I am a new Spike member and am viewing videos in the vault. I’ve just watched Jeff P’s presentation on how he selects his Spike pick every week, and I wanted to know if he or any other Spike member could or would recommend a stock screening tool that would screen stocks as his would as he described in his video presentation.
I use Qcharts.
Thank you,
Lynne B
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I looked at Qcharts and I did not see the capability to use scans. I use Wealthlab which requires a bit of programming knowledge and is not the way I would suggest. I am working with Wessel to move my scans to TradeStation scanner, to simplify my process. I would also consider Stockfinder from Worden.com. I was going to look at it until I became aware of the TradeStation scanner and would have everything in one place.
ReplyDeleteAt one time, I used TC2007 for my scans. It is very fast but it did not allow me to look at everything I wanted. Given what I know now, it may be acceptable. I was trying to drill down into precise trades. However, now I want to rule everything out which absolutely fails to fit my criteria and decide on the rest visually. I've also increased my minimum price and volume which has reduced my universe of stocks.
As I write this I believe I would look at TC2007 and Stockfinder. Try both for 30 days and see if they do what you want. The big thing is that you understand what results you expect so you can tell if the scan is giving you what you expect.
Finally, a little off the cuff advice. Here are your goals as a beginning trader. This really applies to any phase.
1) You want to stay in the game. Don't worry about making money. The day you begin you were hopefully the worst trader you will ever be. Make sure you control your risk to the point where the money is almost a non issue. A big loss of course involves money but it can be devastating to your confidence, which is an important commodity.
2) Read Alex's books, especially "Come into My Trading Room" (CIMTR).
3) Tell Kerry to write his book!
4) Read Mark Douglas' "Trading in the Zone."
Good luck,
Jeff P
I believe I have duplicated Jeff's scans in Stockfinder and would be happy to share as long as all affected powers agree.
ReplyDeleteI confirmed to be the 1st one to buy Kerry's 1st book. Can't wait to see how he is done with his squeeze play and so on.
ReplyDeleteFor beginner, I recommend also the books written by Marcel Link rgd high probability setup & trading plan.
The most important thing in trading is not making money, but to keep your loss smallest as possible.
rgd,
Rudy