For most stocks I pick some nearby round number with reasonable % distance that keeps the stop loss to around $100 (actually its more when you add the commission).
Example 1:
I buy 3000 shares at $6.32,
then I set the "Stop Trigger Price" at $6.29
and "Stop Limit Price" at $6.28.
This will sell the position either at $6.29 or $6.28
since ask/bid fluctuates as it moves.
So my loss would be $90 or $120 + commission.
Example 2:
If I buy 3000 shares at $6.35,
I often still set the "Stop Trigger Price" at $6.29
and "Stop Limit Price" at $6.28.
This is because the round numbers frequently act as
somewhat of support/resistance.
So in this case, I would be risking $180 or $210 + commission.
That said,
it also depends on the trend range in 1 minute and 5 minute
charts. Sometimes my stop limit is literally only a penny below my
purchase price.
All in all, I have .10 cent move in mind for UVXY because I'm
seeing about .83 cent low to high price difference for the past 10
days. But I do sell at .03 profit sometimes, and other times
I let it run .30~.40 cents.
It all depends on whether SPY & UVXY charts are showing continuation move or reversal.
Do the mental (paper) trade several times a day to get the feel.
Tell your self mentally that you are buying here and selling there
while you are watching the chart to see how your results go.
Only then, start real trading with at least 1000 shares to make it
worthwhile to overcome the commission penalty effect.
But you have to put your priority on managing the loss ahead of
the profit. Become very comfortable in selling for less than $100
loss if your guess is wrong. If you don't do this, profitable scalping will NOT work as one big loss will wipe out several
successful scalps.
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