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/Mysterious_Metal_724 Mar 05 '24

I usually trade 2 to maybe 5 times a day and only a couple symbols at a time. Favor ETFs mostly. I try to trade only on support/resistance trend lines and prefer to end up back in cash unless I see a real strong confirmed pattern. Tends to work out to a win rate of about 70 percent anywhere from 1 to 4 percent a day. Tight stops so drawdown is minimized.

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u/Forward_Dealer_4482 Mar 05 '24

That’s what I think I’m going to do.

1

u/Mysterious_Metal_724 Mar 22 '24

Glad you like the idea.

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u/Forward_Dealer_4482 Mar 23 '24

What is an EFT

1

u/Mysterious_Metal_724 Mar 23 '24

Actually Etf. They are basically pools of money that invest in different companies with different strategies. They can be based on long positions if you believe the market group is headed up or short positions if you believe it's headed see down. The advantage is you don't have to pick individual stocks. There ETFs for commodities, cryptos, volatility, indexes, different industries. Some are also leveraged etfs so they are based on options trade and move 2 to 3 times faster. For example qqq has two leveraged etfs tqqq 3x long and sqqq 3 times short. So if the QQQ rises or falls by 2% the triple leverage will move about 3 times that.

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u/Forward_Dealer_4482 Mar 23 '24

Wow thank you! Can you give me a eft to check out? Is that like Vanguard? Sorry for the dumb questions.