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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
Can you help answer these questions from other members on NexusFi?
Systems and methods aside, a good start for you would be to
a) start thinking about your competitors and
b) start thinking about your targets.
a) Scalping the opening with a minimum PDT account like yours is a free lunch for your competitors.
You don't seem to have any clue that you are exactly the kind of bait that any HFT is waiting for.
And that's exactly the reason why you lost your first 5 grands so fast.
b) Pardon, no offense meant, but "I would only need to scalp 1 to 2 % to accomplish this." shows
that you don't have the slightest clue about regular market returns. 1% return per trading day would
mean that you would multiply your account by ~9 during the first year.
So before you keep on throwing the rest of your account after the first 5k that you burnt already,
it's time to do some basic homework about mathematics of risk and return and how markets work.
