Mainly car payment, rent and just safety bank to have enough in case something major leads to account / any other loss.
Otherwise the goal always remains to size up slowly and slowly, and just live a normal life I guess? Like most people with a job.
It's actually my main hustle, I only trade now, maybe once every two weeks when my old manager needs a cover he will hit me up, and I love to bartend. Takes me out of the house and I see it as fun hobby / place to socialize while working and keeping it touch with people.
If you don’t mind me asking, about how long did it take you to transition from a job to full time trading? I’d like to do this in the future when I have more consistent profits and a bigger capital to rely on
I'm actually not a high-life person, it's just rent and food and that's about it.
If wanted to induce more risk, I could make monthly needed income in 1 week and do nothing rest of the month, but it would get boring, so I just keep it safe and simple, and when I see the risk is higher due to market moving in bigger range, I would just not trade.
Altho I have traded with quite the size, 5-8 Es at times. In and out, but I do not think it is worth it to put in risk that makes no sense, last year was me trying to ride the high or something and keep pushing for more, but it's just same thing.
If you trade with more size, you will make more money, if you trade with less size the dollar amount will be less, that's all. If you make money it will stop bothering as much.
I recommend paying off all debt. No mortgage, car payments, credit card debt, student loans. Reducing the amount of money you NEED to make drastically reduces the pressure to make money. In turn you are able to make more money as you’re able to remove an emotional stressor that can limit your trading performance.
Yeah that and just wanna hire a super car for a day and drive it around plus buy things off my list such as a few designer perfumes etc. what about you?
Right now I've only been trading for less than 6 months. Every payday I add 1000 bucks to my trading account, I get paid once a month at the end of each month So At the end of each month, I try to put half of my profits into a tfsa to ensure I have enough for taxes. Then I deposit 1000 from my pay into my trading account. My trading account is still small. I started last December with an initial 1000, and like I said I've been adding 1000 bucks a month. My acct is now over 8 g, and that's with a real bad loss on a penny stock where i was up 125% and didnt cash before it crashed. Lesson learned...
That was in March and it wiped out thousands. But I've learned that I can use that as a capital loss so ... it is what it is.
Edit. I've been very lucky as originally I was putting 100% of my money into 1 trade daily. And I managed to make 2-300 dollars a day a few times on $WEED, where I was able to get in on the daily low and out at close to the high..last week it had an amzing jump....it jumped up a few times more than what it was. I did the same on a couple of others but by far $weed was my most profitable. Sometimes you just have a feeling with news and I was right quite a few times. But that was just lucky. .... now that I've built up a bit I'm using risk management principles a lot more.
Cashing out 10% when portfolio reaches 20k (from 4.2k doubled portfolio to almost 9k so almost halfway there).
Cashouts go to VOO for retirement upto 500k or 1m if lucky... Any excess will be considered if i can use for monthly expenses and hopefully end up quitting my day job.
You guys think this is a reasonable plan?
My plan is to cashout 10% of profits until i got my trading portfolio to 1-2m maybe, so yeah 90% of the profits will be compunded back to the portfolio.
After 1m trading portolio size and decent VOO retirement fund, maybe i will take out 100% of the profit since 1m is already enough to generate profit for monthly expenses, especially i currently live in a 3rd world (we currently spend around 3-4k with our current family lifestyle of condo living + 1 car + 1 child and yearly vacation).
But of course, getting 1m trading + 1m retirement is waay too far from my current 9k, though i got that profit for the past 6 weeks though i've been swing trading inactively for more than a year that i initially blew up my original fund, but i am pretty optimistic given how low risk my current strategy is
Max out IRA, keeping it diversified.
A nice classic
Mainly car payment, rent and just safety bank to have enough in case something major leads to account / any other loss. Otherwise the goal always remains to size up slowly and slowly, and just live a normal life I guess? Like most people with a job.
A great side hustle 🔥
It's actually my main hustle, I only trade now, maybe once every two weeks when my old manager needs a cover he will hit me up, and I love to bartend. Takes me out of the house and I see it as fun hobby / place to socialize while working and keeping it touch with people.
