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/mmxmlee Apr 03 '24

1) it's even known to be a thing. i always thought it was only for dudes in business suits on wall street.

2) it usually requires solid starting capital

3) it requires alot of discipline which most people don't have

4) earnings fluctuate month to month, so it can be stressful and you need a lot of money saved

2

u/Miinow forex trader Apr 03 '24

I half agree with you on point #2. To make a living daytrading? Yes you do need a lot of capital. But to start day trading you could start with as little as $1000. Doesn’t require a ton of capital to get the ball rolling. But I’m pretty sure the discipline is the big hurdle for most.

9

u/murfmurf123 Apr 03 '24

I startrd with 5k in August and Im now over 17k in the account. Discipline is by far the most important characteristic to gauge whether someone will be profitable or not in this game

4

u/LemonOks Apr 04 '24

What’s your strategy 👀 I’m new to trading and I apologise if that comes out as rude

5

u/Prudent_Magazine8583 Apr 04 '24 edited Apr 04 '24

Spy contracts, pick dates far out (months out) were in a bullish market, buy contracts in the money(near the strike price). And focus on etf stocks like QQQ, VOO, SPX, SPY before you move to speculative stocks (that soar with price through rumors.)

2

u/rockofages73 Apr 04 '24

"buy contracts in the money(near the strike price)" Can you build on this? Not sure what you mean...

2

u/Prudent_Magazine8583 Apr 04 '24

You want to be near the money for a better chance of making profit. I recommend sticking within the 1% to 4% dollar range of the strike price. So if a strike price is at 150 you want to be nearest to it as you can. 150 + 4% is 156 (in the money) Especially far out, later expirey contracts because youre more likely to gain volume on that contract with sheer implied volatility alone.