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Strategies & Market Trends : Trade What You See, Not What You Think -- Ignore unavailable to you. Want to Upgrade?

To: aldrums who wrote (71)	10/17/2000 1:01:04 AM
From: Brandon	Respond to of 867

My take is that no research is wasted even if no trade takes place based on it. At night I will have anything from 10 to 100 stocks that I have on a "first list" and then my final focus list is usually 4 to 8 stocks. Some of these 4 to 8 will not setup, some days none of them will. But no time is wasted because it is the ritual and the work which has a lot to do with my success. And every bit of time you spend in research is also time you are learning. Thats just my take on it. Brandon

To: aldrums who wrote (71)	10/17/2000 7:36:10 AM
From: Threei	Respond to of 867

Alex, you ask amazing questions, in a sense that they always require "not that simple" kind of answers. I understand your concern I don't want to be a lazy trader but I also don't want to waste too much time It's my concern, too :) Trader has to soak in professional atmosphere, to breathe, eat and sleep with martket/trading thoughts on background, and trader has to have a rest, fresh mind in the morning... and there is life, with swimming, books, movies, friends... and just 24 hours... :) Well, here is my take. There are two kind of preparations. First of them is educational. Staying in a course of how trading world is developing, latest in rulemaking, insights from good traders (not stock specific), trading ideas and methods etc. I do it religiously every night. NASDAQ site, HardRightEdge, IntelligentSpeculator, some others... Best SI threads (Daytrading Fundamentals, Technical Trading: Analysis of Price and Volume, Swingtrading - Tricks of the Trade and several others are must for me). Doing this, trader will find amazing insights, will be ready to all major changes in technology and rulemaking (well, as ready as it gets). If for some reason I have to skip one or two nights, it takes extra hour or two to catch up. If I leave for two weeks vacation, it might take entire day and even more to become aware of the latest events again. Second kind is stock specific: trading ideas for tomorrow. If you don't mind, I'll get back to it this evening :) Vadym

To: aldrums who wrote (71)	10/17/2000 6:01:24 PM
From: Threei	Read Replies (2) \| Respond to of 867

Aleax, second kind of preparations is stock specific. This is very trading style dependent. I think TA traders, swingtraders must do it. They need to see what stocks set up or look promising. For daytraders it could be or could be not that necessary, depending on their method of finding their plays. I know there will be folks that might get angry with this, but there ARE approaches not demanding night preparations. If you trade by the tape, going where activity is and reading this activity, you might be quite OK starting to monitor market 1 hour before open. This is very individual. Some feel they go into battle unprepared if they haven't done their homework... and some feel they get opinionated if they have. My personal experience varies. Sometimes attempts to find possible plays for tomorrow paid for themselves, sometimes they were useless... but as Brandon said, they certainly were not for nothing. So, my suggestion would probably be for newer traders: 1. For sure do your educational part of preparations. 2. Do your stock specific preparations. When you establish setups that work for you, look for them night before. Monitor how they act and adjust the method of your search. 3. You might stop doing this only if your personal trading style has established in such a way that allows you to tune up in the morning. 4. Even then, at the eod write down stocks that were fairly active today, to look for continuing activity next day. Now I am ready to watch my decapitation :) Vadym