Alex started trading in 2016 when he was 29 years old, but he also believes that it is never too late to start trading as it is a skill that anyone can use for the rest of their lives.  What do you think? Is there a deadline for getting started?

Keep reading to find out what Alex suggests, and how Jody, a retired pharmacist and nutritionist, now uses trading as a second career with unforeseen beneficial side effects.

To get started, the learning curve in trading is very, very high. Be realistic about your short-term goals and aspirations. The basics might seem simple to understand, but it’s difficult to execute continuously at a consistently high level. Instead of rushing in, look at it as a long-term project like learning an entirely new language.

Advantages to starting later in life:

1. Older traders often have more income and savings to execute trades once they have learned the basics. A larger savings account or a nest egg can also help to eliminate the need to create constant income through trading and thus reduce stress.
2. Having the understanding that patience is a virtue can help you learn much faster and make level-headed decisions when emotions run high.
3. Not having to care for small children and therefore having more free time to dedicate to trading is definitely and advantage.
4. With more experience in life, you have a better understanding of who you are as a person. What are your strengths and weaknesses? What are you the best at? Use that knowledge to create your unique trading strategy.

Trading later in life with more income and free time gives you the ability to treat your newfound passion as a hobby rather than rushing into it with the expectation of creating a stream of income in a very short time. But how have traders made the shift?

Meet Jody

Jody started trading at 54 years old and has been trading for 2 years. At the wedding of an old friend, he found out that his friend (aka the groom) had started day trading. During the evening festivities, Jody was introduced to the basic concepts and his interest in trading was sparked. Encouraged by his wife and like-minded friends, Jody began his journey as a trader. Being a pharmacist and nutritionist by training, he has a very analytical mind which was difficult to adjust at the beginning. But he kept going – watching free online, educational videos and by enlisting the groom as his mentor.

Jody had two goals when he first started trading (besides becoming profitable): to find a mentor and a like-minded network – which he successfully achieved. How is it going now? Jody is still in the game, enjoying the journey, and working patiently on being a profitable trader in the future. Most importantly, trading has given him more flexibility and time to spend with his grandkids rather than working in his pharmacy.

Disadvantages to start later in life:

1. Being stuck in old ways will interrupt the trading process and your learning curve. Be honest with yourself and work on fixing those habits!
2. If you have children later in life, you need to double your learning curve – if not triple – to manage distractions as it takes a lot of focus and concentration to learn the ins and outs of trading.
3. Don’t start day trading with preconceived ideas that you learned a long time ago through books or media. Make sure to check your perspective before you get started on your new venture. Be open to learning with an open mind!
4. If you risk maximum size, you don’t have a lot of time to recover your losses. Be careful and start trading only with small size despite feeling overconfident with a bigger savings account. For more tips, consider Alex’s new trading course that is still at a 50% pre-sale discount. Day Trading Course
5. Plan and start visualizing your goals rather than risking your retirement savings!

But what happens if you discover trading very early in life?

Advantage 1: You are already broke and thus don’t face huge losses that are difficult to recover. Young traders are automatically forced to start trading small.

Advantage 2: You can focus and learn, and you are still in the habit of learning. You can possibly live with your parents or roommates, save money, and thus have less pressure to make money.

Disadvantage 1: Young adults don’t have huge incomes to invest in the stock market. If you live on your own or with a young family, you face increasing pressure to make ends meet and produce income.

Disadvantage 2: Don’t try to keep up with the Joneses and stop comparing yourself to others. Rather, save up capital to invest in your account.

Disadvantage 3: Make sure you take charge of your emotions! Take your time and don’t rush the process. Once you size up, you can exponentially grow your income.

Remember, the ultimate goal is to create financial freedom. So don’t jump the gun and quit your day job. It takes on average 4-6 years to become a profitable trader. Moreover, most millionaires have several streams of income. Don’t put all your eggs in one basket. And remember…you have the rest of your life to get good at this!

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Book Suggestions:

Kahneman, Daniel: “Thinking Fast and Slow”

Additional resources can be found here: Top Trading Resources for Enhanced Performance | BTheTrader