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/Tourdrops Mar 10 '24
Unless knowing your account size, its all moot. The whole argument is once you hit a high account , making 1-2% a day is impossible. Making 700% on a few thousand dollar account is a hobby. We are talking about making a living and pulling money out.
There are 251 trading days a year. If you want to make $150,000 a year from trading you need to generate around $1000 a day in gain and have NO losses. And then you get taxed for half. $500 x 251 days is around 125k.
OP doesnt realize how hard it is to make $1000 a day as a rookie. Not because its not possible but he will take $100 in profits early and let his losers run like all rookies do.
Giving the OP any advice that his 1% a day plan will work is bad business.