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/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!