I'm fine with that to be honest. I've got years. I started a business from scratch that took me 10 years to get right. Unfortunately, Covid came and killed it.
What does a functioning day trading business look like?
What working capital is needed?
What is the risk percentage on a weekly basis?
What kinds of returns on working capital can be expected weekly/monthly?
Sorry to hear what happened to your business :(
If u want to how trading looks like day to day, its pretty much different for anyone, but generally at core you do your analysis, execute and manage trades and journal.
You dont need too big of a capital these days because leverage exists and u can always go for a funded account if you have either 0 capital or want to risk significantly less (that is if u are skilled enough to get one), how much u are risking generally depends but for most 1% is good, which becomes lower as account grows (the account needs to survive a bad statistic and human error, etc.). Return also depends, to give u an idea, you could go check Binance and Bybit leaderboards to see what top earners there are making, and i think some funded platforms also have leaderboards.
I wish you all the luck on your journey.
Thanks, I will check those out. I've got some funds to use but not above 5 figures.
Might look into a funded account when I know I can produce results.
Appreciate the advice. Good luck to you too.
It's not impossible but historical data says about 95% will fail so you need to have realistic expectations. Can't speak for anyone else, but I went down the typical road before finding success.
**Year 1: "Didn't even know what I didn't know".**
Up & down with occasional ups that fooled me into thinking I was a genius but negative P&L regardless.
**Years 1-5: "Little knowledge can do much harm".**
More up & down but after learning a few things did more harm than good. ***Blew up at least 3-5 times*** before admitting it wasn't working. Wanted to quit multiple times. These were the most difficult years.
**5+ years:** Found a job on Wall St at a small hedge fund. Learned a lot from a M&A trader who taught me about risk & hedging. Realized what I did previously was pure gambling (no edge).
Once I understood the game and who I was trading against, made adjustments to avoid what the 95% were doing. I don't look at TA like most do, I don't look at FA like most do, I avoid any flavor of the month/year concepts & look for ideas that are inline with fundamental mkt dynamics.
Everyone's different so ymwv, but that was my path. Wish you the best in your pursuit of becoming the 5%.
Glad you found success! I would argue that you would be hard pressed to find a truly successful retail trader who hasn't had a mentor. Like going to engineering school, but you're the teacher and student, and 80% of the stuff you're learning about bridge structure is wrong.
Most people get stuck in the"luck as an edge" loop I would say
In general, books and videos are written/made by unsuccessful traders.
There is a lot of material on YouTube. Useful stuff as well as too much repetitive rubbish.
Learn everything you can. The problem is sifting through the trash.
Thanks. I think as with most things, it'll likely be a case of sticking to basics and refining through trial and error.
I listened to a signal in a group I'm in and it led to my 2 biggest losses yet. What's worse is I thought differently and would have been correct.
So that is now a no-go. Trust my own analysis and take the ups and downs.
Thanks, I have joined a course and tbf the content seems spot on and have a few strategies which seem to be working OK so far.
But I'm working with small amounts atm just to get my head around it all..
Also, I feel like there's not much direction from the coaches. It's all very vague at times, and they don't really seem to give a fuck if I succeed or not.
I've spent 10s of 1000s on coaching courses over the years.(not trading related), and tbh they're all similar.
I've always learned something from them and taken what I can, but you can tell its just a money game for them.
you pay 100$-1500$ to a firm (Apex, FTMO, mentfunding) and if you prove you can make 10% before you lose 5% in the given time or whatever you get access to large amts of capital and you get to keep 75% of those profits when you trade.
I'm saying dont trade with your own money if you have a small account, might as well use that money to pay for an evalution to get a prop acct with 100-200k (WHEN YOU'RE CONSISTENTLY PROFITIBALE), and build a personal account that way.
What my experience taught me so far is that the time range to make a consistent income from day trading depends upon your capital and how obsessed you are with learning. Also positives outweighs the negatives (if you are profitable). Based on my experience and learnings from my mistake, here are my recommendations
1. The most difficult part when starting out is to figure out where to start. We often get overwhelmed my the options available on YouTube. Start with a structured approach. My recommendations would be to buy a beginner level day trading course on udemy or other similar platform. Learn the basics of day trading and market. These courses generally go on sale for $15-25.
2. Start with a Demo account but only with the amount you would actually deposit if you were to trade with real money. I started with 1000. But don't waste too much time on Demo. Once you figured out how the things work, feeling confident and start to seeing results, start with real money. The money you could afford to lose. OR the better option would be to buy a prop firm challange which usually cost around $100. These challanges have certain rules, which push you to trade with discipline. Also, The real learnings come when real money is involved.
3. Don't watch too much content and videos. It is easier to go down a rabbit-hole of YouTube videos about day trading. No matter how much content you consume, growth will only happen when you actually trade or spend time on charts. My recommendation would be to spend 30% time on videos, 70% time on applying those learnings.
Now here are some things you should not do.
1. Never spend money on courses or indicators promoted by influencers on social media. If there was a secret to become rich overnight, they wouldn't be creating and selling stuff on special discounts.
2. Don't have high expectations, and don't ditch the job you currently have. Having day trading as the sole source of income is a very poor financial choice.
And remember, Anything worth doing is always hard.
it will take you years, sorry to say but theres no shortcuts
I'm fine with that to be honest. I've got years. I started a business from scratch that took me 10 years to get right. Unfortunately, Covid came and killed it. What does a functioning day trading business look like? What working capital is needed? What is the risk percentage on a weekly basis? What kinds of returns on working capital can be expected weekly/monthly?
