"If both go down, then I'll cut losses somewhere and yea.. rinse repeat."
best to have an exit strategy before you enter the trade imo - if the first one goes down, half your money is tied up, then the second one will do the same at some stage - then all your trading capital is tied up.........and could be for a long time
also, your risk reward scenario doesn't sound very enticing
you're limiting your profits but are willing to let your losers run
3% a day sounds easy, but the reality is that it's not
If i were you, i'd shop around for brokers as they eat a good percentage of your profit from a low capital base
$150 - $40 brokerage
or
$150 - $30 brokerage
multiplied by x amount of trades per year adds up
look for the best deal
try and find low risk entries, if the trade doesn't work, get out for brokerage or a small loss and look again
your strategy could see your money tied up for a long time - it happened to me in my early months of trading
avoid low liquidity stocks if you plan to trade frequently
keep a diary of your trades, when you've been trading for a while, check and try to identify patterns of what you think you did well and what didn't work
