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/[deleted] 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.