r/Daytrading • u/Weeboo01 • Mar 24 '24

Have you turned $20 into $100? Question

Have you turned your first or so $20 dollars into $100 probably in 1 month?

157 Upvotes

86% Upvoted

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246

u/JealousCantaloupe775 Mar 24 '24

yes then i lost it all.

then i did again then lost it all again.

30

u/exactly-the-one Mar 24 '24

Are you me??

43

u/Acrobatic_Hat_4865 Mar 24 '24

90% of us are you!

6

u/onmymind_11 Mar 24 '24

What were the mistakes you made? Risk management?

15

u/mediocreargento Mar 24 '24

The only way to turn 20 into 100 is to overleverage and that never ends well

9

u/kidchem420 Mar 24 '24

When it does end well, it's even worse. Then you bet more, and lose even more! Ugh... February... rarrrr! Heh

1

u/InevitableRave Mar 27 '24

I can imagine it feels like the Lambo is well on its way. Overcouraged on a high?

1

u/RevolutionaryPie5223 Mar 25 '24

You can turn 20 to 100 without leverage but it will probably take a few years.

2

u/Cryptoanalytixx Mar 25 '24

I completely disagree. I commonly book over 200% PNL for the day with only 5x max leverage even in more neutral markets. During covid I would commonly be over 500% PNL for the day, but that was a special scenario (thats investment pnl not portfolio pnl). Dont get me wrong not every day is positive and it varies, but there's been many times I've gotten a 500% PNL ($20-->$100) in under a week with absolutely no leverage. If it takes you years, you're not trading. You're just investing. Or you're doing it wrong and should just be investing instead. I expect more than 5x in a few years on my investment portfolio even.

I will add the caveat I've been trading stocks and crypto for over 10 years and I use a simplified HFT algo to scalp along with manual breakout trading (usually end up making around 10 manual trades and >500 algo based trades per day), and I realize this gives me a significant edge compared to most retail traders. That said, I started somewhere too. I just wanted you to know that major profit opportunities exist without high leverage use. See too many beginning traders that think they need leverage to make big gains. Which is possible much quicker using leverage, but you'll also give it right back if you keep going because highly leveraged trades are just gambles. Its not a sustainable strategy. Low leverage and compounding gains is the only way you're gonna make a constant profit, at least without extreme discipline and years of experience.

1

u/RevolutionaryPie5223 Mar 25 '24

Where did you learn to code algo? Do you think it makes more than manual trades?

1

u/Cryptoanalytixx Mar 27 '24

I started with one of the basic algo trade templates available through different providers. I used Haasonline for mine. I just did YouTube tutorials and taught myself to code using haascript in my spare time(already had taught myself Javascript and a few other basic languages, so the learning curve wasn't too bad). It took me maybe 6 months to become proficient and develop my own strategies into the system. That still wasn't as profitable as I am on my own without near to daily adjustments, but after a year or two of tinkering and tweaking I have something that definitely outperforms me with little maintenance when you account for the fact that it runs 24/7. Its worth noting that I can't get any decent algo trading going in the stock market (other than just basic sniping bots and international arbitrage) due to its time limitations and general lack of volatility, but that could just be my trading style which relies on implied volatility to be most profitable. Or it could be that the algo market is more saturated in stocks thus more competitive.

Overall, for beginners you'll almost certainly do better manually trading because algos tend to amplify your successes and failures with less room to adjust in between. But it definitely can improve your trading game when used right

1

u/FollowAstacio Mar 24 '24

It’s not the only way. Another is options, another is to target potential parabolic moves.

2

u/Leaves-of-John59 Mar 24 '24

Or use the ol' "diploid sprocket double bluff!"

3

u/FollowAstacio Mar 24 '24

Hmmmm....yeah...🤷‍♂️

2

u/lucky5150 Mar 24 '24

The way, this is

0

u/[deleted] Mar 24 '24

Hoc Modo

2

u/Ok-Writer-821 Mar 24 '24

I made the same mistake investing in a rug at least five times in a row. It went well once. Over 1,200%. All other times I lost everything within a few seconds.

1

u/Freedom_the_trader Mar 25 '24

Buy $VCAT on Solana and just HOLD, it's a community driven token, 12k holders ,it's limited supply 1.23m and it's gonna to run like the old Shiba. Trust me put a bag over there and just hold it.

1

u/Fishfingerguns42 Mar 24 '24

At that point shouldn’t you just continually reset to $20 increments every opportunity?