This is now my third week of consistently day trading. I didn’t trade at all on Monday and still had my best week to date. I came up with some goals for my trading, I’m not sure that they’re immediately attainable but most of my goals are long term anyway. Here is my original strategy.
My original thought was to make an extra paycheck per year. Which is roughly $850 at the moment. There are 252 trading days in the year so that would be an average of $3.37 per day. This would essentially give me 27 paychecks per year rather than 26. Not a bad thought, but I can do better.
This week gave me hope. My long term goal for now is to make $100 per day. That would be $25,200 per year, before tax. But that would be awesome. I think it’s definitely doable. I’m only trading with 5% of my portfolio which is roughly $1,600. I can obviously make more money trading more shares.
For a shorter term goal I’d like to start trading in lots of 100. This would essentially double my profits (for last week anyway). But I made $47.33 trading last week! That’s a huge increase from last weeks profit of $6.16. I only made 16 trades last week.
I averaged $9.46/day this week and didn’t even trade on Monday. So I really averaged $11.83/day. I also had a 100% success rate this week. That’s great progress as far as I’m concerned.
I think my strategy is starting to prove effective. It’s still only my third week of day trading but I’ve managed to stay profitable every week and my success rate has been very high every week. This week has been exceptional for me. If I can continue to perform at this level every week I’ll be extremely happy.