From my past years of experience I believe that I can make a living off of starting with $30,000 in my account for day trading. The problem is how do I get there? Are there any professional day traders out there to give advice? I know this is possible. P.S. I'm located in the Capital of Michigan, Lansing
What kind of trading do you want to do ?? Stocks or Futures ?? Stocks, Leverage isn't as good, progress will be slower. Futures, open Micro Mini account start at $1 per point and work your way up to your making a living. How much do you need average per day ?? about $150 here, so 15pts at $10 per pt. Just got to crack trading first, which is the tricky tricky part.
I trade stocks. Haven't even thought about trading futures. Going to have to research more first. Thank you!
Futures day trading less work, look at 1 or 2 charts, avoid news times, get in, get out make money frequently is the plan, not as easy in real life. Stocks, it's research, checking for news, earnings date, screening 100s of stocks every evening to find your next plays, it's just hard hard work, loads of rules PDT for instance and much less margin. Futures are tricky as you'll need tight ish Stop Losses, trade badly and they'll be hit frequently. Stocks easier cause you can risk more of a move and hold for a few days for price to come back, less immediate, so if your not as good, stocks easier.
I am very good at trading stocks. It took me a year or two but in less than 1 month I had 350% returns. I had to pull out due to unemployment and now I'm just sitting at work coding
What reason do you have to believe you can make money day trading a $30k account? You're almost certainly wrong and will either blow up your account if you have poor risk control, or slowly bleed down if you have excellent pro-level risk control. If you insist on trying, you have basically 3 options - in descending rank order IMO: 1. Swing trade or speculate on long timeframes (several days to several months hold time) 2. Use a scanner to identify stocks in play e.g. large gaps, strong volume and direction in the first 15-30 minutes, and play those to catch a strong one-way trend day or a hard V-reversal move. 3. Watch ~10 futures contracts (stocks, energy, metals, ags, FX etc) and trade those offering the best setups (if any are) on a given day. What you should avoid under any circumstances is what 99% of retail traders do - which is to head straight to the ES or NQ and try to scalp tiny moves multiple times a day, using chart analysis or guru methodologies like Al Brooks.
Well my StockTwits account is TenPercentSwings. Claim any and all profits with tight SL's. With unlimited day trades (nothing is guaranteed) I believe I can make more than a sufficient amount of money to live
If this was attainable then nobody would work and everyone would just day trade. If you could make a living on $30k then imagine how much money would make those traders that start with $300k, or $3M. There would not even be enough stocks to buy because a few of those guys would just buy whole companies. The reality is that traders make between negative 100% and positive 20% per year, so you’ll be lucky if you make $6k per year. There are a few exceptions but if they could simply give you advice and you could do the same then again everyone would get the same advice and everyone would be a gazillionaire. In fact, it is even more rare (not even sure if it ever happened) that someone would ask a question like you just did and then make a living day trading. Almost all successful traders (and people in general) spend thousands of hours figuring things out and learning from experience. Basically your question and assumptions are ridiculous. And the more aggressive you want to be the bigger the chance you’ll lose all your money fast. Just get a job.