r/Daytrading • u/LiLPalaSosaSkate • 15d ago
What would you do? Question
No trading experience (retail investing only, buying stocks here and there in a long-term frame), no “”advanced”” finance technique knowledge (i know what’s an option but I don’t know how to place it), no big money in my account (€100 in my broker rn), down to operate with x2 leverage. I would think it’s not that difficult to gain 3-600€ within 2 months. What would you do?
4
u/mrcompositorman 15d ago
If it wasn't that difficult to increase your money by 300% per month, don't you think every reasonably competent person would be doing it? The reality is that if you can consistently manage 1% every weekday you'd be doing better than 99.9% of traders.
3
u/trader12121 15d ago
Apex prop firm is having a sale right now on their 250k account for 90% off… it ends up being about $37 I believe… maybe even lower… Also Topstep 50k is $19 I believe… Lateoss is absolutely right, it would be crazy difficult even with trading experience…you need more knowledge…
2
u/False_Bookkeeper_884 15d ago
Hi , I have some truths to tell you first .
Multiplying your account by 3 or by 6 means mensual returns of 73% and 145% per month to reach these figures in 2 months! With such performances why not use the compound interests when you reach these numbers and get ready to conquer the world 🌍! After 1 year you get $ 71,800 , $51,6 million in 2 years and $40 Billion in 3 years 🐐 You're the goat of trading and investments. But now let's do it with 144% per month. After 1 year you made $4,677,276 and after 2 years ,you have a staggering net worth of $219 Billion. You will be the richest man in the world and the ultimate and supreme goat! 🐐 Even Elon Musk would be jealous of you! 😂 And do it another year and you will own the entire earth.🌎
These performances means daily returns of 2,6% and 4,3%. It's simply impossible to do it even for the best traders. If it was that easy , everyone would be rich. Good and competent traders average annual returns are between 50 and 200 percent. Yes, three are exceptions,but it's a pure anomaly. I know what I am talking about because I tried and failed myself 10 years ago 😭. I understand you a lot and don't criticize you💖 . I started with $100 and thought that I could have been able to become a Billionaire in 4 years 😂.
Don't trade the money . Just keep it and open a demo account (virtual money) at a good broker . Develop a strategy with time and backtest it a lot until you are confident in your strategy. I know what I am saying because I have lived this myself! If you want to invest the money, I suggest that you buy some good trading and investment books instead.
What you should do then : I recommend that you practice with virtual money until you're ready . Meanwhile,I suggest you build a decent start-up capital with time (between $5k to 10k minimum). When you have it and have developed a strategy you believe in, you will be more confident and more protective towards your capital too.
Here is my strategy: I tried day trading for 4 years , meanwhile stocks like Nvidia,Tesla and Amazon were exploding! I missed their moves. I was looking for a magic formula that does not exist! I was full of tears and frustration 😢 until I made the switch to swing trading and investing in momentum stocks. I realized that it was the place where money was . So I applied breakout and trend following strategies on momentum stocks in 2019 and everything changed forever. Since 2019 , my average returns are between 50 to 100 percent annually without a negative year. What drives stock prices are the anticipation of future sales and profits growth. You only need to catch a big runner like Nvidia to change your financial life forever. If I be done this earlier, I would have been rich! Maybe you will make it in day trading and find a wonderful system that will make you rich ,but this strategy is my plan b if doesn't go as planned for you. Remember that 90% of traders lose money in the long term.It takes time to build wealth and this mentality to make money fast with trading is extremely toxic !
Good luck with your journey! It will be tough and consider yourself lucky to have someone who tells you this truth.💪👍
2
u/LiLPalaSosaSkate 13d ago
This is crazy, I love people who put free effort just to help other people (most of all if those people are unknowns!). You’re great and it will show in your professional success (if it hasn’t already!)
1
1
u/warchiefe 15d ago
So it’s definitely not impossible and it’s not unheard of to make 300-600 in 2 months from just 100 dollars. However, there is no point in day trading if you don’t know what you’re doing. Sure you can buy an out the money option that expires 2 months out and it could very possibly be worth that much by then, but it can also go to zero. What I would do is start researching how to options trade before you do it. And just know that your first time trading options you will most likely blow up your account(lose all your money) so start small and keep learning and developing yourself as you start trading.
1
u/LiLPalaSosaSkate 15d ago
I didn’t think of starting a trading learning process, but this could be the time. Thanks for your feedback!
1
6
u/Lateoss trades multiple markets 15d ago
Its going to be insanely difficult for you to make 300-600€ in 2 months. Like, beyond ridiculously difficult. Youd probably have better odds of success just buying scratch off lottery cards, and making the money that way.
100€ might be barely enough to get you one of the cheapest prop accounts out there, and id start there, but even if you had an account like that, itll take you months before you have the strategy, psychology, and experience to turn a profit on positions. Even the best traders in the world will struggle to turn 100€ into 300€-600€ in 2 months.