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To what extent does age affect your ability to become a chess master?

The sky is the limit for you.

Haters, negative and jealous people, will tell you you have no chance. They are trash. Dreams are real. Trudge on.
What's the oldest age someone became GM?
There are many GM players. FIDE might introduce a higher title soon. @Sarg0n Does CM give special benefits like playing at titled arenas?
#12, sure. And sometimes lower fees. And free diamonds at CC.

Yeah, old X masters who had X-1 strength the 20 years before. We‘re talking bout real late-starters.

Once you have a title you do not need the diamonds because you already know everything about chess. Regarding lower fees, some tournaments are much cheaper to play than others. The ones that offer discount to CM are full of low rated young players who frequently beat old titled players. Old players get tired and make many mistakes. If you happen to win, the prize fund is low and you gain very few rating points. You real benefit is right to play at titled arenas!
The main impact of aging is getting tired faster and making mistakes. To become GM, you need to play very well, for very long time, against very strong opponents. It's tough to keep concentration for so long. Any small mistake might spoil many hours of hard work.
I agree with #9, you won't become a GM realisticly speaking.
I still think 20 year olds can get CM and NM norms by playing disciplined depending on what age they learned chess.
Victor Kortchnoi , two months before becoming 80 years old , defeated 18 year old Caruana...
As for all amateurs like me , we can play forever! We already know that we will never become GMs...
#17 Could Victor Kortchnoi defeat Fabiano Caruana in a 12 games match where each game lasts 8 hours?
Hey guys! So I just finished the game, and I even got the chance to look over it with him! I will post it tommorow! I even had a good chance to play an almost equal endgame position, but unfortunately I missed that move which would of brought me there. Still the guy was extremely helpfull and humble, and I definantly learned a lot today :)

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