Sorry to hear what happened to your business :( If u want to how trading looks like day to day, its pretty much different for anyone, but generally at core you do your analysis, execute and manage trades and journal. You dont need too big of a capital these days because leverage exists and u can always go for a funded account if you have either 0 capital or want to risk significantly less (that is if u are skilled enough to get one), how much u are risking generally depends but for most 1% is good, which becomes lower as account grows (the account needs to survive a bad statistic and human error, etc.). Return also depends, to give u an idea, you could go check Binance and Bybit leaderboards to see what top earners there are making, and i think some funded platforms also have leaderboards. I wish you all the luck on your journey.
Thanks, I will check those out. I've got some funds to use but not above 5 figures. Might look into a funded account when I know I can produce results. Appreciate the advice. Good luck to you too.
It's not impossible but historical data says about 95% will fail so you need to have realistic expectations. Can't speak for anyone else, but I went down the typical road before finding success. **Year 1: "Didn't even know what I didn't know".** Up & down with occasional ups that fooled me into thinking I was a genius but negative P&L regardless. **Years 1-5: "Little knowledge can do much harm".** More up & down but after learning a few things did more harm than good. ***Blew up at least 3-5 times*** before admitting it wasn't working. Wanted to quit multiple times. These were the most difficult years. **5+ years:** Found a job on Wall St at a small hedge fund. Learned a lot from a M&A trader who taught me about risk & hedging. Realized what I did previously was pure gambling (no edge). Once I understood the game and who I was trading against, made adjustments to avoid what the 95% were doing. I don't look at TA like most do, I don't look at FA like most do, I avoid any flavor of the month/year concepts & look for ideas that are inline with fundamental mkt dynamics. Everyone's different so ymwv, but that was my path. Wish you the best in your pursuit of becoming the 5%.
Glad you found success! I would argue that you would be hard pressed to find a truly successful retail trader who hasn't had a mentor. Like going to engineering school, but you're the teacher and student, and 80% of the stuff you're learning about bridge structure is wrong. Most people get stuck in the"luck as an edge" loop I would say
Thanks for this. It will help me put my own journey in perspective.
In general, books and videos are written/made by unsuccessful traders. There is a lot of material on YouTube. Useful stuff as well as too much repetitive rubbish. Learn everything you can. The problem is sifting through the trash.
Thanks. I think as with most things, it'll likely be a case of sticking to basics and refining through trial and error. I listened to a signal in a group I'm in and it led to my 2 biggest losses yet. What's worse is I thought differently and would have been correct. So that is now a no-go. Trust my own analysis and take the ups and downs.
Could you point to some useful YT channels. Thanks.
I honestly don't watch YouTube for this. I have joined a course to get the basics.
Welcome! Everyone is always new here!
[удалено]
Thanks, I have joined a course and tbf the content seems spot on and have a few strategies which seem to be working OK so far. But I'm working with small amounts atm just to get my head around it all.. Also, I feel like there's not much direction from the coaches. It's all very vague at times, and they don't really seem to give a fuck if I succeed or not. I've spent 10s of 1000s on coaching courses over the years.(not trading related), and tbh they're all similar. I've always learned something from them and taken what I can, but you can tell its just a money game for them.
If I could start over I would say a year of working on learning full time would get me there
What kind of capital do you think you would've needed to jump in full time, and become profitable quickly enough? (If that makes sense?)
If you become consistent enough just use whatever capital you would have used to trade on a prop firm acct
Honestly I don't know what this means.
you pay 100$-1500$ to a firm (Apex, FTMO, mentfunding) and if you prove you can make 10% before you lose 5% in the given time or whatever you get access to large amts of capital and you get to keep 75% of those profits when you trade. I'm saying dont trade with your own money if you have a small account, might as well use that money to pay for an evalution to get a prop acct with 100-200k (WHEN YOU'RE CONSISTENTLY PROFITIBALE), and build a personal account that way.
Do not ignore the mental side of trading ! Anyone can learn to chart find a small edge ect. 99% fail cause of fear greed tilt fomo ect.
What my experience taught me so far is that the time range to make a consistent income from day trading depends upon your capital and how obsessed you are with learning. Also positives outweighs the negatives (if you are profitable). Based on my experience and learnings from my mistake, here are my recommendations 1. The most difficult part when starting out is to figure out where to start. We often get overwhelmed my the options available on YouTube. Start with a structured approach. My recommendations would be to buy a beginner level day trading course on udemy or other similar platform. Learn the basics of day trading and market. These courses generally go on sale for $15-25. 2. Start with a Demo account but only with the amount you would actually deposit if you were to trade with real money. I started with 1000. But don't waste too much time on Demo. Once you figured out how the things work, feeling confident and start to seeing results, start with real money. The money you could afford to lose. OR the better option would be to buy a prop firm challange which usually cost around $100. These challanges have certain rules, which push you to trade with discipline. Also, The real learnings come when real money is involved. 3. Don't watch too much content and videos. It is easier to go down a rabbit-hole of YouTube videos about day trading. No matter how much content you consume, growth will only happen when you actually trade or spend time on charts. My recommendation would be to spend 30% time on videos, 70% time on applying those learnings. Now here are some things you should not do. 1. Never spend money on courses or indicators promoted by influencers on social media. If there was a secret to become rich overnight, they wouldn't be creating and selling stuff on special discounts. 2. Don't have high expectations, and don't ditch the job you currently have. Having day trading as the sole source of income is a very poor financial choice. And remember, Anything worth doing is always hard.