You dont need $30,000 to start daytrading.
If I had only $1000 to trade with, heres what I would do:
1. Stick to a simple trading plan
My first matter of business would be to come up with my trading strategy.
This includes the setups and stocks I am going to trade, along with my sizing and risk per each trade.
2. Set realistic goals
Iโd focus on making incremental progress on the account.
With proper sizing and risk management, $100-$150 a week is a good goal with $1000.
3. Focus on consistency
Id follow my plan every single day no matter what.
Even if the gains are small, I will think long term and choose consistency in the long run over quick money now.
4. Scale slowly
Once I find consistent profits with my trading plan and current sizing I will begin to SLOWLY scale up my size to increase my profits.
This also comes with larger losses, so I need to make sure Im mentally ready to scale up as well.
5. Be persistent
Trading isnt an easy task to accomplish, and on the road to success you will face many failures.
You need to able to pick yourself up and keep going no matter how hard the journey gets.
