Has anyone been successful in making consistent side income day trading stock as a side hustle? There is a lot of opportunity to do intra day swing trade like ARM, NVDIA, etc and make a quick 1 -2 % return. Stop loss will help prevent losses. TC 350k
There are three types of day traders: - The ones who think they are geniuses because they made a lot of money by taking on a bunch of leverage during a bull run. They will lose it all during a small correction - The ones who make less than market returns on average but are kidding themselves by doing things like ignoring fees and taxes, rationalizing losses while emphasizing gains, tricking themselves with sloppy mental accounting, etc. - The ones who have not been doing it for long
Well put
There are winners out there too. It just takes thousands of hours to get good at
I do this now and looking to quit my job and go full time on it. Waiting for a layoff another month or 2 max and if I don’t get it I’m leaving anyway. Good luck 🍀
That’s awesome what do you day trade? Any resources (books/yt channels) you’d suggest?
There are plenty of good resources but the main thing is you gotta do the work, meaning you get a trading view account and backtest whatever you learn. The hardest part of this is definitely the emotional control part. Depending on your views of the world too, you may have your change them, because this is based on practicality and reality, not on ideology. Feel free to dm me, I can get more into specifics and answer questions if you have them.
Most people who are "consistent" in daytrading are just riding the wave. Very few people can be profitable under more varied market conditions. Also, daytrading with 100K is a waste of time. You cannot generate enough profit consistently for it to be worthwhile.
Yeah you need a million
I was making good money until I wasn’t!
I grew my account from 100k to 180k. Dropped to 135k. And finally grew it back up to 180k. It’s much harder than you think.
Lucky you. I know people who went from $100K to $300K to $20K.
I have gone from $100K to $178K to $117K to $138K now. Not worth losing your sanity over. So 38% returns My set and forget generated 55% All this from Jan 2023 to now Not worth the worry Health gets affected
Genius idea. /s Money 101: If it is too good to be true, figure out what’s the catch
Focus on your job man! You can make a lot more in your job than you will ever make in day trading..
Yep. If you want to daytrade, do that with other people's money.
It’s a lot of work but you can. Made a ton today
Any resources (books/yt channels) you’d suggest to get started?
Honestly, the key is to take in everything for a few years to understand the basics and then you have to do something that everyone else isn’t. Babypips.com is a good resource to learn the basics of technical analysis, but you’re not going to get there with just that. The game is rigged and the only way to get any real edge (that I’ve found) is to think like you’re a floor trader. They are looking to either find liquidity at current prices or to drive prices around a lot for profit on their derivatives. My trading strategy is mostly around where are stop losses? Where are buyers going to enter the market? If you zoom into a minute or even watch the tape, you’ll see big orders come in as an induction move. It’s trying to get people to buy in and take their money. Always look at options pricing and expiry dates. Derivatives drive price a lot. If you backtest quad-witching (March 15), you’ll see a lot of market pivots. I trade mostly futures so I look at it from an equities standpoint. They are levered to shit so you’re generally only looking for a few points move. Learn the basics and then just start watching the candles go by on the chart. Try and guess the next candle. You’ll get there. 5 minute chart is a good learning timeframe: it’s relatively quick, but not too quick. A lot of bots trade on it. Wait for the candle to close. —- That’s just the strategy though. The real profit comes from risk mitigation. If you have a 2:1 risk reward ratio you only have to be right 40% of the time to make a pretty good amount of money. On scalping futures you can get to 70% pretty easily
Technical analysis is garbage
You’re very wrong, but keep thinking that.
Tell me not, the most NPC argument, “I don’t understand so must be garbage”
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It’ll be fun and frolicky when you make gains but will make you lose all your sleep, when it all goes the drain with one bad trade.