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Where do you come up with ideas for trades to put on? I am talking mainly fundamentals but maybe you could include technicals as well? I know some browse through charts and then if they see a good setup, look at the fundamentals from there. However I am curious as to how some more advanced and experienced traders find their fundamental ideas.
I am more of a short term trader and merely look for stocks that are moving!
One method is a focus on Earnings announcements. Those that are announced pre-market hours.
I also like to play pre-market symbols moving on news announcement. By pre-market I mean the 5am to 8am hours. After that the good moves are gone and the retail traders are thinking about what to do.
For this you can watch the nyse/nasdaq websites....very early in the morning!
* I wake up each morning (3am often, PST) and check on what the paranoid Euro's did to our markets..
* I sit and watch how much "correction" happens to their trades until about 1/2 hour before market open
* I do Fibonacci extensions and retracements against all big swings (including overnight and prior day)
* I re-do my daily Fibs against the day, weekly and monthly charts (sanity check)
* I do a check against myself, to make sure that I'm: a) not feeling pain, am of able physical status, b) feeling emotionally stable, not feeling I'm on the edge, c) feeling mentally positive, not holding a negative outlook on anything, even market swings against me.
* If I feel even a hint that I'm not scoring at least 6 points on my "checkup" I don't trade live, I hit "Gobal Simulation Mode" and trade all my hunches and calculations, but in Sim mode.
* Hopefully I completed all these things by open time, but I don't rush. If I'm not ready to trade, I don't.
* If I feel tired, I go back to bed, and sleep until the mid-day correction. (and repeat some of the above)
There is more to my ritual, but I think that's enough to get you going in the right direction.
I trade both long term (position trading) and short term (day trading) but I am most excited when I can make a quick profit in a shorter period of time by day trading.
For the shorter strategy:
1. How many free trading shares are in the floats that are able to be bought and sold in the market?
2. Is there a reason for the stock to be bought? For example, is there news about the company that is getting attention, does the company appear to be being promoted by stock promoters, is the company undervalued?
3. Has there been any recent and unusual fluctuations in price?
I have a list of etf's (IWM, IVV, EFA, ICF, DBC, TLT) that I keep a watch on and at the end of every month I compare the previous 3 month performance for each and buy the one etf with the best performance for the next month.
Pretty simple but I find it's best for me to keep things simple. I'm above water for the year which for me is great. Have only been trading for 12 to 13 months now this system. I'm hoping over time to achieve a return better than what my mutual funds were doing.
