Welcome Craig, for the most part, this is a daytrader thread..Usually we are in and out same day, once in a while we hold onto one overnight or for a couple of days..As you know, be careful, everyone has there own agenda, and many picks that are given here have already had their day in the sun, and are ready to correct when they are posted..
My philosophy remains, depend on noone else..No newsletter, no stock advisor, generate your own picks, with your own studies..
I get my initial picks from either Investor Business Daily, stocks under 20.00 with RS above 90 and accumulation rating of "A", or I run a scan on Tradehard.com for stocks under 20.00 with RS from 90-99...Also like the strongest stocks under 10.00 there, posted each night..
Then I put them into my system and run 10-12 scans..After that I go through each hit, looking for recognizeable patterns, and stocks usually ready to break or on day one of break with no sizeable overhead above..
Example: From my watch list for today, ROSS and HMTT...
Good luck to you, if you want to be one of the 10% daytraders that make it, you will have to study and study, keep learning, set tight stops, and constantly watch your ego...Good book to read(leave out Zen stuff) is "Zen in the Markets" by Edward Allen Toppel...
Have about 12 other books to read if you are interested...
Regards, Mark
P.S. I am not here much since I have a full-time job outside the market..My wife now is an official day trader..She is starting to like it...Plans to go full-time once my daughter goes back to school next week...I just do the TA for her.. |
