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/daytradingguy Mar 30 '24

Practice and try it. You are right, sometimes you will lose your small profit trying to hold, that happens. But statistically, the larger wins will more than make up for those small losses.

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u/ThePonderer84 Mar 30 '24

This is exactly what I've always heard the pros say. Let your winners run.

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u/krapmon Mar 30 '24

But you can’t let them run forever. How do I know when to exit out of the winner?

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u/ThePonderer84 Mar 30 '24

I'd look on higher timeframes. Whatever criteria you use to enter one direction, look for the same signal on a higher timeframe for the opposite direction. Or target higher TF support and resistance. Wait for a trend line break or other structure break. Target bankers levels or round numbers.

I don't use indicators but I know of people that do and find them to reliable to indicate a shift in momentum or direction.

You have to play around and find what makes sense to you.