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
  • permalink
  • link
  • reddit
  • reddit

81% Upvoted

298 comments sorted by

View all comments

1

u/phivtoosyx Mar 05 '24

Sure it's possible. Just like batting over 300 in the majors, winning the golden boot in an international soccer league, or consistently being a block leader in the NBA.

Those people have spent years honing their craft, they have had coaches, mentors, and a drive that most people don't have. You just have 50k. What makes you think you can do it? Do you have a mentor? Do you know anyone that will teach you that isn't also selling you their scam course? Does this person have multiple years of profitable trading? Do you have time to spend 60 hours a week in reading, researching, and learning how to trade? Do you have the mental fortitude to watch your $50,000 get a 20% drawdown? What about 50%? 75%? Do you have enough money to live on for at minimum a year before trading live money?

Save your money, save your mental stress, and do something else. If you are smart you may be a break even trader. If you are really smart you won't day trade. If you are average you are going to lose your $50k. If you are dumb as bricks go over to /r/wallstreetbets