I keep missing setups ! Argh !

Z

zanek

My system that I have is pretty good. I wrote programs to backtest it, forward tested it, and backtested it on multiple stocks back to the early 1990's, so I know it works.

The problem I currently have is, I have about 90 stock symbols on my list. It takes me quite a while to go through all of them (in all the timeframes) to find a setup, so that by the time I get to some stocks, the setup has already occurred and I down want to jump into the stock. This keeps happening is quite frustrating, since I'm constantly missing out on opportunities.

I'm wondering how everyone else does it. Do you just stick to a few stocks and constantly troll them through the day for a good setup ? Do you use a scanner ? Or something else ?

Thanks in advance !
 
Quote from zanek:

My system that I have is pretty good. I wrote programs to backtest it, forward tested it, and backtested it on multiple stocks back to the early 1990's, so I know it works.

The problem I currently have is, I have about 90 stock symbols on my list. It takes me quite a while to go through all of them (in all the timeframes) to find a setup, so that by the time I get to some stocks, the setup has already occurred and I down want to jump into the stock. This keeps happening is quite frustrating, since I'm constantly missing out on opportunities.

I'm wondering how everyone else does it. Do you just stick to a few stocks and constantly troll them through the day for a good setup ? Do you use a scanner ? Or something else ?

Thanks in advance !
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I can't offer any real experience here but I was reading through the Amibroker manual today as it looks like software I would be interested in. If you are able to back test your setups you should be able to run a function in their scanner which scans your list of stocks in whatever time frames you want to get your setups. Have you ever looked into something like this?
 
With 90 stocks, I'm assuming you might have some industry overlap? For example, if you have GS, BAC, WFC, in your lineup, perhaps you can drop a couple...or use the sector index XLF instead.
Also, do all your setups occur at the same time (i.e: everything hitting because of general market conditions) or is it just a continuous barrage of setups? Perhaps look at the previous days and see which of the stocks performed the best with your setups and only focus on those?
 
I use eSignal, but to use their scanner, I have to shell out $3000, which is pretty lame, considering it doesnt even do most of what I want and I already pay like $140/month

There is definitely some overlap between some of the symbols (eg: BAC, JPM, GS), but even skipping over those makes it very time consuming. I use alot of ETFs already.

The setups are sometimes close to the same time within a sector, but many times it depends on the particular stock, so its more of a barrage and case of looking at the setup at the right time.
 
Quote from zanek:

I use eSignal, but to use their scanner, I have to shell out $3000, which is pretty lame, considering it doesnt even do most of what I want and I already pay like $140/month
More...

I recommend TradeStation. With an account with them, and with only a bit of trading in that account per month, you would get everything you get with eSignal + Scanner + Easier programmability for zero cost.
 
Quote from zanek:

My system that I have is pretty good. I wrote programs to backtest it, forward tested it, and backtested it on multiple stocks back to the early 1990's, so I know it works.
!
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I know it works. Sorry, but you don't know this at all. You only have something that has a possibility that it works.
 
In general, don't blame your self, blame your system.

Or, ask not what I can do for my system, but what can my system do for me.
 
Quote from zanek:


I'm wondering how everyone else does it. Do you just stick to a few stocks and constantly troll them through the day for a good setup ? Do you use a scanner ? Or something else ?
More...

InvestorRT at www.linnsoft.com does an excellent job of scanning watch lists in realtime via what they call QuotePages. If you have an IB account, the data feed is free, and I/RT has a monthly plan.
 
I'm not sure what kind of criteria you are looking at, but you could also check out Trade-ideas. Scottrade was allowing free access to the service with $25K on deposit.
 
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