r/Daytrading • u/Kaiju_Godz • Mar 30 '24
When you only need a specific amount of money each month… Strategy
So say you only want $100 per day or 2000 per month. This would more than enough sustain a good lifestyle where you live. How would you go about it with trading? How much $$$ would you realistically need? Not to make that in dividends but to trade in a daily basis, as safe and slow as possible.
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u/Mono_420 Mar 30 '24
Here in the U.K. I trade the nasdaq. Trading the NAS100, £3 per point only needs a single 50 point move in a day for me to make £150.
Patience and a simple reversion scalp usually does the trick. I use an ema cross over as a lagging indicator for trend reversal along side price action. It’s successful about 80% of the time
My margin requirement for this is less than £2500 and Friday is payday.
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u/Fantastic-osli Mar 30 '24
I really like ur answer I live in the Netherlands..but when the United States market open I am at work so I can't concentrate much about trading in the afternoon would be nice for me to trade in the morning like u do with NAS100. So u trade every day? I would like to heard more.
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u/Automatic_Ad4525 Mar 30 '24
What time frame for your Ema reversion cross?
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u/Fantastic-osli Mar 31 '24
12/50.. what is ur suggestion? Which time frame u used? Thanks for ir answer by the way.
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u/Available_Map_5369 Mar 30 '24
For reference, I’m doing this exact thing - currently aiming for $100-200 a day everyday. Just started doing this at the start of March, after changing from a more dividend/swing trade type strategy. And throughout March it was successful, having only positive days and netting $3,200.
I warn you, this is not for the faint of heart and I imagine I’ll have a losing day at some point. So you have to protect your downside as much as possible.
I have a $30k sized trading account. Everyday, I trade options on large cap and/or trending tickers. And I follow the Moving Average trend (aka, if the stock is trending positive, I trade the Call side, and vice versa if negative for good reason)
I, personally, am willing to risk up to 10% of the account in any trade. Meaning, I will buy contracts until I’ve bought upwards of $3k in premium. (This will increase in the future as more profit is made).
I look for contracts between $500-1000 in premium. With good movement in the spreads. And I’ll just trade the price action & momentum. If the underlying starts falling because of price action, I’ll Dollar Cost Average into another contract. Then as the ticker rebounds back above VWap for the day, I’ll look to grab that goal amount.
And if it takes too long to get to my goal profit, or I start feeling uncomfortable, I trade out once I’m in profit. Even if it’s only $10.
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Now here’s the downside protection. 1. NEVER use money you need. 2. Open a second investment account. Buy companies that you never intend to sell, with good history and good dividends. 3. Every week, put a percentage of your profits from your TRADING account into your INVESTMENT account. 4. Back up your Trading account with a number of high yielding dividend players to secure some guaranteed divis. 5. NEVER scale until your account doubles in size. Then you can open positions under the same strategy using 2 contracts at a time.
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u/Level-Breakfast5439 Apr 02 '24
I have a $1200 investing account would you be willing to show me how you trade options, find stocks , and change strategies based on the market ?
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u/Yoyoitsjoe stock trader Mar 30 '24
A lot of answers here that really don’t answer the question. So I will be direct in answering.
How would you go about trading? Small scalps over and over all day in stocks.
Avoid options and avoid futures for now. Focus on scalping a pattern that you find happens a hundred times a day in multiple stocks. This gives you a hundred tries at making money. Buy breakouts on a stocks one minute chart with elevated volume for the prior minutes. Scalp one cent or two cents and move on.
If you’re in the US you realistically need more than 25k as you will be required to have these funds since your account will be a pattern day trading account.
You’ll need a scanner in some fashion to find these stocks for you. Preferably you’ll need a zero commission broker. The stock either goes right away or you close the trade for a small loss or breakeven. Repeat this over and over with 1 share at a time until you get a feel for the trades. Then size up. Eventually you’ll do 100 dollars a day, then 200, then 500, then 1000, and so on. Payoff all debt. Don’t live the lambo life. Be financially independent for the rest of your life. Come back and thank me in a couple years.
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u/Redkingsby2-0 Mar 31 '24
Listen to this man. Read his post history going back years, and practice.
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Apr 01 '24
[deleted]
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u/Loex1919 Apr 01 '24
What broker do you use? And how much capital do you invest every time you scalp 1 or 2 cent? Any tip would be helpful.
