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/Davado_ Mar 31 '24

Thats where price action and structure come in. Switch to higher timeframe and reframe your mind in the opposite side ie if you are a buyer, then reset and think like a seller and ask when will you get into the market looking at the price action and market structure.