This is my first week of consistent day trading. My strategy is to only buy stocks that I would be willing to hold long term, even if these stocks are already in my portfolio. I’m also looking to buy stocks at a price I would be willing to buy in at for a long term investment. That way if I do get stuck holding the stock for awhile it’s at a price I’m comfortable with. Worst case scenario I’ll hold the stock and collect dividends until I can make a profit. I’m currently trading with about 5% of my portfolio.
I’m an extremely inexperienced day trader so I think my extremely low risk approach is a good way to gain experience. I’m not really looking to make huge profits on these trades for now. I’m more looking to gain experience but I do have an immediate goal as far as profits go. I would like to average $3.25 per day. I think this is a very realistic goal. That would give me an extra $820 profit per year assuming 252 trading days per year. Which is roughly what I end up taking home from my full-time job paycheck. So my immediate goal is to make an extra paycheck from it.
I probably shouldn’t admit this but I make all my trades while I’m at work so it’s not really taking anymore time out of my day to make these trades. I’m going to add the profits from my trading back into my “trading money” so that I’ll be able to purchase more shares and increase my profits.
Here are my trades for the week:
I made a profit of $10.19 this week. It’s definitely not a get rich quick scheme but it’s something. I hope to improve over time with increased capital and experience. If I can continue at this rate I’ll increase my overall gain by a couple percentage points for the year. It may not amount to much this year but I think over time it will be worth it as it doesn’t require very much effort.