My Daily Stock Trading Preparations
Posted on September 29th, 2006
Written by Richard
Posted in: N/A (old archives)
The nightly ritual that prepares me to (usually not) trade the next day.
Basically, I run a few scans (one of them is posted to MtM every day, so you should know what they basically look like). I collect the picks from highchartpatterns.com, where I am a subscriber. I sometimes also collect some stocks from other blogs’ watchlists. Then, I put them all in a list on my trading platform and glance briefly at all the stocks. I just try to make an immediate subjective determination of how “clean” or “pretty” or “straightforward” the chart is. I jot down the ones I think are worth following. After 10 to 15 minutes, I’ve looked at around 50 stocks, and I’ve decided to follow probably 5 to 10 closely the next day.
I tend to use the 3-month daily chart for my initial look, but if I am worried about the horizon effect, I jump to the 1-year weekly chart to confirm that all is well with the stock. I try to only pick the clearest stocks from the set, that are generally trending in the direction that I think their technical patterns are pointing. Since, I’m daytrading, if the trend on the weekly chart is going against me, I don’t sweat that too much, but I’d rather everything be in synch.
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© 2010 Richard Todd. I am not a financial advisor, and nothing on the site should be considered investment advice or actionable recommendations. I'm just an individual, saying what I think, and sharing my experiences.