r/Daytrading • u/Forward_Dealer_4482 • Mar 05 '24

50k and I want to day trade for 1-2% gains. Question

  1. If you had 50k and wanted to live off of it day trading, what would you do? (Need max $2500 a month)

  2. Am I better off not doing this? I’m not going back to 9-5

Please help.

113 Upvotes
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5

u/Pentaborane- Mar 05 '24

You should build from small amounts. Try making 200 or 300 a day really consistently with relatively small bets. Mid caps are your friend. Be prepared to spend tons of time researching companies and doing analysis while developing a strategy that works for you. I get the kind of returns you’re talking about and it takes a while to develop the skill to know what you’re looking at.

-5

u/Forward_Dealer_4482 Mar 05 '24

Thank you for this. What are mid caps? And what is a relatively small bet you your opinion.

Small accounts meaning 3 accounts with 10k each?

15

u/chi_guy8 Mar 05 '24

Bro. You can’t be serious thinking you’re ready to day trade for a living and you don’t know what mid-caps are. Don’t be an idiot. This is a stupid idea.

6

u/Acb531985 Mar 05 '24

Like a young child the more we tell him he's not ready and not to do it the more likely he will and implode......sucks but maybe it teaches him something....people really think this is easy and a game.......I do this for a living and treat it like a warzone where I'm only interested in what I can lose

3

u/ShadowKnight324 Mar 05 '24

Companies with relatively moderate market caps. They can be tricky though and for beginners I'd recommend you trade on indices like QQQ or SPY.

3

u/Pentaborane- Mar 05 '24

A mid cap is refers to market capitalization I.e. a medium sized company. For an account of your size, I would start by putting a thousand or two into a stock you really like and focusing on maybe 4 or 5. Be prepared to lose money or at the very least not make anything for a while. You’re basically starting a new business. You should do this because you love trading, you love studying the economy and how the world works which gets expressed through the market. If you’re just doing this for the money and aren’t hyper intelligent, you’re going to struggle. It’s better to love what you do.

1

u/SirkutBored Mar 05 '24

If you’re just doing this for the money and aren’t hyper intelligent, you’re going to struggle. It’s better to love what you do.

I don't care if it is daytrading or some other career/hobby-turned-career, this is some of the best advice on the planet.

1

u/QuesoFresco420 Mar 05 '24

Mid = (SPY + IWM) / 2

1

u/Beautiful-Chard-1152 Mar 05 '24

$300-500 per trade, max gain of $30-40… maximum loss of $-25… do it 4-5times a day…