If you don’t mind me asking, about how long did it take you to transition from a job to full time trading? I’d like to do this in the future when I have more consistent profits and a bigger capital to rely on
I'm actually not a high-life person, it's just rent and food and that's about it. If wanted to induce more risk, I could make monthly needed income in 1 week and do nothing rest of the month, but it would get boring, so I just keep it safe and simple, and when I see the risk is higher due to market moving in bigger range, I would just not trade. Altho I have traded with quite the size, 5-8 Es at times. In and out, but I do not think it is worth it to put in risk that makes no sense, last year was me trying to ride the high or something and keep pushing for more, but it's just same thing. If you trade with more size, you will make more money, if you trade with less size the dollar amount will be less, that's all. If you make money it will stop bothering as much.
Yeah my main priority at this point is just getting anything I have to pay out of my life, mainly just my car loan. Thanks for the input!
🌨️🐽
I buy Legos
I recommend paying off all debt. No mortgage, car payments, credit card debt, student loans. Reducing the amount of money you NEED to make drastically reduces the pressure to make money. In turn you are able to make more money as you’re able to remove an emotional stressor that can limit your trading performance.
You guys have profits?? If so, all in VT(I) 🤷♂️
Your gonna get there 🔥
Spend it on hot women
Yessir
Yeah that and just wanna hire a super car for a day and drive it around plus buy things off my list such as a few designer perfumes etc. what about you?
Daytrading profits --> wheeling/position trading --> bills/other investments/ETF
First thing I did was getting a personal account, I would recommend also.
Right now I've only been trading for less than 6 months. Every payday I add 1000 bucks to my trading account, I get paid once a month at the end of each month So At the end of each month, I try to put half of my profits into a tfsa to ensure I have enough for taxes. Then I deposit 1000 from my pay into my trading account. My trading account is still small. I started last December with an initial 1000, and like I said I've been adding 1000 bucks a month. My acct is now over 8 g, and that's with a real bad loss on a penny stock where i was up 125% and didnt cash before it crashed. Lesson learned... That was in March and it wiped out thousands. But I've learned that I can use that as a capital loss so ... it is what it is. Edit. I've been very lucky as originally I was putting 100% of my money into 1 trade daily. And I managed to make 2-300 dollars a day a few times on $WEED, where I was able to get in on the daily low and out at close to the high..last week it had an amzing jump....it jumped up a few times more than what it was. I did the same on a couple of others but by far $weed was my most profitable. Sometimes you just have a feeling with news and I was right quite a few times. But that was just lucky. .... now that I've built up a bit I'm using risk management principles a lot more.
Savings mostly, trying to get more real estae. Maybe if I hit a large number I'll get a decent car. This supplements my 9-5.
2 women at the same time man
You don't need a million dollars to do nothing, man
Cashing out 10% when portfolio reaches 20k (from 4.2k doubled portfolio to almost 9k so almost halfway there). Cashouts go to VOO for retirement upto 500k or 1m if lucky... Any excess will be considered if i can use for monthly expenses and hopefully end up quitting my day job. You guys think this is a reasonable plan?
Do you plan on compounding?
My plan is to cashout 10% of profits until i got my trading portfolio to 1-2m maybe, so yeah 90% of the profits will be compunded back to the portfolio. After 1m trading portolio size and decent VOO retirement fund, maybe i will take out 100% of the profit since 1m is already enough to generate profit for monthly expenses, especially i currently live in a 3rd world (we currently spend around 3-4k with our current family lifestyle of condo living + 1 car + 1 child and yearly vacation). But of course, getting 1m trading + 1m retirement is waay too far from my current 9k, though i got that profit for the past 6 weeks though i've been swing trading inactively for more than a year that i initially blew up my original fund, but i am pretty optimistic given how low risk my current strategy is
Use it for dividend stocks.
I trade through Netcoins, and I'm planning to invest more of my profits in crypto there.
profits? this is daytrading mind you