Need to make some extra $ on the side. Not an active trader and can’t do Uber/Lyft or crypto. Any tips for newbie to make like $100 /day let’s say with about $5k to $10k.
Pattern day traders need to have 25k in their account
Interactive brokers requires at least 25k to open a day trading account. And for 100 per day you need to do leverage. Good days you may earn up to 1k, bad days you can lose even more. Also you need to spend time learning about trading, and spend a lot of hours reading reports.
Day trading is a sure way to lose all your money. Good luck!
Ah, thx that ($25k min) shows how much I knew. I will have to look at just active short term trading :(
It’s called swing trading and you can make solid money if you know what you’re doing and don’t get too greedy
Not to be harsh but $100 a day would be 200ish trading days x $100 = $20,000 a year... off of $5 to $10k investment as per your post. I think in your case the best option would be working a second job or freelancing.
Well said. There is no way to quadruple your money - or even double - without taking significant risks and/or being extremely lucky.
Np.. harsh or reality is good! Exploring freelancing too, but kind of tough with a job that has unpredictable travel. Will keep searching for an option...
Also, looking for a job with RSU refresher or at lest a decent raise...that will solve this problem
Here’s a tip: you won’t make the money just because you *really really really* want it. You need skills and as a newbie, you don’t have them. Open a paper trading account and try it there before you put up some real cash. Also the market is going up better this month than any in the last 30 years. So don’t assume that will last even all year.
Honestly OP, it's very unlikely you'll beat the market (say S&P 500) day trading over any period longer than a few months. Sure, you can be lucky and do it but not long term. Even wizards like Warren Buffett can't. It's similar to learn blackjack really well and start going to the casino every day. You can certainly beat the casino over some period of time but it's essentially guaranteed that the more you play the more you lose. Day trading is similar.
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Buy $TQQQ or $SOXL. Hold. $100/day easy on $10K.