Sorry, I am a little late to this thread, and agree with most of what has been posted thusfar, but I think you said early on that you have $1000 pcm available to trade with, and want to target $100 a day? That would be a return of 10% a day in your first month! Assuming that you keep your risk at the same level, compounding would very quickly mean that you really don’t need to add any further funds to your initial $1000 and you will be very comfortable very quickly.
However… I think that it is completely unrealistic to set out as a new trader to target $100 a day off a $1000 account, and I think that the $5 a pip you mentioned is far too much, too, sorry. I think that trading that way you will lose more than the $300.
Anyway, I am rambling a little and am overlapping with what others have said, but I would just like to reinforce the point that a specific monetary goal is not the soundest way to set out. When I started, I simply initially targeted consistency. Even losing money initially, if I felt that I had learned something important and would not make that specific mistake again, then I was happy enough. I then hit breakeven, then targeted a % return (5% pcm initially), always risking the same per trade (1%). Then I targeted 10%. So I am afraid that I just think that your target is overly-ambitious for your proposed account size, and your risk per trade is likely to leave you with a large drawdown. Nothing is certain, maybe you can pull it off - but if $100 a day were likely on a $1000 account, particularly early on in a trading career, then there would be a lot of very, very wealthy people on here. Do the maths on where 10% a [I]month [/I]can take you - if you can genuinely invest $1000 a month in your trading account, then doing that for a year while hitting 10% a month will see you very wealthy indeed while never having to invest in your account after that initial year.