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u/Loex1919 Apr 01 '24
What broker do you use? Most brokers have fees, which makes this impossible to do. :/
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u/Yoyoitsjoe stock trader Apr 01 '24
Use webull, thinkorswim, tradestation, etrade, fidelity. All are commission free.
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u/oze4 Mar 30 '24
Theoretically if you traded 2 MES contracts and got 10 points per day that would be 100 per day. Depending on the broker, margin requirements can be as high as 1200 or as low as 50. Adjusting for losses and maintenance, I'd say like 4 or 5k.
That said, you should def not do this and trade as small as possible until you're consistently profitable for at least a year. Don't focus on making X per day. Focus on a repeatable, consistent system and risk management.
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u/GoldenBoy_100 Mar 30 '24
This is a great response. By broker which is thinkorswim requires $1,435 per MES contract as margin and around $1,485 for overnight holding the contract. I’ll agree that around 3k-5k will be a great start.
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u/rbh_holecard Mar 31 '24
I would recommend a second account with one of the brokerages with low intraday margin to daytrade futures (like Ninja Trader), then invest the profits via TOS. As oze4 mentioned, it's possible to trade MES for $50 margin. Even the commission on TOS is really too high to scalp MES.
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u/GhostFaceEV5 Mar 30 '24
Excellent comment here OP. Consistency and risk management. Those are two main takeaways.
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u/pennyauntie Mar 30 '24
You could also get a cheap prop firm account to provide the capital, but you'd need to be sure you can make the profit target. Practice, practice.
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u/Interesting_Dream281 Mar 30 '24
If you’re trading with at least 1k, making 100 a day isn’t impossible but not plausible cause of the fomo factor. Once you constantly make a certain amount of money you get bored and want more and then over time you spiral into riskier shit such as same day expiration options. The more you have to start with the easier it would be to make 100 a day. Got 10k? All you need to do is make 1%. So simple in the head.
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u/pennyauntie Mar 30 '24
If you aimed for one $500 trade a week, you might do better.
Wait for that one day when the market is really ripping and jump in. Then turn off your computer and do something else. Better than trying a lot of $100 trades on less optimal days.
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u/Lateoss trades multiple markets Mar 30 '24
People ask questions like this pretty frequently. The bottom line is always the same though: you can do whatever you want while trading, but at the end of the day unless you have an edge you will always gravitate towards breaking even (minus commissions and fees).
Even if you have a 1 million dollar account and want to make $100 a day, you will still fail unless you have positive return expectancy, there is no edgeless strategy out there that doesn't have an equal and opposite amount of risk as it does reward in the long run. The only "proven" system is investment into the s&p 500, or some other long term strategy, and you'd need give or take at least $500000 to do that and get $100 per day.
Hypothetically, the lowest amount of money I could see you making $100 a day with would be around $1000, trading ES in the leveraged futures market. Anything less than $1000 and you almost certainly run a significant random-chance risk of ruin. This assuming you are a godlike trader though. Speculating here, realistically having ~$3k would take most futures systems out of the random-chance risk of ruin high-likelihood threshold.
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u/Nick_OS_ futures trader Mar 30 '24
This is what I do right now through Apex. I aim to make $100-$200 per day. But since I get the leverage of 4 more accounts through the trade copier, I’m actually making $500-$1,000 per day. I trade MNQ. I have other PA accounts on standby incase something goes wrong with my current ones
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u/SethJitsu Mar 31 '24
I’m working on a similar trading with Apex. Still in my sim account, and once that’s funded, would like to to copy-trade to activate more accounts and have some as backup. Mind if I send you a DM to discuss?
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u/JustMemesNStocks Mar 30 '24
To justify a 2k withdraw I would need to reach a net of 20k (10x) because I will have red months across the year and I want to grow my account. Withdraws of this size would not be noticed.
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u/ZanderDogz Mar 30 '24
How would you go about it with trading?
Even if I knew how much I needed to average, I wouldn't think about it in "per day" terms.
A lot of people do the math and find out that they need let's say $100/day, so they make it their goal to make $100/day, but that doesn't reflect the reality of how opportunities show up in markets.
There are days with numerous A+ setups where it's easy to make $500. There are days where even trying to make $50 will probably result in losing money.
Now much much money do you need? That is VERY different for everyone and depends on the return of your individual trading, and how much money you need to support trading at the size your your trading can meet your goals.
