Ok, i'm not sure if you can help me but i am wondering how does one go about selecting which stocks to trade. I have no prefrence as to nasdaq or nyse, basically i am looking for a nice classic chart patterns, simple support and resistance. I know there is software out there that can help with this, and i've looked at tc2000, but personaly i have no idea what kind of paramters to enter in ther. I would like to tell it - hey get me stocks that are hitting their support on weak volume. maybe hitting some resistance, maybe a nice double top/bottom. but the software gets into all kinds of other parameters which i am clueless about. is there anything out there that is a bit simpler than these complex programs? maybe a web site or so. Or which stocks are good pattern followers. and i guess i should mention that this should be for mainly swing trading. and if its not too much to ask, any favorites for day trading. I hope i'm not asking some dumb questions here, but the other day i was staring at my reuters screen at work and i asked myself well if you were to trade, what would you trade, and honestly i kinda had no idea, yeah sure there are the csco and intc dell etc... but those are not good stocks to trade- for beginners, heck maybe for most traders, so thats why i was wondering if there are certain stocks out there that you guys like to trade. once again thnx guys for all of your information.
We look at a constant daily basket that includes the following stocks: AMAT, AMCC, AMGN, BEAS, BRCD, BRCM, CHKP, CIEN, EMLX, FCEL, IDPH, INTC, JNPR, MERQ, MUSE, NEWP, NTAP, NVLS, OPWV, PSFT, QCOM, RFMD, SEBL, and VRTS. We then add stocks to watch on a daily basis based on news, earnings, and sector movement. Hope this helps!
Look at http://www.tradetrek.com. They have a pretty good system for finding stocks like the ones you described.
You don't need any software to alert you to chart patterns. You can easily scan 200-300 stock charts in about an hour. I'd say, you can generally see if there is any favorable pattern in about 3-5 seconds of looking at a chart. I'm referring to simple double top/bottom and channels. Plus, looking at several hundred charts per day will greatly improve your chart reading skills--something no software will ever do for you. As far as which stocks to follow, I'd just make sure they are over $10 and have at least 500k plus daily volume, so they will not be easy to manipulate. Good luck! For excellent, FREE daily charts, I like http://www.prophetfinance.com