I am contemplating whether to start trading or not, I have some knowledge and would like to learn and make this my career. I figured all I need to do (at minimum as a base) is to make at least $100/day as profit. I ask for guidance and wisdom from those who have "made it" and are trading profitably as a living. Here's the hypothetical scenario:
If you: - were a 20 year old living at home with parents (minimal living expenditure to upkeep lifestyle), i.e. could take as much risk as possible.
- had $30k in assets (currently investing in equities, long term but willing to use a portion to trade with)
What would you do in this situation, if you wanted to make trading your career.
My current approach/plan is to use 1/3 of my assets, i.e. $10k to trade with. Utilise $5k per trade. All I need to achieve the $100 profit target is to earn roughly 3%/day(which is $150 profit less $20x2 for brokerage costs). Investing in micro cap stocks, mainly mining/resource sector where it's quite volatile. Of course, I can just as easily lose $, but if the stock goes down, I'll use the other $5k from my $10k to trade with that and hold out the one taking a loss until it recovers. If both go down, then I'll cut losses somewhere and yea.. rinse repeat. I will keep building up those $100 profits and using them to trade so those 3% gains will be a lot more in the future. Of course, all this will be backed by research, technical analysis (I don't want to just gamble it away haha, calculated risk is nicer). If I lose all my money, oh well, I still have my weekend job which provides me enough money to survive and I'll go and start a career in accounting or something. But trading seems like the lifestyle I'd like to achieve. So yeah, enough rambling:
What is your take on how you would go about trading if you were to start with such a scenario presented above? Also if you'd like to include your experience, how you trade these days and some other background info, that would be awesome! Always learning.
