Archive for June, 2009
How I Maintain Multiple Watch Lists
June 18, 2009 at 7:21 pm
I’ve been known to periodically emphasize the importance of watch list management and maintaining quality watch lists, but it’s time I show you exactly how to go about doing that. This is absolutely essential to staying sharp as a trader, because it avoids one of the primary pitfalls of today’s trader – indecision.
Perhaps you’ve been there before. The market shifts from not doing anything to suddenly gaining momentum, leaving you with zero positions on. Quickly, the fear suddenly strikes you that you’re getting left behind.
Yes, the summertime can be known for that, but it can happen anytime. And it’s quite irritating to get caught feeling flat footed when the market bolts.
My Solution
I kept feeling like I needed a way to manage my favorite setups, but I didn’t quite know the best way to accomplish it. I’ve maintained bullish and bearish watch lists for years, but they were always separated and it was tedious to add and remove stocks to the respective list.
If you’re anything like me, “tedious” diminishes the likelihood of that getting done regularly, because let’s face it – we’re all pressed for time these days.
Well, thanks to the folks at Worden who made this possible, StockFinder’s Flag Column feature provided the perfect solution. I set up multiple flag columns tied to new watch lists, and I’ve been absolutely thrilled at what it’s done for me.
With ease, I can now add and subtract stocks from various watch lists with a quick double-click, which means there’s virtually no time involved, and more importantly, I am staying organized.
When the market moves now, I have a go-to list of names for the appropriate scenario that I can immediately turn my attention to. It’s made a HUGE difference in my decision-making, and it didn’t require that I turn into a super-organized person (that probably wasn’t going to happen!).
Show & Tell
Instead of writing a 2000 word essay on how to do this, I’ve created a quick tutorial to show you how to build a layout exactly like I use. I posted this same clip over on the Trading Videos site and perhaps you’ve seen it there, but in case you didn’t, I wanted to put it here on the blog.
Let me highly suggest viewing the HD version and going full-screen. You’ll want to see the detail.
Oh and if you aren’t already using this software, you can give it a try for 30 days free. I use it every day and can’t imagine trading without it, so I can’t endorse it highly enough.
Here’s the link to download the 30 day trial – I’m guessing you’ll keep it like I did!
Thanks for stopping by and I’ll see you here soon with more. Until then…
Trade Like a Bandit!
Jeff White
President, The Stock Bandit, Inc.
Swing Trading & Day Trading Service
www.TheStockBandit.com
[tags]Stock Market, Day Trading, Stock Trading, Investing, Swing Trading[/tags]
Trading Webinar Archive Now Available
June 11, 2009 at 7:04 am
Thanks to those of you who were able to make it on Tuesday for the webinar, I really enjoyed it and the turnout was great. Hopefully you learned a lot during our time together, as well as added quite a few stocks to your radar for possible plays going forward.
Many of you have mentioned though that you were unable to attend for various reasons, so I wanted to be sure to let you know that the archived recording is now available.
Here is the link to the recorded webinar.
(Right-click the link, ‘Save Link or Target As’ to desktop)
Even viewing this after the fact should still offer some insights on the kinds of setups you can locate with a good charting program, as well as what to watch for when seeking out plays.
Stated otherwise, some of the stocks we looked at during the webinar have already moved, but you’ll find them to be good examples as you continue to hone your charting skills.
Enjoy the show (it runs an hour) and see you back here soon with more!
Jeff White
President, The Stock Bandit, Inc.
Swing Trading & Day Trading Service
www.TheStockBandit.com
[tags]Stock Market, Day Trading, Stock Trading, Investing, Swing Trading[/tags]
Reminder: Webinar Tonight!
June 9, 2009 at 10:50 am
Here’s a quick reminder about tonight’s free trading webinar, as I would love to see you there if possible.
Chart Reading with TheStockBandit
I’m excited to run through a number of interesting chart setups, from both the bullish and bearish sides, in order to teach you some concepts and of course put some quality plays on your radar.
The webinar is scheduled to run 45 minutes, with 15 of those minutes set aside at the end for Q&A and a look at your favorite charts.
Visit this link for registration to the 8pm ET webinar:
Chart Reading with TheStockBandit
See you tonight!
Jeff White
President, The Stock Bandit, Inc.
Swing Trading & Day Trading Service
www.TheStockBandit.com
[tags]Stock Market, Day Trading, Stock Trading, Investing, Swing Trading[/tags]
Free Webinar This Tuesday June 9th
June 7, 2009 at 4:05 pm
I wanted to be sure to post a quick announcement here that I’ll be presenting a Free Webinar this Tuesday (June 9th) with the folks from StockFinder, and it’s gonna be fun so I hope you can join us!
