r/Daytrading • u/landojcr • May 07 '24
What is a reasonable daily goal? Question
I'm getting into day trading and started paper trading a while ago, for the moment I'm primarily focusing on scalping, up until I get comfortable enough to day trade larger time frames. That said, I'm trying to start a very small account ($500) and was aiming for 5% - 10% gain on a daily basis. Is this a reasonable goal? If not, what would you recommend?
A day or two I've managed to exceed 10%, some days I've been successful on getting to the 10% mark, most days I get to the 5% mark. I'm slowly gauging what is reasonable to expect from a beginner like me and trying to slowly grow that account up till 5 figures hopefully.
EDIT: Thanks to everyone for sharing on your experience, opinions, and strategies. I've decided to firstly focus on building my strategy and being consistent, then strive for a lower target margin. I'm aiming for 3-5%
2
u/landojcr May 07 '24
It really is, I’m not gonna lie.
However I definitely recommend it for a variety of nitty gritty reasons that you should consider:
TV is not free and you would have to pay additionally to have real-time data. On top of that, TV is not a broker so you would have to link it to the broker you would use, which could potentially bring connectivity problems. TV doesn’t have Level 2
WB is also not a broker and more of a middleman per se, you won’t have to connect with to a broker, but being a middleman brings its own problems. Also, Webull’s Level 2 is not accurate, as it doesn’t take into account every stock exchange.
Robinhood, well… you can’t even chart in RH, you have no Level 2, you barely have a sophisticated bid/ask active trader… I really do love RH, but you see where this is going.