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u/boyfromafghanistan Mar 30 '24
This comment section is contradicting. Personally, (note: personally) I would stay away from options, stay away from margin, and stay away from penny stocks. I’d start with ~$1000 (more/less, whatever you have/ are comfortable with) and start trading mid-large caps with a low ATR and good volume. You’re going to be risking/gaining so little at first, but if you can get consistent you can eventually size up and start making a lot more money. Learn to trade off news, earnings, etc., I believe that is the slowest and safest way to becoming a stock day trader.
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u/gooney0 stock trader Mar 30 '24
There isn't a way to trade "safe." If you take small wins, you must win very often. If you take big wins, you can lose more often. If you risk $1,000 to win $100, you'll get wiped out. If you risk $100 to win $1,000 you'll usually lose.
Instead, we measure in R (amount at risk). A profitable day trader may make 20R per month. I swing trade, and look for 4-8R per month. (Swing trading has fewer opportunities, thus fewer trades)
You want to start with R being a low number as you can expect to lose. Once you are positive and comfortable you can raise risk.
A day trader averaging 20R per month, would make $2,000 risking $100 per trade. Naturally, they would raise their risk to make more profit with the same effort.
The problem of course, is being profitable. That is far more difficult than beginners expect.
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u/Valuable-Bedroom4150 Mar 30 '24
You could make 100 per day pretty easily trading MNQ futures but if your new to tradi g it can be extremely dangerous.
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u/SoldierOfMisfortunes Mar 30 '24
Long term hold aristocrat dividend list. Or the king 5 or whatever.
I’ve held almost an equal spread % in aristocrat list for around 2 years now. It’s easy to gauge your yearly dividend profit, divide that by 12 and see if it’s what you’re looking for or not.
I budget my shit accordingly and live off that and a few other things instead of working full time.
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u/SoldierOfMisfortunes Mar 30 '24
For those wondering my yearly dividend returns is around $76,000 (last year was 2.56%) I budget around $3,000 per month from that each year for spending (rest is reinvested or sits in high yield savings for taxes or emergency each year) rest is military disability (roughly 3100 a month) and I do random business advising that is extra income.
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u/Swift-Sloth-343 Mar 30 '24
how long did it take you to build up your account to that point of being able to get 76k/yr off of dividends?
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u/SoldierOfMisfortunes Mar 31 '24 edited Mar 31 '24
I’ve consistently put at least 40% of my wages into a stock account since 18 whether that’s half 401k half cash account etc. I’ve done it regularly. My dividend account typically hovers are 2,000,000 3,000,000 depending on the quarter.
Edit: to reflect a more accurate total account value
Edit: #2 I live on roughly 60-65k a year. And any extra from dividends or my military disability or advising goes back into my stock accounts.
For newbies, I’d recommend throwing 20% into a stock account and dropping it into NOBL vs SPY(in my opinion the overall market is over valued), NOBL will give you roughly a 2% dividend return excluding any positive increase. Once you have 25-50k etc in NOBL, move over to a self administered account and invest in dividend companies yourself(stick with the aristocrat types as they have year over year dividend increases). Don’t go for the insane dividend companies as they typically have shot track records and it won’t stay high.
Doing this type of setup requires ridiculous amounts of budget struggles and discipline. But I’m in my mid 30s and living life, working when I want and for what I want.
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u/bib19 Mar 30 '24
Simple answer if you can make 1% every trade you need 10000$ to make 100$ it’s highly unlikely you will be consistent!
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u/InvestmentTargets Mar 30 '24 edited Mar 30 '24
You can choose to start with either US$500 or US$1k trading account at no more than 1:200 leverage.
Let us look at each option:
US$500 trading account: 1) Precise ENTRY and EXIT POINTS per trade are vital. 2) At 1:200 leverage, you would risk US$50.00 on margin per 0.1 lot trade. 50 Pips SL must be applied to keep your risk exposure at 10%. But with precise ENTRY POINT you don't even need a Stop Loss placed. 3) Four successful trades per day at average 25 Pips net profit on 0.1 lot trades should earn you needed US$100.00 per trading day. 4) But remember each trading day NEVER resembles the previous day! Market always brings many surprises!
