HaiTrends

How viable is day trading for making a small amount of money?

If you begin with $100, and make 2% of your money per day through trading in stocks, cryptocurrencies etc (i.e. on the first day you earn $2, second day you earn $2.04 etc), you'll end up with $130,000 in a full year. It's mathematically sound, but there may be issues I'm not thinking about, such as that it might be very difficult to make $2 from $100, or that a lot of brokers don't allow for investing over a certain amount.

Despite this, I'm considering risking it, and beginning with $100 while adding $20 a week, and spending a small amount of time each day towards gaining 1-2% of my money per day. Is this a viable way to make some pocket money? Does anybody in this sub do this, and do you have any tips?

Beermoney | 👁 1059 | Posted 2018-03-07 | Share on Facebook | Twitter | Google+

| Modified: 2018-03-07 | Author:

37 Comments

snowboarder1493 2 years ago

I find Ricky Guiterrez useless....all he is trying to do is sell his even more useless course. Scam artsist

hitforhelp 2 years ago

Be wary of USDT as there is no guarantee they are backed 1:1 by USD like they claim and by the same merit stay away from bitfinex and their lending platform. While it doesnt always hold true but replying to your post 15days later NEO was worth $76 at the time of your post and is currently worth $187 so perhaps buying up a handful of coins that seem undervalued and then selling could be a worthwhile idea.

hitforhelp 2 years ago

You could use www.zulutrade.com or www.etorro.com to "Copy Trade" where you follow someone else's investments and if they make money you can also make money. Be careful with this obviously as your capital is at risk. On etorro at least people can trade normal stocks and assets and they have included quite a few cryptocurrencies. https://www.etoro.com/discover/people Here is the list for people you can follow, here you can see what open trades they have, when they opened them, if they are buying or shorting a stock etc.

Sub-Surge 2 years ago

I got into day trading a few months back. I don't want to brag, but I turned $50 into $42 in just a couple weeks.

klaeritos 2 years ago

There is no reason to day trade. Just buy any shitcoin and hodl it for a year and youll make ez money.

Probopper 2 years ago

You'll fail. The fact that you had to ask means you really don't understand on a deeper level how any of this works and there are too many assumptions built in. You're almost better off spending that money on bitcoin betting or lottery tickets.

perkguy 2 years ago

Buy Vanguard S&P 500 each month (say $100 or $200/month). If you live long enough, you will be happy with the result when you retire. Edit: My best result is to wait for the "fat pitch" and then swing it out of the park, so to speak. http://news.morningstar.com/classroom2/course.asp?docId=145103&page=1

tehNOViCE 2 years ago

I make about $5 every week or so from Earnably in a pretty passive way, I cash out to Bitcoin and just let it grow as it rises.

zeusophobia1 2 years ago

$100 + 2% = 102 - $7 transaction fee for buying - $7 transaction fee for selling = $88. I haven't been involved in the stock market for years, but I tried something similar with $2000 and the transaction fees ate me alive.

-5677- 2 years ago

Day trading is nonviable in many situations, specially for beginners. Usually the people that do it end up doing worse in the long term than passive investors.

lordpanda 2 years ago

Its impossible to daytrade and be profitable every day. One bad day can wipe out a whole week or more of gains. Considering fees you need a lot more than 100$ to daytrade. Even 10 000$ is bare minimum. If the market was easy, everyone would do it.

moniker948 2 years ago

I wouldn't do it with stocks they will nail you for day trading unless you're wealthy, us poor folk live under a different set of laws. Crypto is doable though but risky and you're in a legal grey area. I remember seeing a guy get nailed by the feds for trading BTC back in the day. Stay safe.

r_sarvas 2 years ago

If you are in the USA, you need to clear more than just the trading fees to make a profit. Capital Gains tax will eat up another 15%+ of your profits (assuming you don't sell at a loss) on short term trades.

mctoasterson 2 years ago

You could speculate fixed supply crypto variants and make some profit. Or mine certain emerging crypto (especially wallets that stake) and make a bit. Depends on your electricity and hardware costs and availability.

speaker_for_the_dead 2 years ago

Its not viable. If you could make returns like that everyone would do it. The fact that people dont should tell you something

AhmedH14 2 years ago

I had this exact same idea last weekend. The bitcoin market swings between 10 and 15 percent during the course of every day so I figured I'd be able to hit 5% everyday. The first day I made 10% return but after a week, I'm only up 5% from my initial investment.

audacesfortunajuvat 2 years ago

Day trading is a FINRA rule, you can't "pay" to do it other than having $25,000 in equity. It applies if you're using margin tho and you can set your RobinHood account to be cash only instead (the switch is irreversible tho, to my knowledge). Here: http://www.finra.org/investors/day-trading-margin-requirements-know-rules. In a cash only account, it'll take time for your funds to settle after each trade so you won't be able to be a pattern day trader since you're not on margin and your funds will be tied up for a few days after you sell. More importantly, the chance of you picking stocks that always go up, even by a small percentage, is incredibly low. If you have that skill, you should be working for a major investment firm. By all means, play around with investing, develop a strategy, etc. You may find that you enjoy it and are willing to put in the time to research companies, find undervalued opportunities, and change your life. It's really unlikely that'll happen right out the gate tho.

jump101 2 years ago

I was day trading from another person's own trades long ago and i tripled my money, mainly due to btc skyrocketing as well but if you know how and well, you will be doing well.

