What is the “25k250” challenge?
The “25k250” challenge is to make at least $100 every day for 250 days to make $25,000 in a full calendar year (there are 253 trading days in an average year, I rounded to 250 days). I took out a loan in the amount of $25,000 to day trade, and I began my challenge on January 2nd, 2020. You can track my daily progress in my blog. I completed my initial goal of earning $25,000 on February 28th, 2020. I set a new goal of earning $100,000 within 250 days. I completed this goal on May 21st, 2020.
Why $25,000 in 250 days?
I want to take a very disciplined approach. I believe earning $100 every day is realistic and low risk; consistent income every day is the goal. I am not interested in getting rich quick. I have studied the market for several years, and I believe the disciplined approach I have developed is effective. Lastly, I believe setting a goal and having a mission is a great motivator; It will help you stay focused. It’s a marathon, not a race.
What is my trading strategy?
My strategy is called day trade scalping. There are several different strategies you can take with regard to day trading, but I have found scalping to be profitable, low risk, and less stressful.
The main differences with my trading technique compared to the typical scalper are as follows:
- I only trade Option Contracts.
- When initiating a position, I do so based on the percentage change in a stock’s price. Each stock has unique movements that are typically consistent on a daily basis. Depending on the stock, when it reaches a specific percentage change, I will execute the trade looking for a quick reversal in stock price.
- I do not use chart indicators (i.e., RSI, resistance, support, etc). I rely solely on a simple 5 minute real-time chart.
- I only hold one position at a time in order to ensure I have equity available to average down my position if needed. Also, holding one position is a lot less stressful and allows you to be more focused.
- I have a specific watch list of 30 stocks that I cover every day and I only trade these stocks. Most of these stocks are well known and have plenty of volume each day; none of them are penny stocks.
Is a Subscription Service Offered?
This website is informational and I will never charge you for anything. You can email me anytime and I will provide you with advice, guidance, support, or to talk stocks in general. I’m more than happy to help if I can. You can contact me here.
The “100k250” Challenge
I have a set a new goal to earn $100,000 within 250 days, continuing off progress already made from the “25k250” challenge. If completed, I will set a new challenge to earn $200,000 by the end of 2020.
Completed on May 21st, 2020.
The “250k250” Challenge
I have a set a new goal to earn $250,000 within 250 days, continuing off progress already made from the “25k250” and “100k250” challenges. This will be my final goal for the year.