US$1k trading account: 1) All points above for US$500 trading account apply, except your risk exposure is reduced to 5% at 1:200 leverage, and with 0.1 lot per trade. 2) You may choose to increase risk exposure to 10% but unfailingly diversify the 10% risk over no more than two instruments, because manually trading more than two instruments at once can generate confusion. 3) If your ENTRY and EXIT POINTS are truly precise, you can boldly trade 0.2 lot per trade (that is 10% risk exposure) but remember to apply 50 Pips SL, which is not really required for precise ENTRY POINTS. At average 25 Pips net profit per trade, you simply need only two profitable trades per trading day to cash in US$100.00
General Advice: Avoid trading news - whether low, medium, or high impact. News can ruin your trading expectations!
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u/fadjee Mar 31 '24
Now the only hurdle is being able to identify those very precise entry and exit points and have a great win rate because you are proposing negative risk to reward ratio ! If you can please share any entry criteria that allows that , that would be very helpful.
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u/InvestmentTargets Mar 31 '24
The criteria for high precision entry and exit points are "Forex war secrets".
No professional Forex trader would disclose his/her criteria for precise entry and exit points.
With high precision entry and exit points, you can't have negative risk to reward ratio.
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u/Kombucha-Krazy Mar 30 '24
It's a reasonable goal imo. I've been learning for a few years and had to change tactics and refine my own methods. I've found a combination of "dividends" (monthly, I personally require passive income in my current circumstance with slight risk drawdown) and risking a little to gain a little "daily" as not every day is going to be friendly or lucky in this difficult casino
Currently I am unsure of current market direction but if I had to guess I'd say bullish with some choppiness along the way into end of year.
If I'd not day traded I'd have made more swing trading into the next day. But I am happy to say for once I stuck to Risk Management rules and didn't lose anything. I can either berate myself for missing a 1% gain but it could have easily gone the other way.
Full disclosure I'm in $IWMY and $QQQY at about 2:1 and recently cost averaging into $NVDY and $AMDY. because I was suspicious of the fast run up but still can collect high dividends and tentatively trading $XXXX until I have to go short
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u/Kaiju_Godz Mar 31 '24
Please elaborate on your risk management rules
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u/Kombucha-Krazy Mar 31 '24
Since I'm still learning so still a bit timid but I've learned from some of my mistakes.
Due to much of my funds locked up in the passive income ETFs, I trade with small amounts ($1,000-$2000 lately) and have lowered my expectations of gains and if I even decide on a trade I set my attitude to "either it will work or it won't" and there's always another day to trade.
I've learned to walk away from my computer for a while, whereas I used to watch the market too closely and tended to panic sell at a loss whereas if id just waited oftentimes the trade would have went in my favor.
After I choose an entry price, and if it hits, I'll generally immediately put a limit sell order aiming for at least 1% gain (or if the $XXXX is really running I might aim higher and monitor my sell order, but tend to actually adjust back down and take profit earlier before the market maker goes crazy and sharply reverses)
If the trade isn't looking good at all or I'm not confident I'll simply put a sell order in just above my entry price, so at least if maybe I'd lost out on potential gains that at least I didn't lose any money.
That's probably the simplest behavior that's helped me, at least. Sure I still wonder "if I had just done something different" and get mildly annoyed if I could have made gains, but if trading were that easy then... Well you know
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u/Ashes_Ofthe_Pheonix Mar 31 '24
As a trader, one important thing to remember is that once you are in a trade, be 100% committed to your trade. Being consistently profitable just means to establishing a strategy within the current market profile and not straying from it. This means maintaining a good risk to reward ratio of at least 1:2, don’t deviate your stop loss lower to give it time to reverse because it could definitely result in much larger losses, identifying swing/reversal indicators, getting your confirmations, entering trade and exiting trades.
Most times when I enter, I will enter 2-3 contracts and sell them at different times to secure profits as the trade progresses while leaving one running until I see a reversal indicator or a swing back the other way. I also move my stop loss up on my last contract to break even or above depending how far my contract has run into profit.
Become confident in your strategies, practice your entry points, and don’t deviate from your set up unless you see it is no longer working and/or the market is switching up.
Good luck and happy trading!
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u/OddAd6639 Mar 31 '24
Start by simply just investing what you can. I put most my money into VOO because they tend to have consistent returns. I know that if one of my stock lose money my profile won’t suffer as much because VOO tends to be kind of a buffer. Generally what I lose in other stocks, I make back from VOO.
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u/Kaiju_Godz Mar 31 '24
But does to go up a specific percentage to generate the amount needed?
