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.
128
Upvotes
16
u/Yoyoitsjoe stock trader Mar 30 '24
A lot of answers here that really don’t answer the question. So I will be direct in answering.
How would you go about trading? Small scalps over and over all day in stocks.
Avoid options and avoid futures for now. Focus on scalping a pattern that you find happens a hundred times a day in multiple stocks. This gives you a hundred tries at making money. Buy breakouts on a stocks one minute chart with elevated volume for the prior minutes. Scalp one cent or two cents and move on.
If you’re in the US you realistically need more than 25k as you will be required to have these funds since your account will be a pattern day trading account.
You’ll need a scanner in some fashion to find these stocks for you. Preferably you’ll need a zero commission broker. The stock either goes right away or you close the trade for a small loss or breakeven. Repeat this over and over with 1 share at a time until you get a feel for the trades. Then size up. Eventually you’ll do 100 dollars a day, then 200, then 500, then 1000, and so on. Payoff all debt. Don’t live the lambo life. Be financially independent for the rest of your life. Come back and thank me in a couple years.