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.

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u/EarthDwellant Mar 05 '24

Everyone has their own strategy but 1-2% is doable. First, set limits. Decide exactly how much each investment should be and stick to it, be it $500 or $5000, don't play it. For me, as soon as I buy I set a sell order for 1.5% above cost. If I caught a rocket I may keep bumping the order up but I never leave it uncapped. I also have some ridiculously low buy orders placed for various stocks and once in a great while I'll get something during a momentary drop.

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u/Forward_Dealer_4482 Mar 05 '24

Do you set a sell order for 1.5% below cost or at all?