Based in your experience:
-Minimum capital
-Instrument
-Strategy (daytrading/swingtrading, etc)
-Minimum capital
-Instrument
-Strategy (daytrading/swingtrading, etc)
Advice to make $3K/month trading
- Thread starter Evermore2017
- Start date
Minimum capital and instrument and strategy are all kind of irrelevant,
I know that sounds kind of weird to say,
You should instead focus on your ability (or lack thereof) to predict/trade/manage the future.
Say that out loud and think about that sentence everyday. over and over again.
If you are really, truly good...You only need a small $100 seed capital to grow to a $300,000 acct.
And likewise, if you are really truly Bad...you will need a 2 million acct...to generate $3k/month.
I find it weird when someone says they want to make only $3k/month, for example. That's like saying you only want to kiss a pretty girl four times a month. I think your expectations and assumptions will change relatively quickly depending on the variables and circumstances of your situation.
Why cap or limit the future with a specific number or amount...you don't know what the future holds, for better or for worse,
As soon as I can afford a new laptop from trading...I will be So happy and satisfied with life.
Then that scenario changes to a fancy watch. Then a fancy car. Then a fancy girlfriend. Then a fancy house -- the chain reaction never ends,
It doesn't matter if you're a dime a dozen piker trader...or one of those ultra rare people who grow into over five million...it's the same concept,
Nearly every man or trader in history has gone bust chasing the almighty dollar,-- study all of them, and hopefully you will see your light and find your place,
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All three are irrelevant if you have not developed the prerequisite trading skill. Trading is not a skill learned overnight, rather over time. Read books, attend free seminars/ webinars, find a mentor (free) develop a theme and then worry about how to make $3k/ month.
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How does knowing the answers to these questions based on my experience help you? How you can do it depends on your experience and skills, not on mine.
(By the way "swing trading" isn't a counterpart to "daytrading". There are plenty of intraday swing traders, too. "Swing trading" is a style of trading: the term isn't related to time-frame. This widespread misunderstanding is generally cleared up on page 1 of swing trading textbooks such as Alan Farley's authoritative one, The Master Swing Trader, if you want to take a look: you'll find the relevant explanation in the part of the text available to inspect in the free preview on Amazon. I'm specifically mentioning it not to criticise in any way, but to illustrate an example of the reality that learning from good books tends to be much more helpful and promising than depending on forum and other online chat as a "source of materials" for the reason explained in this post.)
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Mate, this is not a f*****g cash machine where you just put in your parameters and get 3k a month back. If I had a penny for every time I heard a question like this, honestly, I wouldn't need to trade. All of these three parameters don't matter or don't matter much because if you go into the market with such a mentality you will blow out your first account regardless of how much money you put in. The instrument? Well, doesn't matter either. Why? Here are all the instruments listed with the increasing rate of money loss: Stocks, Currencies, Futures, Options, Trading like a bellend. Strategy? oof. ok. Day trading will make you broke very quickly. On a serious note, if you are just starting out try position/ swing trading as it will give you more time to learn.
What are PA strategies? What is a PA stop loss?
just present would be fine