Chart Reading with TheStockBandit
It’s scheduled to be a 45 minute webinar and for the first 30 minutes I’m going to be working through quite a few stocks of interest, pointing out to you what I’m seeing in the charts for both bullish and bearish candidates.
The final 15 minutes is going to be Q&A time where you might want to bring forth your favorite stock and we can take a look at those too.
I certainly do not have all the answers, but it’s going to be a chance for me to convey what I’m seeing out there and hopefully not only teach you a few things, but also put many stocks on your radar which you might find interesting.
Oh, and the best part about it is that this event will be FREE, so be sure to register at this link for details:
Chart Reading with TheStockBandit
Remember, free webinar this Tuesday night, 45 minutes of charting reading with you and me – I can’t wait!
Jeff White
President, The Stock Bandit, Inc.
Swing Trading & Day Trading Service
www.TheStockBandit.com
[tags]Stock Market, Day Trading, Stock Trading, Investing, Swing Trading[/tags]
Trading Education
June 2, 2009 at 11:30 am
The timeline for success for almost anything looks something like this:
It’s a pretty simple process, although certainly not always an easy one.
Steps 2 & 3 are pretty self-explanatory, so let’s explore the first step in the process a little further. Hopefully you’ll gain some insights or gather some resources for ways to increase your learning and progress as a trader.
A Common Question
Rather frequently, I’m asked by traders how to build their trading knowledge. Many are familiar on some level with various aspects of trading, but feel there are still some missing links before they get to Step 2 (practicing).
Here’s an example of one trader’s inquiry:
I have read several books that you have recommended, have gone to several seminars ( some good, some a way to spend 10k) have gone to local investor group meetings etc…..I guess my question is, when did you feel as a trader that you were getting some quality trading education?
My response is usually along these lines:
Every one of us should be in continual-learning mode. I have been at it for a decade now and still am learning lessons…some are new, others are “refresher courses.” All kidding aside though, I truly think the market evolves over time and it naturally requires that we adapt to it – hence the continual learning.
Looking Outward
Quality trading education comes in many forms. It can come from interacting with other traders (in places like Twitter). Reading good books and visualizing ways to implement the lessons into your own trading is an excellent way to grow.
Taking a stock trading course for some training, or watching trading videos or even attending a seminar here or there definitely will speed up the process. And of course there is no substitute for experience, so our daily trading activities certainly contribute a lot to our learning as traders.
Those are the external ways to learn, all of which are valid and I highly recommend them. But don’t neglect the internal ways to learn.
Looking Inward
I’ve always felt that if I’m objective about my own trading strengths and weaknesses, then I know exactly which parts of my trading need improvement. If you are able to determine that, congratulations and you are on your way to finding what you’re missing.
Many traders won’t be honest enough with themselves to see what they need to “fix” or adjust, so they keep on searching for something. Some of us need discipline on cutting losses, some need help holding onto good trades longer (ME!), some need to find a method for locating trade ideas, etc. The list of potential missing links is long, but you only need find 1 or 2 to see a huge difference in your results.
Evaluating it All
Once you are aware of what you need to work on, you can evaluate every piece of info (other traders, seminars, books, etc.) and know quickly if it addresses your specific need.
So if you get some piece of info which helps you to accomplish your goal of improvement in that key area, then you’re getting quality trading education.
Maybe it’s expensive, maybe it’s free, but the deciding factor is whether it’s useful.
I do my best to offer quality free education here on the blog and the trading videos site, but the spectrum of traders here is wide when it comes to experience level. Some have been at it for a long time, while others are seeking more basic information as they build their trading plans from the ground up.
In the premium nightly newsletter over at TheStockBandit.com, the education provided there fits a narrower audience of traders who want a few trade setups to evaluate and some understanding behind those plays. They’re still learning, but on a more experienced level.
Whatever route you choose to build your trading knowledge, be certain that you’re comparing the info to your own situation and constantly figuring out how it applies to you. That will bring more value whether you’re getting free or premium info.
And of course, let me encourage you to keep learning regardless of your experience level. There’s always room to improve.
Jeff White
President, The Stock Bandit, Inc.
Swing Trading & Day Trading Service
www.TheStockBandit.com
[tags]Stock Market, Day Trading, Stock Trading, Investing, Swing Trading[/tags]