Parker1751 2 years ago

I would say no. At least not for a beginner. First off I can guarantee that no one will be making positive gains everyday. Close to impossible. You can also only make 3 day trades a week, day trades are where you can make some good money quickly but can also be much more risky than a swing trade (holding a stock over multiple days/weeks) or investing. I would say take some money, put it into Robinhood. Then open up an E Trade account (I believe it's E trade, might be another brokerage) you do not have to put money into it but you can use their charts and graphs provided by their ThinkOrSwim application. Lots of studying of charts is needed to make money. I did about 3 months of studying prior to opening an account. Still lost a majority of the $500 I funded my account with. I sort of slacked off in the chart studying and was going on what other people were saying. Also check out Ricky Gutierrez on YouTube. I watched him for awhile but I don't really enjoy his personality. He's changed from when I started watching him. Kind of comes off a snob to me now. But if it doesn't bother you then I think you could gain a lot from him.

Parker1751 2 years ago

You get 3 day trades a week if you do not have at least $25k in your account. This is across all trading platforms.

voordom 2 years ago

sounds like you should just go into sports betting

Enigmius1 2 years ago

you do get better at it like anything else if you're good That about sums up the whole thing right there. Big ol' circle of maybe that leads to a mountain of very little.

IAmAHumanB3ing 2 years ago

Not viable. You have a 4% chance of beating the market over a 10 year period

Tekknogun 2 years ago

You could do it with crypto since many of the coins are volatile but the more you could earn that way the more you could lose.

EssArrBee 2 years ago

I'm pretty sure the day trade rule on Robinhood is per stock. You also need at least $2K in your account to sign up for Robinhood Gold and have day trades available.

beachfrontprod 2 years ago

I you trade on any exchange, stock or crypto, remember that you will be paying taxes on your gains as well, and short-term gains are taxed the highest. If you are lucky enough to maintain a 2% profit daily (after purchase and selling fees) remember that roughly 30% of that daily 2% will be owed as a capital gain at the end of the year.

sryii 2 years ago

It is semi-viable but risky as hell. Here is what I suggest, if you feel like 100 bucks would be a pretty big hit to loose then I would knock it down to 5 bucks. This is what I started out at in trading cryptocurrency with gdax. It taught me to be aware of how much I gained or lost and when to be patient not to panic over price fluctuations. I'm not great at the day trading aspect. I'm much better at the by and wait for a day or a week. It took me 2 months to be up by 20% of my initial investment(though I never invested my profits so that helped). Very challenging to do, the best information I received is that 90% of people who do currency trading(usually forex but crypto too) will loose all their money. Definitely avoid margin trading until you feel very experienced and then wait that long again. Not that I'm successful or anything at this, just my experiences.

ImFranny 2 years ago

Right now NEO is easily going up and down everyday by about at least 5%. if you can get 100$ in this, go to Binance or another website that allows the trade of NEO for USDT. You can probably make a tiny profit everyday, but you need to be glued all day to either your screen or phone to know when to actually buy and sell. A bit of high risk high reward. It frequently it goes between 60 and 70$ in the same day. Thats a nice potential right there.

nd130903 2 years ago

I do it with crypto now and I really enjoy myself and make a little money at the same time. I generally take and invest my earnings into new coins that are dirt cheap. I was fortunate to pick two out that done real well this week and I came out great. Like anything it's gambling. You need to watch your fees and stuff to make sure you actually making money. I mean a two dollar profit would probably be a loss after fees most places.

zetiano 2 years ago

Forget being up 2% everyday for 365 days, you'd be lucky to be up 2% after 365 days. Even disregarding all the fees you would have to pay, there's a reason that indexed funds do better than most actively managed funds: it is incredibly hard to predict the market.

DWIW2 2 years ago

It's all gambling. But with that said, that $100 could go a lot further if you play options.

CervezaPesos 2 years ago

If you can make 2% daily you should already be a billionaire.

[deleted] 2 years ago

[deleted]

mspStu 2 years ago

You are going to have to open a position, pay the comission, then beat the spread and sell, while paying another comission. Every day, what happens if day 2, it tanks? You are stuck holding for longer, or take a loss. Investing in forex and crypyo is possible, but you should be looking at a larger time frame.

craftsntowers 2 years ago

Trading is educated gambling, the more knowledgeable you are the more you tip the odds in your favor. It's nothing like a 50/50 toss.

MidgardWyrm 2 years ago

Day trading is essentially gambling. You'd be better off going red or black.

ChauNOTster 2 years ago

commissions for major brokers start somewhere around $5. robinhood is commission free, but you have to pay for a day trading account if you have more than 4(?) transactions a week. You also assume that you will always have gains in your post. So no, it's not viable as easy money. Investing is a different story but not what this sub is about.


Post your Comments




Popular