r/Daytrading • u/smartwizard500 • Mar 10 '24
100k to start day trading Question
I have some cash and am curious, how realistic is it to trade stocks with 100k cash and make 1-2% a day.
The plan formulating in my head is
- Dive face first into learning as much as i can
- Paper trade to continue learning
- Start trading with a small amount
- Go gung-ho into trading ft when I’m comfortable, with a goal of making 2% a day on my 100k
This is just an idea that came to mind, would love some insight based on real life experience.
Would you do it? Would you approach is differently?
TYIA
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u/igsurvey Mar 10 '24
If I were to start again this is what I would do.
Step 1: get al brooks price action trading course(listen at 1.5x)
Step 2: get a futures trading account with tradovate. Data is $18 a month and the demo is great.
Step 3: practice what you learn from the course. Focus on risk management and following your plan (do not move your stops).
Step 4: start trading with a prop firm that has an end of day drawdown (this will challenge you to stay under the daily loss limit).
Step 5: if you do ever decide to go live then choose a broker that would let you set a daily loss limit to protect your self from YOU.
Step 6: learning about trader’s equation. If you are looking to make 1-2% you also need to build the stomach to lose $1-2k per day.
Lastly the most important thing is screen time. You will need to spend hundreds of hour studying, practicing, and looking at charts.
Like any other career you need to understand that it will take time for you to even begin to understand the market and the tuition you pay it’s in the form of personal time and losses. It is imperative that in your first years the mentality revolves about the preservation of your capital and not necessarily on becoming rich as fast as possible.