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I am working at becoming very organized in my trading and was wondering if others had tips or suggestions on how is the best way to organize scads of data on a frenzy of stocks. I have decided to only trades stocks within a small group that I closely monitor, and I will have a spreadsheet sheet set up for every stock. This group will be mainly sub penny. I have listed the information headings that I feel are relevant for each stock in my spreadsheet group. This spreadsheet is still evolving and I would be happy to share it with anyone who requests so. I will have some automatic formulas for various ratios based on the best data I can find. I need to move away from speculating or even gambling and get more disciplined if I even expect to be able to do this for a living. Since I can not devote full time to trading, and I cannot possible know what is going on in the entire market, I have decided to focus more narrowly so my time allocated is most effective, so that I have a compressive understanding of the stocks that I trade, so that I can move the odds in my favour and consistently make profit. I hope to find others in this profession in the same boat as me so that we can work together and develop good strategies and techniques.
To start, I was hoping that some of you could post on how you organize the various data on the stocks you trade. Do you use spreadsheets? Do you make sure you have some sort of data file on a company before trading? How much DD do you typically do on a stock? How many hours a day do you expect to be online in the market? I am planning on spending 3 hours a day to start. Over this next week I plan to have detailed spreadsheets on all the stock I will trade over the next month.
Posts: 83 | From: Los Angeles | Registered: Dec 2004
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First thing that I use is Quote Tracker, www.quotetracker.com . Its free with banner and it links directly to my broker and level II. It has quick links for charts (very good chart program), resources (Yahoo Finamce), raw data feeds, and news (from go.com or your broker or both). Its quick add and delete makes for fast work so your viewing your stock streaming price from the get go.
Second, www.excite.com . I use there search for dd, first using ticker and maybe a keyword like example contracts then do search by company name. But mostly I use there money center, If you go to excite money and enter the ticker for the stock your researching. then go to interactive charts. There is at the bottom of the java screen a download to spreadsheet link. There you can download bid ask high low and volume per day for 52 weeks on a given stock. Its wonderful.
I love to do Technical Analysis. I think TA is very inportant and have my QT Historical charts defaults set to the following: EMA 5,20, 50, Bollinger Bands, Parabolics, DMI, RSI, fast Stoch, Volume, MACD and candlesticks.
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Tryingtobeadaytrader I would advise against daytrading if your a beginner and lean more towards Swing or Position trading but if you want to take a shot at daytrading below is a book that will help you get organized and learn the ropes as well as the website of the author... he is very well known in the field.. I myself Swingtrade because I find it more easier and less time consuming.. I also use alot of TA for my stock picks... my criteria is usually based around Volume, Moving Averages, Candlesticks, OBV, RSI,& Resistance/Support... if interested in swingtrading there are some suggestions below the daytrading link... hope this helps...
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