- The working person’s trading method detailed. Part 1 Why You Should Trade.
- The working person’s trading method detailed. Part 2 Resources.
- The working person’s trading method detailed. Part 3 My Trading History and Introduction.
- The working person’s trading method detailed. Part 4 An Overview of my Process.
- The working person’s trading method detailed. Part 5 The characteristics of a stock that makes my watch list.
- The working person’s trading method detailed. Part 6 Money Management: Finding Buy Points, Setting Stops and Targets, Position Sizing
- The working person’s trading method detailed. Part 7 The Weekday Routine and Scans.
- The working person’s trading method detailed. Part 8 The Weekend Routine and Scans
Be Routine Oriented
For my weekday routine I do three primary things. I look at stocks up in the pre-market session on volume, I run the Episodic Pivots scan to see the days biggest movers on abnormal volume, and I look at stocks up in after hours on volume. For the pre-market and after hours stocks I use two websites: The Stock Market Watch, and The Wall Street Journal. On both of these lists I look for stocks up at least 4% with at least 40k volume. Like in all of my scans, I look for stocks exhibiting SuperStock characteristics as well as Momentum and Trend characteristics. I check the news to see what the catalyst is, if anything.
After the market closes I run the Episodic Pivots scan in both Finviz and Telechart. Finviz gives me fundamental data, news, and StockTwits all in a clean view. I also run the Telechart scan because Finviz sometimes is missing some newer issues. Here is the Finviz scan: FINVIZ EPISODIC PIVOTS SCAN, and here is the Telechart PCF: c/c1>1.04 and v>3*avgv50.1 .
These scans could easily be converted to ThinkOrSwim or any other charting package that has scanning capability. Basically, what you are looking for is stock up 4% on the day with volume three times greater than the average volume for the prior 50 trading days. You can also filter out the super low volume stocks, I use anywhere from 100k to 300k as my volume filter. In between earnings season or on slower days, I will lower the volume to get more candidates. If a stock catches my eye(rare), I will add it to my list of stocks to research further during the weekend. In rare instances a super high quality stock will get added to my watch list immediately or even bought at the next opportunity.
Other than my scans I monitor stops on my current positions, and check charts when I get alerts. Most of the work is done on weekends, so during the week everything runs on autopilot. That is what I find powerful about the way I have developed this system. It can be done by someone working full time without burning yourself out. In the next post I will detail the weekend work routine.
Working person’s trading method series:
Part 1: Why you should trade.
Part 2: Resources
Part 4: An overview of my process.
Part 7: The Weekday Routine and Scans
Part 8: The Weekend Routine and Scans
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