So I have 5k play money. Would like to start my own journal. Goal is to grow 5k to 25k in 100 trading days. Since I have only 5k, I can't be a pattern daytrader, thus can only day trade 3 times in 5 rolling business days. To achieve this goal, I have to make 1.6225% net profit per one round trip. Of course since I probably never be able to achieve that gain I will need to revise my calc every time. Stay tuned and wish me luck.
just a friendly advice, if you have no experience, you will most likely blow up. Why you don't try to turn $500 into $1000 first? It is as hard as your main goal, and if you fail, you only lose 10% of your capital (sou you can try it another 9 times!). Cheers
Stick your cash in a JPMorgan Chase savings acct at .25% and work a 9-5. You'll have 25K by year end.
only way to leverage 5K into anything meaningfull and actually be able to trade is with spot FX. And I am yet to find a broker I would give money to. Even though I have an account with oanda they are still a pain in the ass. take two positons that are perfectly inversely related and hold on to those position until it seems like the world is ending. This happens two or three times a year. Once all hell has broken loose take the gain in the winning position and once things have settled down double down on the loser. I would use the the gbp/jpy and the eur/jpy or something like that. Whatever you do don't look at it everyday because you will screw it up. Might not happen in 100 days but I do this every year just for shits and giggles and it works. Once you save up 100K open an account with a real broker (IB or TOS) and trade crude oil futures and make or loss 20K in a day!
Doable. You only need to really be ready to loose it all and already have some trading experience. Iron balls are required. Dont get cocky, take losses, dont overtrade, bla bla bla. Best of luck