@Entrada Hello Entrada I have been watching your trades for some time, I like your style, you trade the same stock multiple times during the same day to make many small gains... Could you please let me know how you find the stock to trade and how you create a watch list. I will be starting with an account of 10k (i am in canada and do not have a DTP regulation). I have a small business so could add more money to my account but i am stuck on trying to set up a watch list... Should I be watching TV news to get some inspiration.. I am putting a lot of research into day trading. I made 200$ today by watching other peoples stock tips on the chatroom. but i want to be able to fined stock myself If I could get to make 500 to 800 profit a day I would close my business. Thank you Daniel Ross
Daniel, yes I usually watch news and earnings as well as Stocktwits. I used to scan every night for stuff but that never seemed to be very profitable b/c I would be "looking" for trades without seeing the one thing that counts, price action. Chat rooms are great too but as you have observed I try to play the same things until they aren't easily tradable.
At this point all I do is run the Interactive Brokers scanner on % movers but I don't really even take too many of those trades. I do watch CNBC though when I trade so sometimes there's a quick scalp here and there. I probably trade a little too much and burn commissions (up to 8k this year alone) but I am trying to create a system to be both profitable and scalable.
I also don't plunge very much (take huge trades) so you won't see huge gainers but as all the gurus say this is a marathon. As for your business, I try to really throw as much money into my account as possible so even with some losses the account grows. This book http://www.amazon.com/High-probability-trading-become-successful/dp/0071381562 is about as good as it gets for someone in your shoes I think
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