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Finding Good Stock Trading Ideas
By Jobo Smith
The web is littered with thousands of programs, newsletters, and websites purporting to have something to give a stock trader an edge in finding stock trading picks that work better than what they can find on their own. Some of it is free, but the majority of it requires some form of payment. Either way does not matter, what actually matters is if the tools have any merit at all in finding good day trading stock picks. What you want to avoid are any tools or software that is highly user dependent. What I mean by this is if you put the tool in the hands of the developer or expert, they can tell the nuances of when it should be used and when it should be ignored, given a certain set of circumstances. This type of tool is very hard to learn because as a new user, you have no idea about these nuances. Most of the time, it is this little fact that makes a tool work, or more likely, NOT WORK. Examples of this abound all over the net. Most any software with trading tools and indicators falls into this category. On the other hand, you have a set of websites and newsletters that do all the work for you. No guesswork involved, nor user skill involved much. Simple and straightforward. This type of tool is great IF it can be determined ahead of time that the site or tool ACTUALLY works as its advertised to. While the stock market is a constantly changing beast, a tool or method of picking day trading ideas should be somewhat consistent no matter what is going on. Sure there will be times where its really in sync with the market, and times where its off. But there should be no times where it performs so poorly as to completely nullify any gains made during the good times. With this said, it requires a decent amount of research prior to using any outside tool to assist in finding trading ideas. After all, you are in the market with real money, and can lose real money quickly if you don't know what you are doing or are relying on something that just does not hold up over time. This is why more and more people are looking for a stock day trading system to help them be consistent in their behavior and trading.
Using News and Trading Before the start of each day, every one who is a trader, or aspires to be one should do a scan of all current news out for the day, and in addition, news that may be released later in the day. Key stuff here would be economic data, which is usually released at 8:30am EST and 10am EST, but can vary. This type of data has the ability to swing the market wildly, if the outcome is not what the market predicts, or even if its spot on, but its viewed as the end of a certain trend in the data that the market has been following. In addition to economic news, you should be aware of the major earnings reports due out each day, both premarket and post market. This too can definately affect the trading activity in individual stocks, and at times, the market as a whole. There are many news services that are available, but most people will get some sort of news feed with their trading software or brokerage account. The big issue here is the quality of the news. Often times people dont want to pay for news, they want everything for free. What you should be interested in is the quality of the news. Meaning why would you watch a 3rd or 4th tier news feed (feeds that either repost from other major feeds, or contain stories that not that many people follow). After all, the reason to watch news is BECAUSE it can move stocks. There is no reason to watch news that does not have this ability. The biggest news feeds are Dow Jones, Bloomberg, and Reuters. If you are skilled at reading and interpreting the news, you will want these news feeds. Personally, I have so many things going on I cannot sort through all the news and dont have time to stare at the news screen. This is where news aggregators come in. The two biggest are Briefing.com and Trade the News. Both of these have people on staff that read and interpret news super fast and then only post the actionable news. Trade the news even has an option to have an analyst read the news aloud that is deemed important. Both save a lot of time, and overall are very good. |
Stock day trading robot software
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