Tom Rairdon, a 75-year-old retiree, has discovered a profitable and exciting pastime in day trading meme stocks.
What Happened: Rairdon, who was a former radio industry professional, found retirement less thrilling than he had imagined. Upon a friend’s suggestion, he ventured into day trading.
Joining the wave of retail investors who entered the market amidst the 2021 meme stock frenzy, Rairdon has managed to stay profitable despite the high volatility of his investments.
Trading through his Roth IRA, Rairdon’s portfolio has seen an impressive 82% increase over the past three years. This year alone, he has accrued $19,000 in unrealized gains.
While not a fortune, it provides Rairdon with extra spending money and a fulfilling way to spend his time.
For Rairdon, trading is akin to a part-time job, dedicating two to three hours a day to research and trading. His strategy revolves around high-volatility and AI-related stocks, technical analysis, and prompt exits from positions.
“Day trading is the one lifestyle that I like, because two, three hours a day and that includes the research and then you’re done,” Rairdon told Insider.
Also Read: Warren Buffett’s Advice: ‘If You Aren’t Willing To Own A Stock For Ten Years, Don’t Even Think About Owning It For Ten Minutes’
“If you want to go to a ball game or you want to go water skiing or sailing or whatever you want to do, you got plenty of time the rest of the day to do it. It’s dynamite that way,” he added.
Despite the inherent risks, Rairdon finds the process enjoyable and an effective antidote to retirement ennui.
However, Rairdon admits he’s “absolutely” gambling on meme stocks, though he views his bets as calculated risks. He treats it as part of the excitement — similar to his passion for poker and his annual visits to Las Vegas.
“To be blunt, I would not recommend anybody start day trading unless they have really researched it,” Rairdon said. He added saying that he encouraged younger traders to start with a paper trading account. “Do that and see if you can actually make money doing it. If you can’t make money, why do it?”
Rairdon’s story highlights the growing trend of retirees turning to day trading as a means of combating boredom and supplementing their income.
This trend has been fueled by the accessibility of trading platforms and the rise of meme stocks, which have captured the attention of investors of all ages.
Rairdon’s success demonstrates that with careful strategy and risk management, day trading can be a profitable and engaging activity for retirees.
Read Next
Warren Buffett’s Advice for Overpriced Stocks: ‘Zip up Your Wallet, Take a Vacation, and Come Back in a Few Years To Buy Stocks at Cheap Prices’
Image: Shutterstock/mundissima
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This article Baby Boomer Turned Meme Stock Trading Into a Thrilling Hobby, Calling It ‘Absolutely’ Gambling originally appeared on Benzinga.com
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