Investors Business Daily necessary?
- Thread starter marko1045
- Start date
It's not a newspaper. It's a data warehouse. And yes, you DO need data to trade profitability. Even those squiggly lines you probably look at on a chart are data.
For me IBD, the Wall Street Journal, Barron's, Financial Times, etc... are just newspapers.
Granted, IBD do provide additional financial data but again a trader does not need to read any of these papers to trade profitably.
That's precisely my point. Personally I ONLY need to look at yesterday's 15-min chart to generate buy/sell signals for today , the rest (financial newspapers, CNBC, etc...) is just pure noise and distraction.
You are not understanding what I am saying. Traders live and feed off of data. How you choose to manipulate that data is your choice. Where that data comes from is also your choice. I never mentioned anything about "reading" a newspaper or watching CNBC. What do you think "yesterday's chart" is? It's DATA.
I've tried using them once. I wouldn't recommend it. They have a poor record of finding the good movers early on. I discover one stock once that had a score of about 70 or a C on their scale while it was basing and was setting up to breakout. I didn't buy it then due to the score. It ended up breaking out rather strong soon after but by then it was too late to get in. The score didn't become an A until a few weeks later. At the end of the year it was a 150% mover.
Where did I ever say we don't need DATA to trade?
You wrote : " IBD is by far the most efficient investment in terms of acquiring valuable data" and I simply said that a trader does not NEED to read any of these financial newspapers (or magazines) to trade profitably.
I just resubscribed about 2 weeks ago.
I was trying to do the work myself by setting up good scans.
It was a boatload of work and frankly I stopped doing it consistently.
When I traded for a living it was worth it. But now I do not have the time or desire.
I will figure out how to make money with theses lists...
and I will save so much time.
I was trying to do the work myself by setting up good scans.
It was a boatload of work and frankly I stopped doing it consistently.
When I traded for a living it was worth it. But now I do not have the time or desire.
I will figure out how to make money with theses lists...
and I will save so much time.
Good point.
In fact it should be interesting to study the behavior of all the "C" stocks after a breakout, and see if they ultimately outperform "A" stocks under this condition...
The industry data in IBD is good. It always comes down to how to organize it and use it. You can look at virtually the same industry charts for free in finviz but i like to
collect and organize it for myself. Then all thats left is to spot value ealy and execute.
Every phase is the "hard part". i am not advising as i am an amateur and find this stuff difficult.
collect and organize it for myself. Then all thats left is to spot value ealy and execute.
Every phase is the "hard part". i am not advising as i am an amateur and find this stuff difficult.
Where did I ever say we don't need DATA to trade?
You wrote : " IBD is by far the most efficient investment in terms of acquiring valuable data" and I simply said that a trader does not NEED to read any of these financial newspapers (or magazines) to trade profitably.
This statement makes no sense. So I mention data and you bring up reading a newspaper. Did you accidentally post in the wrong thread? Once again, my comment was specifically concerning manipulating numerical data that is being presented to you. I'm not talking about reading the human interest stories. You can easily export the data files into excel and boy can you do some interesting stuff provided your idea of quantitative analysis is not simply plotting a bollinger band on a daily chart. LOL. And btw, this is not limited to IBD. But IBD is very user friendly for the weekend quant warrior.