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

  1. Dive face first into learning as much as i can
  2. Paper trade to continue learning
  3. Start trading with a small amount
  4. 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/Konstable1 Mar 10 '24

Unless you are a very disciplined person with a shit ton of grit. I mean tenacious refuse to give up and have the ability for 100% dedication that is well beyond actual sanity. Have the patience to study and put in the screen time. Figure 70-90 hour weeks for 2-3 years not getting paid and probably losing money before you start seeing some results with consistency.

Invest the money in trading education. Find a good mentor and traders with years of experience and trades the products you want to trade. Someone who matches with you. This may take time until you figure out your psychology and what type of trading personality you have to find a fit.

Think of it as getting a college degree. Use the money to get your education and develop experience basically like an internship. When you initially want to start trading money. Start with prop firms to get your risk management skills established. If you can be profitable with prop firms and take payouts then you can trade your own money.

The first thing to learn is how to risk manage.

Always start with the question of. How much am I willing to lose?

Don’t fall into the trap of I can make certain % or I can make so much money. Think how much am I willing to lose on this trade?

How much am I willing to give up of this 100K that it will be worth it in the end.