Making $50 a Day as a Beginner Day Trader

Now that I feel solidified in pursuing my side hustle as a day trader. I am happy to announce that today was a great day for me in the market. Making a little under $60 while trading for about an hour or so.

Some people make look at $60 and think, “only $60?!?, most day traders make thousands of dollars a day!!” and my response would be that patience is a virtue my dear friend.

You see, my approach to day trading has been much more conservative in 2020.

I began trading in 2018 with a more naive mindset, thinking that I could do more with less knowledge and experience that I had. I began to think that I had it all figured out, and was completely discouraged from trading again when I lost 10% of my account value in one day.

However, I believe that the mistakes that I made could have been avoided, and I have decided to compile everything that I have learned from my achievements and mistakes in order to educate others on how to be a successful trader as well.

So he we are in 2020, I have a day trading account that is funded with $20,000, however, I won’t use this to trade for another couple of months. Probably starting in about April 2020 if I’m being honest.

Instead, I am using a paper trading account in order to maximize my learning potential before doing to real thing again.

Even when I begin day trading with my real account, I will most likely only trade with $3,000-$5,000 per trade in order to really get comfortable with the market. As my confidence increases, so will the amount of money that I trade with. So for right now, I am also paper trading with $3,000-$5,000 and acting as if it is my real money that I am dealing with.

Now let’s talk about how I made $60 day trading today

Today being one of the most active days for traders in the same niche as me (Natural Gas ETFs), I almost waited until 9:30 to take a trade because that is when the weekly report on natural gas inventories is released. This report causes a significant drop or jump in the future price /NG, which affects the correlating ETFs (DGAZ & UGAZ) 3x as much.

However, I did start of trading at 8:30am CT and this is how I did for my first couple of trades:

$35.43 profit (~0.7% gain)

Not bad for my first few trades of the day.

Considering that I was trading with about $5,000; this would correlate to a 0.7% gain with my daily goal being 1% a day.

So at this point, I am already very close to my daily goal.

I make another trade before the report comes out that is sold for a small loss, and then after the report, I make a trade below that is on DGAZ:

Ending the day at $59.61 profit (~1.2% gain)

As you can see, this last trade puts me at about $60 profit for today, or a little under 1.2% profit on the amount that I was trading with.

How did I do this?

  • By being patient and waiting for the right opportunities to present themselves. All too often, I have found myself forcing a trade when the margin for profit just wasn’t there. I even did that today to a certain extent with my one red trade, but I did a good job of managing my position size and recognizing when to cut losses.
  • Understand the direction and trading with the trend. The trend is absolutely your friend when day trading and being able to understand the overall direction of what you are spending your money on is vital. It is the difference that has kept me profitable this month.
  • Having fun. Being able to trade with an amount of money that allows me to not stress over the gains and losses is vital. Right now, $3,000-$5,000 is my comfort zone. I am not too emotional when trading. Back in 2019, I was trading with over $10,000 a trade and I would get wayy to antsy when thing didn’t go my way.

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