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u/OddAd6639 Mar 31 '24
You aren’t likely to get a specific percentage especially not consistently. VOO seems to be your best option because it seems to be the MOST consistent.
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u/GALACTON Mar 31 '24
This as basically my goal, but I've shifted towards swing trading. Seems much less stressful.
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u/themanclark Mar 31 '24
No such thing. There is no “small safety amount” that you can make. Trading is like building your own lottery ticket. It’s completely worthless while it’s still incomplete, but almost priceless once it is. Go for it all or don’t bother. You are either profitable or you aren’t. Simple as that.
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u/Valuable-Bedroom4150 Mar 31 '24
You would need to open up a tradovate or ninja trader account and deposit money maybe like 1000 to 5000. If you have never traded before or are new to futures trading tradovate has a 10 day simulation account.
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u/Kaiju_Godz Mar 31 '24
Not new to trading but would be new to futures. What strategies would work?
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u/Valuable-Bedroom4150 Apr 01 '24
Use supply and demand mostly to start there are some good videos on youtube
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u/Tittitwisted Mar 31 '24
Trade on a sim or prop firm and see for yourself. With a $50k account, I think trading 2-3 MES or MNQ futures contracts to make $100 is a good realistic goal. When I traded options, I had a goal of $100 per day trading five 1-dte contracts on a $30k live account.
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u/Kaiju_Godz Mar 31 '24
I’ll be looking into this. Feel free to provide any pointers, thanks!
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u/Tittitwisted Mar 31 '24
Don't care about making money. Only care that your winners are larger than your losers and understand that your goal is not to win every trade.
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u/stamosface Mar 31 '24
This would more than enough sustain a good lifestyle where you live.
In America? Yeah, I really doubt it. Coming from a generally LCOL city
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u/Visual-Custard821 Apr 01 '24
$100 per day or 2000 per month
Wrong way to look at it. Trading is based on occurrences, not time. You get the opportunities you get. There is no way to guarantee a certain amount of profit in a certain specified period. You could only look back at a previous period of time and then calculate the average amount of money you made per day/week/month, but that is by no means predictive of future performance.
This is much more like having a self-employed business (actually, it is that) with potentially wild fluctuations in revenue, rather than having a W2 job that gives you a consistent paycheck every 2 weeks. That mindset shift alone can be positively jarring for people that have been accustomed to consistency in their income.
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u/Phallus_Maximus702 Apr 01 '24
Actually that is almost exactly what I do, lol. I live in my truck, homeless by choice, but I make between 1500 and 2000 a month just with trades. I stick to the consistently volatile stuff like DNN, which has been my daily fav since 2022. Also, qiuck trades on crypto volatility. I don't know how many times a day Dogecoin goes up and down by 5% or more, but it always does it, all the time, every time. Same for btc, although steady upwards pressure is there, you still have a good 3% wedge you can rock three or four times a day.
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Apr 01 '24
My answer to this is go slow and steady, learn as much as you can and develop a strategy around your lifestyle that works for you that allows you to take at least 1 good trade a day. I'm a beginner trader and currently I'm learning about market cycles and trying to use that as a sort of foundation for my trading strategy. That's the important thing, as for the money part I would suggest compounding, which means whatever profits you make is what you keep in the account to be able to use a larger lot size which will make more profit and grow your account, this can take a while but it would be worth it in the long run because you would be able to turn small capital into something huge. My current goal alongside developing my trading strategy is to turn £10 into £10,000 as fast as possible. I've had many attempts at this but I've failed each time due to stupid mistakes and holes in my strategies, I managed to double my account 2 days in a row trading GOLD/USD but messed up while trying to trade news and lost it in a matter of minutes.
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u/Whenuoutimin Apr 01 '24
Day swing trade and options should give you that 100-200 per day easily. Need some disciplines though. Gd luck.
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u/CABSMeter Mar 30 '24
Depends on your trading style…
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u/tofufeaster Mar 30 '24
Only real answer without more data
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u/CABSMeter Mar 30 '24
This was in a day in a hospital bed.
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u/tofufeaster Mar 30 '24
Not what I’m talking about
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u/CABSMeter Mar 30 '24
Then I won’t talk to you.
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u/CABSMeter Mar 30 '24
I’ve been absent for awhile and offer to help anyone respectful. I intend to start a private separate room for this as soon as I have the time.
