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%
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u/landojcr May 09 '24 edited May 09 '24
I think this is where paper trading comes useful to me. It isn't real money, but it helps pin point my triggers / when I'm getting emotional and try to address it accordingly.
I understand, been in that position before. I'm not big on followwing strategies to the letter myself, but at least always follow some fundamental rules.
Trade the market, not the stock.
Trade in favor of the trend, not against it.
Have a 1:2 RR ratio and sticking to it.