Day trading help

[ironchef]

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.

Us small retail options traders don't consistently make that kind of returns either. Actually, I don't know about others but I have not.

 

[beerntrading]

I don't want to discourage OP making huge returns.

No one is discouraging huge returns. I'd be more concerned about encouraging huge losses.

 

[dealmaker]

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!

Who is your firm?

 

[Overnight]

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!

I have a severe problem with this statement. I may not have, were it not for your nickname on this forum. Seriously? You named yourself after a German car model? What the heck?!?

 

[JCR]

Hello,
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...

Rtucek – What you are trying to do CAN be accomplished with a $25K account. Please don’t listen to negative people that use numbers and statistics to justify why they don’t make money.

Here is my opinion:

· Don’t pay anyone for newsletter, classes, chat rooms, BS, etc.

· Managing risk is your main and only priority. The profits will come, but not if you have no money left.

· Develop a watch list of stocks that tend to move. This is dynamic and you need to do your homework. Example: BLUE, CLVS, TWLO, X, AMD…

· Learn the behavior of the stocks at the open. This is usually your best chance to capture a move.

· Be quick, decisive, and fearless. Don’t get greedy. You said $200 stick to that per trade. If it shoots up and you’re up $700 take it gracefully.

· The exit is just as important as the entry. Don’t let the winner turn to a loser.

Have Rules (such as):

· Number of trades for day. Example: 5 trades

· Max loss per day. Example: $500 then quit trading.

· Don’t keep any losing trades overnight.

· Only add to trades that are green. Never add to losers.

· Move your stop up to break even as soon as possible.

· Cut losers short, let winners ride.

Trading is not easy as others have stated. But don’t get too worked up and confused with a bunch of useless facts and statistics. Trade what’s in front of you, not what the TV said, chart room, buddy, website.

Also you may want to trade futures. TOS is a very good platform for that. Start with 1 contract before moving to more.

Sometimes I trade the same 2 to 3 stocks/futures all week long.

Best of luck, and keep learning.

 

[fordewind]

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

I`d suggest you to open with Ninja and trade microlots.The marigin is just only $250 per micro euro contract.I could say from experience that you can achieve your goal just trading a couple of microlots euro futs.Just trade 4-5 contracts on the 30 min and up TF`s.With the $30K account you`ll be also sleeping well.

 

[Handle123]

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).

What you are asking is a "looking to get rich quick", and anyone that understands "risk", will know much that S&P500 Index plus maybe 10% is a feat on it's own with tighter risk.
Making 200% is possible, but most likely not probable as you are going to require very great deal of knowledge, which for you asking for this question, you might lack. You must already have the knowledge to do so and also having this knowledge is another reason of not trying due to good possibility of losing it all leans heavier than making it. One of the few ways to help risk is having enough capital to spread over several stocks evenly, same amount of dollars to each trade and if couple of them can hit much more than 200% will pull up percentages of others. it is safer to aim low and be surprised to do well on a couple than aim high and lose your account.
***************
In 2010, I change my approach to trading from models that offered best profits to controlling risk much more, so except for one system, all got tossed into fireplace. Just makes much more sense to me is if I can control much more of risk as I can't control profits, I can trade more volume and better equity curve. Wish I had done so ten years earlier. I keep at it on methods of making risk as close to zero as possible.

One way is Breakeven plus a tick or two in futures or breakeven plus a dime in stocks. Cause true breakeven has to include the cost of brokerage/fees, otherwise if you have to eat the fees, it is a losing trade. Just 2 ES daytrades per day times 200 days of making the one tick is $5,000 minus Fees of $1600= net $3,400, so this is $1600 that does not have to be made up and instead you have $3,400 more in the account. A $5,000 turnaround is a bunch on a $5/10k account.

 

[Lee-]

What you are asking is a "looking to get rich quick", and anyone that understands "risk", will know much that S&P500 Index plus maybe 10% is a feat on it's own with tighter risk.
Making 200% is possible, but most likely not probable as you are going to require very great deal of knowledge, which for you asking for this question, you might lack. You must already have the knowledge to do so and also having this knowledge is another reason of not trying due to good possibility of losing it all leans heavier than making it. One of the few ways to help risk is having enough capital to spread over several stocks evenly, same amount of dollars to each trade and if couple of them can hit much more than 200% will pull up percentages of others. it is safer to aim low and be surprised to do well on a couple than aim high and lose your account.
***************
In 2010, I change my approach to trading from models that offered best profits to controlling risk much more, so except for one system, all got tossed into fireplace. Just makes much more sense to me is if I can control much more of risk as I can't control profits, I can trade more volume and better equity curve. Wish I had done so ten years earlier. I keep at it on methods of making risk as close to zero as possible.

One way is Breakeven plus a tick or two in futures or breakeven plus a dime in stocks. Cause true breakeven has to include the cost of brokerage/fees, otherwise if you have to eat the fees, it is a losing trade. Just 2 ES daytrades per day times 200 days of making the one tick is $5,000 minus Fees of $1600= net $3,400, so this is $1600 that does not have to be made up and instead you have $3,400 more in the account. A $5,000 turnaround is a bunch on a $5/10k account.

I think you misunderstood my post. I was rephrasing (in a tongue in cheek kind of way) what the the thread starter said in his first post. In his first post he said he wasn't looking to get rich quick and simultaneously asked for a high probability way to make $200/day on a $25k account.

So OP, if you're around, that post is for you. I completely agree, asking for high probability $200/day on a $25k account is absolutely asking to get rich quick (which is why I was mocking the original post in the first place ).

 

[bmw335isedan]

I have a severe problem with this statement. I may not have, were it not for your nickname on this forum. Seriously? You named yourself after a German car model? What the heck?!?

If I used an Italian car model name, that would be alright? Childish worthless comment lol

Who is your firm?

Sorry I am not giving away my identity to a total stranger, but it is an American owned Singaporean hedge fund.

 

[MoneyMatthew]

I have a severe problem with this statement. I may not have, were it not for your nickname on this forum. Seriously? You named yourself after a German car model? What the heck?!?

He probably is just happy to own a BMW. I was going to post a picture of my BMW but I did not want to get the types of responses that MarketSurfer gets when he posts pictures of his car. Maybe I can come up with a slick way to pretend to be showing a picture of something else(let's say a burger from a fast food joint and take the picture of the burger while still showing off my car...that should work!