Day trading help

[dealmaker]

Hello,

I am not new to trading, but have time now to spend more time on it. I have been trying day trading with inconsistent results. I have allocated a $30,000.00 account for this purpose. My intent was to keep that as my principal and draw off the profits. I use ThinkorSwim as a trading platform and have written many thinkscript studies and strategies that seem to work for a short time and then fail to perform. The drawdown on my account has brought me very close to the $25,000.00 pattern day trading account minimum. Sorry for the long post, but I thought a little history might help.

What I am trying to accomplish is to only trade 3-4 stocks per morning session, preferably from 9:00am to 11:00am cst. I would like to average at least $200.00 per day. I would only need to scalp 1 to 2 % to accomplish this.

If there is anyone with information on any strategies, screeners, stock lists to pull high probability stocks from, services, newsletters or any information at all, it would be greatly appreciated. I am not trying to get rich quick, just earn a few extra bucks to supplement my SS.

Thank you in advance

There is no magic formula, becoming consistent is a process and it takes time ( years); perseverance and resilience are the keys.

 

[Simples]

I know one thing that's harder than trading... (drumroll)

Communication!

It starts with respect, but sometimes impossible to do properly anyway. And always takes at least two sides!

 

[Hooter]

https://m.youtube.com/playlist?list=UUA7QSCHWRdRrJEEjfLq3g4A food 4 thought

 

[lawrence-lugar]

If there is anyone with information on any strategies, screeners, stock lists to pull high probability stocks from, services, newsletters or any information at all, it would be greatly appreciated.

I am not trying to get rich quick, just earn a few extra bucks to supplement my SS.

Trading is not as easy as that;
I always roll my eyes when some new person expects to be led to an instant ATM money spewing machine.

You could find one of the rare profitable traders out there...but even if you sit down with them to discuss it...you're not likely going to be able to replicate their success.

Everyday in the market it's a dynamic, ever-changing...organism. It takes time to kind of try to realize what's happening and unfolding before your eyes in real-time.

Your goal of a $200 profit/daily in the market, or 1-2% of your $30K acct size, will be kind of tough to accomplish if you're dabbling in stocks...because they simply don't move or range that much.
You should instead look into options, if you want to accomplish that target.

 

[Lee-]

Translating the OP:

ohai guys. I'm not looking to get rich quick, but I was wondering if anyone could tell me a high probability way to make 200% return in a year (ignoring compounding or using leverage).

 

[BigBrandy]

200% a year is still rather ambitious. I would start with not making a loss and then work from there

 

[Fonz]

You should focus on risks and only risks.
And if you found an edge in a market, paper trade until you become proficient in this market.
With day trading, you know your daily risks. You actually know that you are not at risk overnight and it is a huge advantage. I day trade ES future from 9:30 to 11:30 most of the time.
Every morning I know how much I can lose during the day. I don't know how much I can make. I can't backtest my strategy, but I can look at my past trades and make analysis of the real trades and results.
This why it took me so long to realize than I can actually do it, and to eventually know how much I make.

 

[Mark Lapin]

What I am trying to accomplish is to only trade 3-4 stocks per morning session, preferably from 9:00am to 11:00am cst. I would like to average at least $200.00 per day. I would only need to scalp 1 to 2 % to accomplish this

Sounds so easy eh? My recommendation is if you can't do this as a full time profession meaning from 9am to 4pm EST, then forget about it as Donny Brasco would say.

 

[bmw335isedan]

Star traders (all scalpers) at my firm makes about 700% yearly because they use low margins and they don't trade billions. I don't want to discourage OP making huge returns. Good luck!

 

[ironchef]

Star traders (all scalpers) at my firm makes about 700% yearly because they use low margins and they don't trade billions. I don't want to discourage OP making huge returns. Good luck!

That is very very impressive. How many years of trading experience do you need to achieve that level of returns? And do it year after year? I was happy when I beat the SP500 by a few % a year.