Do you guys trade the same few stocks every day or you get your information from somewhere as to which stock to trade on a given day? Like I saw a few people posting that they caught this move and that move and it turns out they were the top movers on the google finance list .. but how did they know? also is it better to try to find new stocks every day/night or to just keep the list to about 10-20 and trade those only ?
Real quick and I gotta get outta here... For starters, Investors Business Daily is a solid 'after the fact' paper that may be helpful towards getting a feel for what's moving.
Here is some criteria for daytrading but not all that is required. nasdaq stock, tight spread, trades greater than 3 million shares a day, at least 40 dollars per share. Here is a few for swing trading. On the day, valid buy signal, positive earnings with earnings uptrend.
if you have trade-ideas scanning software its easy to find the top movers... just filter stocks that have the highest volume and/or % gain/losses for the day.
if u are beginning in day trading, stick to one stock first and learn it thoroughly, preferably not a thick stock so that you dont get confused, but maybe something that does below 2 million in volume, in this way you learn to spot programs and identify buyers/sellers within the L2. think about how they are trying to work their order. As for stock selection, this is a huge key to ur success and few will give this out. essentially the market is completely dynamic, in order to take money out of it, you need to impose structure on it by finding an anomaly within this chaos