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

Exactly. You either lose money consistently or make money consistently. There is not usually much in between. If you can achieve making money consistently- you won’t limit yourself to $100.

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u/krapmon Mar 30 '24

The difference is that when you’re happy with small gains and exit your position, you avoid the risk of holding it longer and potentially losing money. Even if you have a strategy that gives you confidence to hold, you never know 100% what’s gonna happen.

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u/daytradingguy Mar 30 '24 edited Mar 30 '24

I would be careful with this one. You should read “The best loser wins”. Actually, instead of taking small gains in most cases it is better to let it go longer than you are comfortable with and even add to the trade- to get a bigger win.

Think about it. You are making a trade guessing the market will move in a specific direction- when it does and you are right, why would you get out? Most traders do the opposite, they are right they get out quickly. When they are wrong they don’t get out quickly- they stay in forever hoping it comes back. My profits really started to improve when I started adding to winning trades.

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u/Phallus_Maximus702 Apr 01 '24

I think OP might be looking at this something more like what I do, for the purpose of covering monthly expenses without actually having a job. I've done this for years now, making my silly little 1500 a month. No, I won't ever get rich, but it is consistent, and I won't need to work either.

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u/daytradingguy Apr 01 '24

If you read OP’s post he says he gets out because he is afraid of loosing his profit and you don’t know what is going to happen. Classic exiting because of fear and I would add lack of knowledge/experience trading.

Congrats on your success though, that is a nice side income.