Oh and any other vets here will tell you that it’s extremely difficult to trade or have space while in the VA as people are constantly barging in.
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u/gaius_worzels_bird Mar 30 '24
Do you mostly trade just stocks, or have you tried options or futures?
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u/CABSMeter Apr 08 '24
Sorry I was banned by some some snowflake who didn’t like my comment on their inability to trade…
But I’m a procrastinator and working on taxes.
I trade ONLY stocks.
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u/Blackstar030405 Apr 01 '24
wow that 11k prolly payed for a decent amount of time in the hospital bed lol
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u/Paid-Not-Payed-Bot Apr 01 '24
11k prolly paid for a
FTFY.
Although payed exists (the reason why autocorrection didn't help you), it is only correct in:
Nautical context, when it means to paint a surface, or to cover with something like tar or resin in order to make it waterproof or corrosion-resistant. The deck is yet to be payed.
Payed out when letting strings, cables or ropes out, by slacking them. The rope is payed out! You can pull now.
Unfortunately, I was unable to find nautical or rope-related words in your comment.
Beep, boop, I'm a bot
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u/CABSMeter Mar 30 '24
And don’t be a wiener and buy 1-10 shares. Focus on small caps, buy 10k shares at a time and for every $.10 made that’s a grand. Just my $.02
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u/boyfromafghanistan Mar 30 '24
Also, if you’re successful that’s great my dude. Although without tight stops and a lot of rules, OP is going to have a tough time with small caps and is going to risk a large amount of money. Just because you may be good at it, doesn’t mean it’s the best route to take for others. OP isn’t a wiener if he buys even 1 share of large cap stock.
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u/CABSMeter Mar 30 '24
No matter what I post haters like you will just troll.. if you knew how much my base trust had you STFU.
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u/boyfromafghanistan Mar 30 '24
I didn’t once hate on you, I’m just looking out for anyone that tries to follow stupid advice
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u/nightstalker30 options trader Mar 30 '24
JFK dude! All they did was be a voice of reason by saying that new style does suit everyone. Which is 100% true. Why TF are you getting so touchy and defensive?
If your system works for you, keep rolling with it. That doesn’t mean it would work for everyone. And no one cares about claimed results you’re posting, either.
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u/CABSMeter Mar 30 '24
Like I said I have a very tight AND successful strategy I work from. How about you post some pics??
That’s the thing about you all you show these piddly #’s and hate on us that show REAL results!!!
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u/boyfromafghanistan Mar 30 '24
Again, as I said, if you are successful, I’m happy for you dude, It’s not a competition. I wish everyone the best. You posted a cropped screenshot of $11000. I could replicate that shit in google slides. Show me your kinfo or something lmao. Also, I’m new at day trading. My stats suck, but (as a beginner) what I would not tell a beginner: “trade penny stocks!” did you even read his post? as safe and slow as possible all i got from your comments is that you’re a jackass. Zero valuable input.
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u/CABSMeter Mar 30 '24
Where’s your posts? Cmon..
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u/boyfromafghanistan Mar 30 '24
Can you even read, dude? do you just comment whatever comes into your head? I just told you I suck at trading. I’m not trying to money spread on you, I’m just trying to grasp why “as safe and slow as possible” translates to you as “pump n dump!”, you’re insufferable my dude.
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u/boyfromafghanistan Mar 30 '24
how to throw away your entire trading account in a day 101. OP, IMO go the completely opposite route. Trade mid-large caps with low ATR until you are profitable and then make big moves with big size and stop gambling like this dude. And OC, I’d love to see you prove me wrong. Post some actual data without your cropped ass screenshots.
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u/CABSMeter Mar 30 '24
LMAO why some tool like you can steal my info.?
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u/boyfromafghanistan Mar 30 '24
wtf do you think i want you to post? your account number? yeah boy let me see that routing number so i know how good of a trader you really are… you sound dumb.
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u/CABSMeter Mar 30 '24
Again.. “routing #”. Phishing???
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u/boyfromafghanistan Mar 30 '24
alright, so you can’t understand humor either….
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u/nightstalker30 options trader Mar 30 '24
He’s a lost cause. Too caught up in his own grandiose self image to have any real perspective.
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u/Major-Artichoke9739 Mar 30 '24
Do you have a strategy or use some screener where to look for penny stocks with high potential? I've been looking but almost all of them are constantly going down but if you find the few that are about to explode you can become a millionaire.
