trees.

Is trading (real estate, music, science, construction....) your only job, and are you tolerably happy doing it by your own standards, and are you tolerably happy with the living you make? If so, you're successful. You don't have to be a hyper-success like Warren Buffet. Ignoring the amount of success, you still have success per se in common with him.

YAY you. 🙂

 

[mason_ritter]

I think that a person should always strive to be more and more successful, but that also needs to be balanced out by not attempting to fix what isn't broken, in this case one's strategy, in case it is profitable.

 

[Merk Porter]

From my personal view point, a trader has no certain age for becoming a successful and consistent trader. Success greatly depends on how he can manage of his trading activities with full patience and perseverance by maintaining his spirit to acquire trading knowledge and continue his hard work. We have seen many vicarious traders who are very young at age. So, age can’t actually limit your potential to become successful here.

 

[mason_ritter]

There are also plenty of older successful traders. You can learn to trade and profit at any age.

 

[J_C_Anderson]

It all depends on strategy. Most of the daytraders are young (up to 35), and most of the swing or long-term traders are above 40. For example, a person can be an investor in 60, as his experience is much more important, than speed of the reaction.

Once, one well-known professional daytrader said, that he performs better, than his younger collegues, because while they think fast, he do not need to think at all, acting like an automated system.

 

[Pat494]

Older traders have had more time to master the disciplines needed such as patience etc.

 

[mason_ritter]

That depends on when they have started trading. Some begin later in life and that particular advantage may not apply to them.

 

[Smurai]

Age doesn't matter much,it is all about your passion towards success, if you are really passionate about trading then you can achieve consistency in your results at any age. Though all other ingredients are also equally important for success in trading world like knowledge, patience, discipline etc.

 

[Chartsy]

i became obsessed with trading at 14 (like, totally absorbed by it). Had an account on here called TAJammy.

In all honesty I think the mental side of it would be easier for older folks . In hindsight I wish I started much later . But hey, I can trade decently now , but chose to focus on a corporate career instead . Much happier as it happens

 

[aa9]

i don't think traders are age bound, but yes i agree with most above the early you start the more experienced you get.consistency comes with experience and it depends differently on every different trader.

 

[Pat494]

Just as in poker - going on tilt as they call it, is disastrous.
Same with financial trading.
Calmness and patience are needed to let the grey matter do a good job.

 

[mason_ritter]

I agree, I just don't think that calmness and patience depend on age as much as a lot of people think. Some people do become more level-headed as they age, but I think it's largely feature of one's personality.

 

[Lary]

Undoubtedly great question, got me thinking.

- Yes but not really 40+ in average, probably 30 (quick learner), otherwise 35 years old. Yeah, maturity approach is heavily depended.

- 10,000+ hours = 10+ years, just for those who have zero about finance. I know one who gets consistent after 1 year of trading, and I believe the reason is that he's very smart guy, loves math, good in finance and excel in quantitative aptitude. Logic approach is also counted and not to mention he's a true gentleman.

- Those who get bored easily will be interrupted in between unless they managed to make trades based on longer timeframe and also good in stop loss.

- you got them, they are 70 or 95% traders. 🙂

 

[NVP]

Undoubtedly great question, got me thinking.

- Yes but not really 40+ in average, probably 30 (quick learner), otherwise 35 years old. Yeah, maturity approach is heavily depended.

- 10,000+ hours = 10+ years, just for those who have zero about finance. I know one who gets consistent after 1 year of trading, and I believe the reason is that he's very smart guy, loves math, good in finance and excel in quantitative aptitude. Logic approach is also counted and not to mention he's a true gentleman.

- Those who get bored easily will be interrupted in between unless they managed to make trades based on longer timeframe and also good in stop loss.

- you got them, they are 70 or 95% traders. 🙂

how long has he been consistent for now ? .......5 years ? , 10 years ?

just asking 😉

N

 

[TWI]

IMO trading gets easier after you have accumulated enough income to not worry that a few losing trades will blow the next months mortgage or rent or take away your ability to continue to trade. I started trading my own account in the mid 90's and continued ever since. Today I just trade much larger positions, far bigger swings in profit/loss but have far less anxiety about it. Maybe I just have confidence that the method will work over time, but not sure about that. At the beginning of the year every year I always wonder how I am going to continue to make money in the months ahead. You have to keep evolving. Maybe it is because I can afford to lose more before having concerns. I trade to make a living not to leverage myself to death. In the past the leverage needed to be higher just to make a living. I am still thrilled to dedicate myself to the game and spend just as many hours working to improve and refine my program as I always did. I do not consider myself wildly successful but I made a good living and have a good life and survived all these years. I turned 50 this year. I do not consider age a factor in success I know many younger guys who have outperformed me consistently but certainly, it may a factor in style of trading and risk management. I do not think you can know if you can survive or not in the longer term until you have experienced a few market traumas, it is how you act when things start to go very wrong that determine whether you will survive or not. Key is to never fool yourself and that is harder than you think.

 

[swissy]

IMO trading gets easier after you have accumulated enough income to not worry that a few losing trades will blow the next months mortgage or rent or take away your ability to continue to trade. I started trading my own account in the mid 90's and continued ever since. Today I just trade much larger positions, far bigger swings in profit/loss but have far less anxiety about it. Maybe I just have confidence that the method will work over time, but not sure about that. At the beginning of the year every year I always wonder how I am going to continue to make money in the months ahead. You have to keep evolving. Maybe it is because I can afford to lose more before having concerns. I trade to make a living not to leverage myself to death. In the past the leverage needed to be higher just to make a living. I am still thrilled to dedicate myself to the game and spend just as many hours working to improve and refine my program as I always did. I do not consider myself wildly successful but I made a good living and have a good life and survived all these years. I turned 50 this year. I do not consider age a factor in success I know many younger guys who have outperformed me consistently but certainly, it may a factor in style of trading and risk management. I do not think you can know if you can survive or not in the longer term until you have experienced a few market traumas, it is how you act when things start to go very wrong that determine whether you will survive or not. Key is to never fool yourself and that is harder than you think.

I'm with TWI on this one. Although age is not relevant to trading, having the security through savings, investment's and alternate income streams is relevant and this is more likely accumulated through age. Trading just becomes another potential income stream rather than the route to riches.