Daytrading and the original targets

Well, I get to revisit the original targets that I set out a while back for average daily profits for my old daytrading plan. Currently I am 8 trading days in but I have only opened and closed trades on 6 of those days. Once I close the trades that were opened on the other two days I will adjust my averages and stats accordingly. Over the course of time I expect that I will have most trading days active... or I will just count all days whether traded or not for the purpose of forecasting.

I am at 6.87% total return on my original capital. I transferred $10,000 over for this venture and this week is the first that I have really used this amount to it's maximum as I am currently holding $10,646 in trades open... seeing as they are all still open I guess I cannot call these typical daytrades... perhaps just really short term trades.

Anyway, Seeing as I am just finished the ramping up process as I have just managed to allocate full capital and I am already hitting the 6+% mark I feel reasonably confident that I can easily nail 1% per trading day in the coming months.

Targets for the margin account are $250 average daily profits as this will accommodate taxation to provide a particular after tax profit of about $150. At 1% this is attainable in 6 months as I will see $25,000 in capital at that point. Seeing as the target of the room is $500 days with $25,000 starter cash I would be quite happy with my 1/2 sized target.

Most of the profitable trades have been options trades and a margin account does not extend margin to options trades...so whether these are in the margin or TFSA make no difference. This allows me to transfer cash to the TFSA and trade tax free over there...my original plan... which only needs to see a $150 day average for the same target income. That is month three at 1% per day or the same six month window if the return is only 0.8% per day... on average.

This only counts my daytrading account. I have my swing and momentum options account as well as my index futures options accounts that I will tally in the final total later. For the purposes of "income" the daytrading is the primary as it is going to be most active followed by the momentum options then the swing trading. I am likely to leave the futures alone to grow on their own and consider it a retirement account for now.

The coming weeks will tell if my targets are attainable or not.

Jeff.