Your watch list is the most important preparation before your trading day. You cannot cut corners when it comes to making a watch list. You cannot become a successful trader without making a watch list. You cannot copy someone's else's watch list either. Here's why:
You see trading services everywhere offering paid watch lists. To new traders, this seems like a great deal. But they all soon realize that buying someone else’s trading watch list doesn’t help make them money consistently.
Everyone has a different trading style. What someone else puts on their watch list may not be suited to your risk tolerance, capital, or your trading strategy. In order to become a consistently profitable trader, you have to learn how to make your own trading watch list.
For this reason, we are doing a free webinar on Sunday, March 31st (sign up here) to show you step-by-step how to build your own trading watch list before every trading day. You will get see exactly the process I use to make my trading watch list every day, and get actionable advice about how to build a successful watch list yourself. Leading up to the webinar, we will be doing a 5-day blog series breaking down the 5 steps to creating a successful trading watch list. Here are the 5 steps that we will cover:
1. Knowing the Characteristics of the Best Stocks to Trade
In order to know what stocks you will put on your watch list, you need to know what makes a stock worth watching. You want stocks that have a high probability of making a big move in a short period of time. We will go over all the characteristics of the best stocks to put on your watch list in tomorrow's article.
2. Finding the Best Stocks to Trade
Now that you know what makes a stock worth putting on your watch list, you need to know how to find these stocks. We will go through how to use stock scanners and screeners to find the most explosive stocks.
3. Narrow Down Your List
Now that you have run your scans, it is time to narrow down your watch list. This is a crucial step. Having too big of a watch list is not useful to you. There will be too much to watch and you will end up missing the best movers.
4. Make Trading Plans
Know that you’ve narrowed down your watch list to 10-20 names, it’s time to make a trading plan for each stock. This is crucial in order to be able to profit on all the stocks you are watching. There is no point in making a watch list if you don't make a trading plan to monetize the names on your watch list.
The most important step: Your trade execution. The best watch list in the world won't make you any money if you don't buy and sell at the correct times. We will give you actionable tips on how to successfully execute your trading plans from your watch list.
Free Webinar Sunday, March 31st
Join us on Sunday and watch me build my trading watch list live. You will see in more detail how I execute these 5 steps, and get actionable advice on how you can build your own successful watch list.