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Goto Stocks 4th edition

Many of you guys have asked me about stock trading software and my routine at night when I’m doing my scans.  I run all sorts of scans depending on the market but most of my ideas just come from keeping a list of stocks that I can go through every night.  I then flag them with levels that i might be interested in them.  I keep about 200 that i flip through every night.  I haven’t updated it for a while so if you see any stocks we trade often in chatroom that i havent put on it let me know or leave it in the comment box! we can update and refine it with your input.  I took out some of the terd bio’s that we used to trade but have been dead for many months.  A lot of these new ipo’s we have been trading have been added in like INVN, INXN, ETC. Ipo’s have been strong all year and its important to stick with themes and flip through stocks that are in play.  Lot of the new social media stocks have been added too.  I suspect next batch I’ll take out the uraniums as they havent done much now in 6 months.

 

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Paralysis of Analysis

I have been asked several times lately by new traders how to overcome the fear of placing trades. Just today, I received an email from someone saying that they had alerts set for $JOEZ, $SCEI, and $KERX, saw the setup, but couldn’t quite pull the trigger. The setup worked just as they planned, yet they missed the trade. I never had this problem. In fact, as I have said before, I had quite the opposite problem! However, having talked to a lot of traders, I do know a little bit about this topic. So per the email that I received today, I decided to write this blog and discuss a little thing known as ‘paralysis of analysis’.

The term “paralysis of analysis” refers to over-analyzing (or over-thinking) a situation, so that a decision or action is never taken, thus paralyzing the outcome. Paralysis of analysis occurs in all parts of life, not just trading. Perhaps you have a great idea for a new social media site, but you don’t know how to go about getting started. You don’t know how to get the patent, or how to recruit investors for your idea, or whatever. So you are stuck, basically paralyzed and at a standstill. You will never be succesfull and never fulfill your dreams if you don’t figure out how to overcome this fear. Being paralyzed is great for new traders because you want to take the time to learn before placing trades. You cannot blindly follow a trader and expect to make money. You have to know the concept behind the trades and understand why the trade is being placed if you want to be truly successful. However, once you have taken this time to learn then how to do you muster up the courage to actually push the “buy” button and put your plan into action? Well…..

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Characteristics of a Boom Boom Stock

What makes a stock go BOOOOOOOOOOOOOOOOOOOOOOOOOOOM! vs just a pick that we trade.  Looking back there are definately some characteristics that are common and can be applied for when we have opportunities at that homerun trade.

Price:  Not just todays price but the context of it compared with the previous days, weeks, months.   Often when looking at a stock coming out of range where you see a character change in the way price shows/action it can signal a trend change or a shift in expectations. If you can clear a key level of supply in a stock and it starts to show a change in character in the stock (larger candles, increased velocity etc) This can start potentially a multimonth run.

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Making Watchlists

This is a quick post on making watchlists. This is one of the most important parts of trading. Each day, before you get ready to trade, you need to have 10-15 setups that are ready to roll.  If you wake up and think you’re just going to hop in the chat room and make thousands of dollars, you will never succeed. Just like any sport or profession, you have to put in hours and hours of practice and preparation before the big game!  So, I make two watchlists on Sunday.  One list comprises potential plays for the week, and then a second watchlist of stocks that will be ready the next day.  Each day, I prune through the weekly watchlist and take out the stocks that broke out or have moved in such a way that the setup is no longer valid. I transfer the ones that look ready to my daily watchlist, along with the stocks I found that night on my scans, and then I set my alerts. Bam! Now you have a game plan.

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