Looking for Swing Trading advice

Discussion in 'Professional Trading' started by Nervous_Joe, Jan 6, 2010.

  1. Hello,

    Looking for some advice regarding swing trading here.

    I traded for a limited time back in 2001 (basically broke even after a couple months) and I'm looking to open up an account with about 10k in it for doing some part time swing trades in the $5-$20 price range.

    My questions are:

    1) What brokerage firm shoud I use? A lot has changed since I did it last, I used E-trade back in 2001 but I'm sure there are much better choices out there now.

    2) Are any newsletters put out by sites like Pristine.com any good? I've checked out there track record and they don't seem to perform any better than what I do just picking them myself. I was just wondering if anyone on here had any experience with them.

    3) What scanning softwares are out there that are good to use for swing traders looking for technical candlestick setups? I don't want one where I have to be a programmer to use it.

    Thanks for the help :)
  2. I would look for a broker with low commissions, like sogo trade. they are $3 bucks a trade.

    and if I was going to look at a lot of charts really fast for some technical set ups, I would use worden.com they are pretty cheap and last time I used them a few years ago worked pretty good for end of day data.
  3. Go with thinkorswim. These guys are the real deal. I was with scottrade for a while..also a great broker, but somewhat pricey to some peoples opinion at 7.00 per trade. I pay 5.oo at T.O.S. The platform is awesome and comes with all kinds of nice features like built in cnbc feed :)
  4. There are websites that offer free stock scanning tools for technical indicators.
    As far as broker goes - does it really matter if you are swing trading? Your probably paying retail for stocks and most offer the tools you need - if day trading then you have to be particular about who you use.
    I get many swing trading 'alerts', pics, ect even the one you mention - I always take their pick and compare it to how I would trade it - if it looks good then it goes on the watch list. Never trade others picks blindly on faith.
  5. lately I have been watching a site called thelion and one person in particular called lionmaster in the wall street pit forum.
    He is a jerk with a huge ego and wrong about a lot of minor stuff about how the market works.
    but he does seem to be able to find stocks that have a pretty high chance of moving.
    you have to be careful because the last one he was telling everyone to buy while he was selling,
    but he usually doesn't do this,
    and the main thing is my account is up some from following along with his trades.
  6. 1) I'd go with IB...platform is inferior to TOS, but commissions are superior. For swing trading, the IB platform is fine. Now if you are trading options instead of shares, I'd actually use TOS since their option pricing is a bit more reasonable and their platform is really slick for options.

    2) Not really a fan of newsletters. You'd be better off just making yourself a list of 20-30 stocks (maybe even just stick to a few ETFs) and then wait for particular setups. With $10k, you don't have the capital to trade too many positions at one anyway.

    3) Stockfetcher is a great tool for daily setups and screens for technical analysis. It's ultracheap and pretty user friendly.
  7. Thanks for all the suggestions, I really do appreciate it.

    I checked out sogo today, and they do look tempting at $3 per trade.

    As far as the newsletters go, I actually have been tracking Pristines lite version for last 30 days just to see how it does, and honestly it's only broke even and was actually down the in November. I'll follow it for another month or so before deciding.

    I've also messed around with finviz but I'll check out the other screeners mentioned too.

    Thanks again
  8. Waste of time. Learn to trade for yourself.
  9. Based on what I've seen so far, I'm believing you.

    Maybe I'd be better off just putting out a newsletter myself :D
  10. a serious edge is not available for $99/month. It is worth a lot more than that. But still, people sign up. And vendors offer things like indicators, basic TA, Gann, EW, Fib, astrology and other useless stuff because there are those desperate enough to pay...
    #10     Jan 14, 2010