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Replies to #29467 on lowtrade

lowtrade

03/14/12 9:42 PM

#29468 RE: oldaccount1 #29467

Just posted about that. But only for stocks covered by Finviz. To find sub and micro pennyland stocks, it's much harder and more involved, requiring use of several sites. Too hard to explain.

But the main goal for both big board or OTC stocks is to find charts forming a pattern. Put them on a weekly watch list and move them to strong watch, when the pattern gets close to breakout. Then plan the trade based on projected target and acceptable loss. And enter and trade the plan on breakout of the pattern.

I keep twice the strong watch list, on weekly watch and twice the stocks I plan to trade, on the strong watch list. This becomes my trading universe. As stocks move from list to list new replacement are needed. So if I planned to swing trade 4 stocks I want at least 8 on strong watch and 16 on weekly watch.

Since I only play what I want! Not what is in front of me. I only keep the cream of the crop on any watch list. Those which have good volumes involved and positive or improving TA indications.

My goal for successful trading is to get the odds for success as much in my favore as possible. With this aim, I require exactly what I want in a good chart from the start and always keep my acceptable loss at least 1/2 my wanted gain. That way it takes 2 losses for 1 win to break even. And 3 out of 4 losers to lose over all. Each trade is planned out before entry and buy and sell prices are acted on every time. I will only adjust my trade plan to protect gains, buy leaving early. I rarely extend and target if the stock looks good. I take my profit, bank it and re-enter on continuation or new positive chart pattern. I only watch stocks which have reached goal for a week or two at most. Just to see if a new pattern forms which warrants a second play.

Here is a link to the post about screening big board stocks posted yesterday.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=73242177