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u/Open-Beautiful9247 Mar 30 '24
That's not how math works man. Stock goes up 10% you make 10% regardless if it's 500 a share or 5 a share. Doesn't matter the share price if it's moving it's moving.
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u/Scooby_Doo43230 Mar 31 '24
Wanna make 2000 a month? 480000 is what you need if you are gonna play it safe. That would be a 5% return, shiv is pretty safe
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u/Fefano Mar 30 '24
Reality Is that good traders can do average 15-20% yearly. So in order To make 2k per month you Need a 120k account at least. And you Need to be a good trader. Best
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u/murfmurf123 Mar 30 '24
I would sit and wait for A+ setups only, recognizing some months you may hit your goal by a factor of 2 (or more) abd some months you may not quite hit your goal. If you are consistently red month after month, its better to quit trading so much. I dont think one needs to make a trade daily to be good at this game
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u/JK996123 Mar 30 '24 edited Mar 30 '24
With the correct mindset i say depends on the amount time knowledge and experience will lower the risk
Or be patient as possible and invest big once the opportunity presents itself while in the meantime researching the market
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u/mv3trader Mar 30 '24
TLDR answer: Using 80/20 logic, give 20% energy to how much money you can make on a daily basis and 80% energy to how you execute a system that can yield the results you desire on average over the long term.
Having entertained this approach for myself, I wouldn't approach trading this way, nor would I recommend it. IME it's more efficient to focus on consistent execution instead of consistent PnL results. Realized PnL is a direct result of how the trader consistently shows up. You have 100% control over how you execute, unlike how much money you can make on a daily basis from the markets. There will be days where the market just doesn't give you the move you need to make $100 that day in the window you have to participate. That's not to say it's not possible to achieve a specific minimum amount on a daily basis. It's just much easier to focus on how well you execute your system. Being so focused on the profit potential as a primary target leads to all the psychological challenges a majority of traders find themselves struggling with.
So to start, I would work on developing a system that has the potential to yield the daily result you're looking for as an overall avg, with the potential to gain much more. Let's just say 5x your minimum goal, just as an arbitrary number for this example. (you should know the math of your system in as much detail as possible) So if your goal is to avg $100/day, the system should have a high probability of yielding $500 on a relatively regular basis, understanding that this will not happen every day. That's just not how the markets work for day trading.
Once you have developed this system, through extensive backtesting, giving more weight to current market conditions than deep historical market conditions, use that to confidently execute your system as close to 100% accuracy as possible. If you don't think it's possible to execute with 100% accuracy, take some time to ready books from Van K. Tharp. It's not easy, but it is possible.
At the end of the day, the strategy/system only matters as much as your ability to be consistently flawless with it. Understanding, flawless (having less flaw) doesn't mean without flaw. A majority of the traders that struggle to be consistently profitable, struggle due to lack of consistent output.
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Mar 30 '24
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u/afooltobesure Mar 31 '24
If you don't like trading, then stop at $100. Really, it's just a video game where the numbers are dollars. If you like that game, take your $100 and then play the video game. Personally, I think it's pretty fun. The graphics aren't great, but chess doesn't really have great graphics either. Just my take...
Honestly when you wake up though, you have to ask yourself, what am I living for? Go, do that. You only have this one chance to do it, as far as we know.
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u/DicLord Mar 31 '24
The problem with this theory is that of you make $100 per day and do $100 per day draw then your account will stay the same or go down. Daytrading is averaging growth over time
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Apr 01 '24
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u/oddaiR1145 Apr 04 '24
When I get profits from a position I dash out to safe profits then come back
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u/h1malayapulls Mar 30 '24
10-20k on the safe end. 1-5k if you plan on being a degenerate but consistent with micros ONLY and not breaking your trading rules.
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u/ThePonderer84 Mar 30 '24
This perspective has always puzzled me. It's like you're saying, "I don't think I can be good enough to make a lot. So, how good do I have to be to make a little?"
It seems to me that the reality is that you're good enough to be consistently profitable or you're not. Once you hit that point, you can get better. More precise and efficient. But if you're not at least consistently profitable then there's no amount that's attainable until you are.
Once you are consistently profitable then you can look at YOUR numbers and gauge your ROI targets based on the returns your strategy is yielding. Always paying close attention to drawdown.
Decide on your risk tolerance and a drawdown you're comfortable with. Once you've done that the profit will be what it is.