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why screen when the results of the screen have nothing to do with your entry ?
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why screen when the results of the screen have nothing to do with your entry ?

  #1 (permalink)
Trading for Fun
montreal
 
Futures Experience: Intermediate
Platform: sterling trader
Favorite Futures: gold spy
 
Posts: 75 since Jan 2012
Thanks: 0 given, 8 received

why screen when the results of the screen have nothing to do with your entry ?

This site so far looks great. I've only seen a couple of threads and already downloaded a spread sheet to manage my risk. Maybe it was my search criteria but i feel like I'm barking up the right tree in this forum as opposed to others.

I'm from montreal and wondering if you can help me out with a few questions as my trading has come to a point that i can admit a change is needed.

I have a leveraged account using sterling trader as my platform and think use think or swim as my charting tool. |I have been doing this pretty much full time for half a year or so.

I have noticed that I have no risk management in place. And it seems like that would be a good key to have.

Here are my issues.
1. I cant hod positions overnight so i day trade.
2. I started very discretionary using geometry to find my entrys and exits.
3. no experience with screening so I mainly stick to trading the spy sometimes fas of teh q's

So I had a thought that maybe I am over trading the spy and forgetting that there are other stocks that are at more optimal entry points. I decided to broaden my horizons. and try a screener.

My problem is that the screener (think or swim) has very limited inputs. My system involves allot of drawing tools that i don't think could be programmed.
So what good is a screener really? You can have a stock that has gone down 3-5% and still not have reached support, and you can have a stock that has gone down 0.5% and just hit support.

I know I have allot to work on and I would love to go over all my "issues" like risk management and others all at once. But i think figuring out one thing at a time works out better for me.

What good is a screener for a discretionary trader if you cant screen for lines ?

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  #3 (permalink)
Elite Member
Williamsburg, VA
 
Futures Experience: Intermediate
Platform: ThinkorSwim
Favorite Futures: Stocks
 
worldwary's Avatar
 
Posts: 523 since Mar 2010
Thanks: 259 given, 788 received


I trade stocks using the thinkorswim screener as well. Check out my trading journal if you're interested.

In my opinion, the best way to use the screener is to find a set of criteria that can at least narrow the universe of charts you need to look through. Take a close look at the kinds of setups you're looking for and see if they have something in common besides the trendline. Trading above a certain moving average; current price is at least a certain percent lower than yesterday's close; low of the last 15 bars is lower than the current low; whatever. You can use the thinkscript language to create custom filters, so you can get creative.

The screener will never give you a complete answer but if you use it effectively then it can save you a lot of work. Maybe it will give you 20 stocks and you'd really only be interested in five of them, but that's still a big step in the right direction. If you're like me then the setups are fairly obvious once you look at the chart, so you can dismiss the ones you're not interested in pretty quickly.

-----------------------------------------------------

"If you must forecast, forecast often."

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  #4 (permalink)
Trading for Fun
montreal
 
Futures Experience: Intermediate
Platform: sterling trader
Favorite Futures: gold spy
 
Posts: 75 since Jan 2012
Thanks: 0 given, 8 received

Thanks for the info didn't ever think of coding in think or swim sounds complex. Maybe finding something besides the trend line may work. but i would feel much more comfortable screening for price hitting a trend line and then using a moving average as a secondary screener. unfortunately i know nothing about programming and to find price hitting an Andrews pitch fork is next to impossible by screening.

But ill try it out. makes sense to choose from a selected group rather then randomness. I used to trade the SPY exclusively to avoid screens. to day i didnt and i came across cisco in the afternoon. instead going short the spy i decided to go short cisco as it was preforming worse then the spy i think it was a good move and may have turned a negative position to a positive one. id have to double check. but its just one trade and chances are it was just luck.

is this the kinda thing should be looking at ? it was my first screen lol


worldwary View Post
I trade stocks using the thinkorswim screener as well. Check out my trading journal if you're interested.

In my opinion, the best way to use the screener is to find a set of criteria that can at least narrow the universe of charts you need to look through. Take a close look at the kinds of setups you're looking for and see if they have something in common besides the trendline. Trading above a certain moving average; current price is at least a certain percent lower than yesterday's close; low of the last 15 bars is lower than the current low; whatever. You can use the thinkscript language to create custom filters, so you can get creative.

The screener will never give you a complete answer but if you use it effectively then it can save you a lot of work. Maybe it will give you 20 stocks and you'd really only be interested in five of them, but that's still a big step in the right direction. If you're like me then the setups are fairly obvious once you look at the chart, so you can dismiss the ones you're not interested in pretty quickly.


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