I do an initial scan with QuotesPlus to weed out the illiquid stuff. I do this about once every two weeks or so. Then I use TechnifilterPlus (a greatly underappreciated program) every night or morning to run filter reports to find the stocks I want to watch the next day. The reports I run are based on mechanical systems that I have developed using TFP. TFP is a very powerful (and FAST) system testing and development program, but it has a steep learning curve. And it is only EOD. g
It is a pity that there are no options on SPY. Otherwise, I am going to trade SPY options only. Great strategy for a lazy trader like me.
Anyone else care to chime in on this? Anyone here just watching 2-4 stocks everyday or is everyone scanning thousands of stocks each day? -Guru
Do you watch the same four stocks everyday or do the four change? Do you ever think that by 'only' watching four stocks that you are missing out on other stuff? -Guru
Same four everyday. My philosophy on trading is simple. I look at the price action and s/r. And I believe either you can or you "cain't" when it comes to trading. Of course, there are many, many, many different styles. Whatever works for someone else is just great by me. If I'm trying to look all over the market, I get confused. I mainly follow high volume Nasdaq stocks. And to answer your second question: (guess it's obvious now.....)...No, for me four or even fewer is enough and I don't feel like I'm missing out on other stuff. Those who are so skilled that they can watch and comprehend many more stocks at the same time......well, I can only envy those people. I speak for myself and at my level only.
I tried stocks for a few years, then moved to YM and EC and never regretted it. Accounting for all stock trades is a complete nuisance, imho, futures just so easy to trade.