In my opinion for a guy who is just starting out, tracking 50 different stocks is way too much. Perhaps you should narrow down the amount of stocks you track in a day to 10 to 15, this may prevent you from missing your entry points and thus help you from chasing the stock. If anything else it would be a lot easier on the brain. Something to think about. Good luck, and keep us posted.
It's precisely 39 stocks I track. I focus on 2 sectors. I calculate the atr for 48 stock's, etf's and indexes everyday. I was considering trading just the SPY's, DIA's, or the QQQQ's for simplicity, but my mentor convinced me to trade stocks by showing me how every stock was different (even though they were within the same sector) and how each stock had different low-risk/ high probaility trades based on MA's, different key price levels, mutliple timeframe analysis and such. Maybe after I make enough money from stocks, I'll consider trading etf's like SPY, DIA, or QQQQ (ES, YM, or NQ equivalents, respectively) in addition to the other stocks I track.
$300 seems a little excessive for stock feeds, does that include some sort of desk fee as well? Can't really analyze the commissions as I don't know how many shares you're trading, but you can check the other prop threads on ET to ascertain whether you're getting a decent deal or not. I see that you've posted about the e-mini's in the past, will they let you trade those as well at your firm?
one thing i do to watch a larger basket of stocks is to set price alerts a smidge above/below support/resistance levels so you can focus on whats moving now and not worry about all on your watch list
I Trade4, it doesn't matter what you trade you have to first learn how to trade. After 2.5 years of study and trading I am just beginning to understand the business of trading. You are trying to learn the business of making money. Learn about how the markets work and how to trade and the money will come.
Cut back to one or two stocks.Or trade just one of the etf's. You have to learn how to trade before you can make money not the other way around. If nothing else by concentrating on one or two you won't lose money so fast. Do you have a written plan you follow?
It's like a 100/ month for the data fees. I pay over a 100 a month for esignal which weren't included in the equity curve. I'm satisfied with the current deal I have with the firm, especially considering I'm getting training. After I get enough experience under my belt, I'm sure I can negotiate for better deals. Regarding trading e-mini's, I can get the same outcome with the etf's without tying up my money in another account.
I currently do not have a written plan. I'm going to start doing it this weekend. As a matter of fact, I plan on writing a journal, from now on, in the journal section and coming up with a blog in the near future.
Youâll be amazed at how much it will help your trading. Start with just one set-up. What conditions have to be met before you consider taking a trade? What will trigger an entry? Where are youâre exits? Stop and profit targets. After the trade you determine if you followed the plan exactly. If not what didnât you do and more important why didnât you do it. A journal is a good idea. Put your plan out there. It will give you more incentive to follow it if you are prepared to justify whatever action you take. Good luck to you.