How I Find Stocks and Scalp

Education Blogs
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From my AMA response.
Ok so I am often all over the place with stocks I see to scalp. I use the scanner that streams in our server a lot in pre and after market. Those often will give me ones to watch during the day for option plays.
I also really like the ones below:
https://marketchameleon.com/Reports/PremarketTrading
https://marketchameleon.com/Reports/AfterHoursTrading

I like ones that have high volume and under 50M or 100M market cap as they move much better on news and volume in pre market. I sometimes use the pre-set scanners in Think or Swim or I know people use Webull pre-set scanners. I also use Finviz for swing trades (for me 1-2 week options) or DD. I also just have a list built up of stocks that have popped before that always have more pops and just cycle through them. I create a large watchlist for those and then have a smaller watchlist for ones that I am playing or think I will play in the near future. Other than that, it is also reading or hearing what others are calling out in our discord, other discords, and bot callouts in our channel #market-alerts for most mentioned tickers on Discord. I would say start with the scanners and watch the ones that move pre-market/after market and then see how those trend 1-2 days after they pop in non-market hours. Then the scanner can be used to find ones that are moving during the day. A lot of random, but you can become good with finding a few go-to places and then being able to read the chart history 1-3 years back for resistance/support then play those with the current movements( in most cases I am able to do this within 10 sec of looking at a chart, posting the breaks, then playing it myself within 20-30 sec. Lots of practice to get this fast with small positions of 10-20 shares. Then I moved this concept to option trading during the day. Lastly, I have added stop market orders to most of my option plays as soon as I enter a position. You have to find what you tolerance is but I often set it .20 to .50 cents or more lower than the current price. This depends on the play, cost of entry, and how many contracts I have. With fewer, I am able to stand lowering my stop loss much more than a larger play. This new strategy has cut many of my losses to keep them under 5% to 7% for most and then it usually tells me I made a bad entry point and need to rethink when I buy. I have been green each week since I started doing this vs manually doing it. However, I have had some stop losses hit, then immediately see it jump, so getting that right with the share price support can be tricky, but has gotten easier with practice. I hope to soon share my experiences on this forum to let others know what I went through and how I got to making money each week, when I don’t play dumb options…lol. I also made great money but would hold my options for too long and see -50% to -80% on many big plays that I could have just sold, waited for a new bottom, then rebuy. That saves a lot of people and is a hard mindset to have.I hope this helped a bit.

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Thanks JB. Appreciate you taking the time to share some feedback and insight. I’m enjoying the forum and the discord VC. Have learned a lot in the last 6 weeks from you guys. Keep up the great work :+1:t3:

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Thanks JB
I struggle with these two above, and I am sure some of other server users as well!
I love scalping, and I have a tendency to buy in and sell quickly, just to see it move way past my exit point
This, (I assume greed) made me force myself to stay longer in the trades to realize more profit, and see it go negative again.
Then, I started lowering my SL in order to give the trade more room to breath, and of course led to more losses

Obviously, it is clear to me that I am chasing the market, I get out too fast because I have no confidence in the play, I do not re-analyze the trades once in - to look for a re-entry (exit with a small loss/profit and re-enter later based on TA), and I keep adjusting my " inaptly called strategy"

I need to:

  1. Wait for the better entry points with the risk of not getting in.
    There is always another play around

  2. Take profit at a resistance/support levels, even if it pushes through later
    Compound gains

  3. Get out faster, with smaller losses (broken support/resistance)
    Confirmed bad plays, can always re-enter later

  4. Accept the loss as outcome, not the profit potential
    When bias/hope of direction sets in, real market view is skewed

  5. Fearless / Emotionless
    If I need to check my trades every min or so, it means I am not confident in the trade, did not accept risk, run on hopium

I am trying to become a better , consistent and emotionless trader, and this community and their “leaders” are just amazing. Not looking for freebies, I am honestly willing and looking to do the hard work and learn, and I am always willing to listen to advice and criticism, and hopefully one day be capable of giving back to the community my knowledge and support (whichever way)

I’d love to see the gods create more posts on strategies, psychology, trade management, even mandatory training…I think would benefit a lot new traders

Anyway, thanks to all of you for the selfless desire to help and share your knowledge and hard earned wisdom

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