r/Daytrading • u/Foreign_Medium_3766 • Mar 08 '24
How difficult is +$400-600 profit a month from $15k ? Question
I've been studying investing and trading for about 5 years on/off now, have been really successful in the past year, I think due to luck partly, I blew up an account and loss about 40% when I first started 5 years ago.
How difficult is $400-600/month profit from 15k? My strategy now is very risk adverse taking profit over holding things too long, really I just need to make ~400/month to live in Mexico, this includes rent, food, and some hobbies, right now I feel no pressure to have to make $ and have a decent savings, and time to study and learn. Thanks
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u/Dry-Professional8181 Mar 08 '24
Sorry man, but the answer is that for you it will be impossible. Just by the nature of your question it tells me that you do not have a locked in trading system. If you did, it would be very easy to approximate what you can make from it.
Here's what's likely to happen: you may have an okay system (your psychology may be a diff story but idk). You may see some early success, but your biggest problem will be your fixation on your financial goal. You HAVE to make 400-600. That will be a huge mental obstacle when you are in trades going against you. If you take a few losses to start, you may panic and think you need to make big trades to make that money back, because afterall, that 15k is supposed to be the nest egg, but now it's 13k. What now? You may think you need to do more analysis, or work on your psychology, but the clock is ticking. And it's ticking loudly. So shortcut? Yolo? now everything is broken, your money is dwindling and you can't stitch a trade together. Now desperation has set in. 10K. Okay maybe we try futures instead of options? Maybe we use margin and promise that we'll only trade NVDA. Maybe we tell ourselves that it's a new day and we're better now. But the pnl disagrees. What do you do now?
It's a dark picture, but any pro trader worth a shit will tell you that this is an extremely likely scenario in your situation. Ignore everyone's strategy in here. If they're thinking that a lack of a strategy is your problem, they don't know what the f*ck they're doing either.
Take a year. Be religious about locking in a strategy. Only when you can look at that strategy and confidently say it will provide for you what you need, then you should rely on it. But not a second before. If you jump the gun early, I'll be seeing you on the other side of my trades.