Is there anyone in here making 300-500 a bucks a day consistently? Is this possible to do daytrading in the NYSE coupled with some momentum trading in the NASDAQ? 3 months ago I daytraded NWD and made 200 bucks my first trade....but that profit tapered down to 100 buck after I set a stop. Since then I have not been pursuing the markets, but plan to spend the next 6 months reading and taking in all I can. I am just not sure which markets will be the most suitable for me. But I definitely will include daytrading the NYSE in my arsenal of weaponry. I still a bit timid on the NASDAQ. Please chime in w/ any useful info. BTW, I will trading 2.5k on margin or 5k of buying power. DT
First off, I'm not picking on you, but your post is off on several points: 1. Your understanding of scale and realistic profits. 2. Your use of "stops" in daytrading. (If you think it's going to get hit, then just get out when your profit is at it's max - we are trading intraday semi-randomness). 3. It also seems that you don't have a very clear understanding of leverage and BP. You either do not have much direct experience, which is reasonable and can be overcome by... experience. OR, you are simply too slow to catch on quickly - which is essential when daytrading on margin. If it's the latter, try just position trading with standard 4:1 retail leverage. Best of luck.
Yes, if you are really good in trading. I doubted. To me, the only way to pull that off is to trade futures, not with stocks, unless you are the penny stocks master. The fact that you have to ask such a question reflects that you have no idea what you are doing, and what's doable in the market. For those who can pull that off, no one is going to tell you how to do it. I guess that's why people don't bother to answer your question. It's meaningless, or you've answered yourself already. It's not possible for you right now. Just trying to help...
I was on pace to do $500 per day for the last 3 trading days till I blew some pts away today due to the increased but unpredicatable volatility. I ended up finishing up for 3 straight days. My goal is to put together 20 straight winning days, and then 20 more etc etc...
Yes consistent profits can be made. $300 or $500 per day is very doable. That being said, I doubt that it can be made with your account. You just don't have alot of room for mistakes. In fact, two or three mistakes and you are out of the game. With your account, it is reasonable to trade and make perhaps 50 or $100 per day. If you are trading and making some money, do not pull the money out and spend it....take your good fortune and use it to build your account and give yourself a "safety" net. Read and learn as much as you can....but do not accept anything you read as fact. Most of what you will learn will be useless, and your best results will come from synthesizing all the information and mastering one particular strategy. Finally, Nothing can replace the value of just watching stocks trade. Learning how they move, what moves them, and why they are moving. It is a great way to learn and develop intraday trading strategies.
imo (and i am not the first to say this), focusing on some sort of arbitrary and unrealistic goal like "20 straight winning days" is counterproductive focus on your setups, and risk management. Treat it like a business. Don't focus on the results on a daily basis, or u will find yourself breaking discipline in order to turn a trade around, doubling down, and doing all the other emotional things that are the deathknell of a trader treat your trading like a business. understand risk/reward and money management, and that is (a) key to success setting unrealistic goals will generally cause u to make poor decisions when u see them not coming to fruition on a shortterm basis e.g. "oh my god, I am down X dollars, and it's 3 pm, I better double up here and get my cost basis down for the bump" etc.
Please correct me if I'm wrong, but isn't the hallmark of a solid trader when he enters a position asking, "What's my risk?" and when he pyramids, "Ok, now what's my risk?" versus... "I just need $X" Completely arbitrary. If you have good setups, just scale the thing up and make twice your arbitrary number.
I can only say, with my experience, 100 is doable average. I have small accounts. 20k, usually use part of my funds.