 Budget time What's up money geeks mr. V here welcome to another video guys so in today's video I want to Talk to you guys about Establishing your day trading budget. I know you're probably like a mr. V. Why do I need a budget? I mean, I'm actually trading the market. Yes, believe me You do need a budget as a day trader if you want to dabble into the space You have to be organized and one of the ways to be organized as a day trader is to have a Steady and consistent budget so before we get started guys if you're new to the channel We took about how to earn money how to save money how to invest and build wealth So if that's something that interests you go ahead and hit that subscribe button and the notification bell So you don't miss out on new content So I've been getting this question from people asking me a lot about how much is that day trading week and all that good stuff And the purpose of this video now is just going to give you an idea as to the way I approach it And I've mentioned this on the channel several times Approach day trading as a business. Don't just approach it as Oh, I'm just gonna go put some money in the market and make some profit and then take that profit and do whatever Approach it as this is a business. This is my livelihood if you approach it without mentality You would succeed, but if you just go in there's like I'm just gonna dabble in there It's just like taking $20 at a casino like I don't care if I win or I lose I just want to go out and have fun So if that's if that's the case with you then this video is not for you But if you are on the side of I want to take this serious. I want to make a consistent profit I want to make a consistent Income off of this then you have to establish a budget and so what's your day trading budget? So in my situation I've established a budget that I use to day trade so And it's a fixed amount Again, you're hoping that that amount you keep making profits. You're not losing so I'll give the example So if my budget is $10,000 in my trading account That is my base amount. So every month. That's what I start with so I start trading with that amount So if at the end of the month my account is up to $15,000 means I make $5,000 that month That's what I'm going to transfer from my trading account to my My checking account. So that's my income. So I made $5,000 and then I reset and I start with $10,000 all over again So that way, you know exactly what you're doing. You know, this is a business You have your initial investment your initial copy car, which is that $10,000 and so every month as soon as you trade You make profit, you know that you you have to reset and start again with $10,000 again If you are looking to expand your account, you want to go from maybe $10,000 you want to start investing with $15,000 That's cool The only thing you need to do is when your account gets to $15,000 and then you have to set that as your base So if at the end of the month your account is under let's say $10,000 if you start it with $10,000 Then you don't get a paycheck that month. You're broke You're not gonna make a paycheck because you didn't make any money As a matter of fact, you lose money in the market. So you don't get a paycheck. So I want you to have that mentality I want you to have that approach because it would force you to be very consistent force you to do your research force you to understand You're in your entry and your exit strategy for each trade so that way you don't lose money and again For me, like I said, if you start with $10,000 as your base as your budget for investing Every month you reset that to $10,000 you you have the possibility of granted account to 10 15 20 30 40,000 if you want to do other investments, I would advise not to do it in your trading account. I do have On Weibo, I do have a margin account and a cash account. So my cash account is where You hear some of the IPOs that I talked about here on the channel some Reviews that I do here but as far as stocks, I would buy those I can the swing trade or a whole long term In my cash account, but in my margin account, I don't hold long term I treat it. I make profit and I can take some of that profit I can transfer it to my cash account and buy stocks long term But the goal of my margin account is to day trade and to day trade only I don't mess around with it So I want you to have that consistency and it's gonna help you. So that's it for this video Let me know what you think about that strategy. Is this something that you're doing already? Or is it totally new to you as far as being able to establish a budget for yourself? And again, if you're looking to get started with investing my highly recommend Weibo and I'm gonna put the links in the description below where if you signed up on deposit a hundred dollars You get a free stock. So definitely go check them out And also if you're new to the channel, we talk about how to earn money how to save money How to invest and build wealth So if that's something that interests you go ahead and hit that subscribe button and the notification bell So you don't miss out on new content and as always guys stay motivated