Quote from TonySanDiego:
#@#!!#%$#@!
Spent a half hour setting up my opening stocks, taking out the news etc, then Excel crashes as I get ready to enter my orders.
I mean I turned the air blue with my reaction. There was a LOT of news to work through, then to have it all come to naught...
as I said.. #@#!!#%$#@!
I was so upset, I couldn't find a thing to trade after the open.
Don,
My scans are for the trades AFTER the open.
I have my spreadsheet for the opens, which I review quite often. But I don't scan anything for it, except to check for continued adequate volume.
I am tending to see a huge number of sellers in the book if my setup is to the long side, and the same with buyers if I come up with a sell setup. I guess that is why so many stocks are in tight ranges, but I find it interesting.
I am passing on a lot of trades because I can't see much potential since there are opposing orders lined up in the book as far as the eye can see. Often time the stock chews through these orders without a single significant supporting offer/bid ever showing up.
Anybody else seeing this?
as usual....
(Info from the "Nation's Number One Daytrader" )...not me, but my smarter, richer, brother. "Don't worry so much about the News, be aware of it, but remember that news can cause the extra stock movement that we crave. Do, however, stay away from stocks with earnings that day"
As to scanning....this technique has not worked well for quite some time...boy, talk about too many "pigs at the trough". Everyone uses the same basic parameters, and they dive into the same stocks, only to be outsmarted by the traders who trade those stocks everyday.
Look at your trading/accounting sheets. This is a good time of the year for an objective review...stock by stock.
...and see where you're profitable, and where you're not. Remember, you don't have to make the money back in the same casino where you lost it. Then.....
Find the 2 or 3 stocks (max), and trade them day in and day out for a couple of months and see if you can develop a real "feel" for the them. Treat these stocks like your "children" ...know everything abou them....and hopefully they will pay you back with some profitable trading.
(Same story, different view).
Don
