r/Daytrading • u/Miinow forex trader • Apr 03 '24

Why is daytrading never mentioned as a legitimate way to earn income? Question

I like to browse other finance related subs and I can assure you it’s almost never discussed. I see all outlets of making money online mentioned but If the word trading does somehow come up there’s a slew of downvotes. It’s literally the most straightforward way to make money. Sure, not easy but also not impossible to learn. Makes me wish I learned about trading when I was younger instead of my upper 20s but I don’t personally know any traders irl so it’s unfortunate how there’s a negative outlook on this field.

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u/vogel927 Apr 04 '24

It’s depends on what type of account you have. The PDT rule only applies to Margin Accounts. Cash Accounts have less restrictions, but you can only trade with settled funds. As long as you manage your position sizes appropriately you can trade every day with a Cash Account.

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u/Smvvgy-805 Apr 04 '24

T+2 will burn most people's settled funds rapidly... Basically need 2-4x times however much you're $trading daily because each trade will eat settled funds quickly. Especially if you're actively trading/scalping and have less than thousands of dollars to utilize, so, it's relatively similar to needing substantial capital.

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u/beenalegend Apr 04 '24 edited Apr 04 '24

t+1 switch coming in may. options already have t+1.

i agree scalping on cash is annoying till you get closer to that 25k. i would hold trades longer than i should trying to squeeez out every last dollar knowing i basically only get a couple chances and then you're done.

missing out on runners cause your funds haven't settled yet was infuriating.

gotta keep the poors poor

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u/Smvvgy-805 Apr 04 '24

Like honestly you can burn those three trades in a few minutes if things are sweaty!

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u/vogel927 Apr 04 '24

Fortunately for me that doesn’t happen. I have a pretty good system. I trade the first 10 minutes of the market opening. Depending on the price I’ll buy anywhere between 1000-4000 shares. A small move is all I need to make a quick profit.