Hey guys I wanted to share some small success I've had over the last two months in day trading.
Note: 99% of my savings go toward normal boring vanguard target date funds and etfs so don't worry I'm not putting my life savings/retirement into it.
I'm using less than 1% of my income to do these trades.
Really I haven't made more than $10 from a single day trade.
It's taken me a lot of trial and error to figure out my niche and strategy, which I will not discuss because 1) You shouldn't take advice from an amateur like me 2) If everyone knows my strategy then it works less.
The goal I wanted to have was a consistent trading plan that would give me 3% return.
I'm currently at 2.6% return after two months. With the first month having loses.
I probably could have made an average of 6% if I didn't stick to my strategy (got too greedy) but I would eventually accrue more loses.
So I'm making $6 buying and selling $200 worth of stock.
Big-whoop-de-doo a whole six bucks.
If I can keep this consistent, maybe one day I'll feel comfortable buying $10,000 worth of stock and making $300.
How hard would it be to save up $50,000 to use for my day-trading? It would take awhile but not forever.
If I get good enough at this, then I want to work part-time.
Anyways I know making 6 bucks is nothing but to be consistently getting that 3% means I can scale this up.
I plan to put $100 in my day trading account every month and continuously track my progress.
It's not about making money right now, it's about forming a strategy that almost guarantees a 3% yield.
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