No Trades Today, Unfortunately - Here’s Why
February 27th, 2007I’ll bet a lot of us spend a good bit of time hoping for a market day like this one. What happens when one actually occurs? I sit on the sidelines! Hopefully Tim Knight and the permabears were prepared and capitalized on a nice down day.
What am I taking away from today? A couple things. It’s not that I found flaws in my system per se, and it’s not that I was unprepared or unaccustomed to trading the short side.
I was totally unprepared for the sheer volume of candidates today. On a normal day my scans produce at most 120 stocks or so that I filter down to about 20. Today on shorts alone, my scan produced 443 candidates. That was totally overwhelming and I pretty much threw in the towel for the day when I saw that. I thought my morning routine to find gaps was pretty efficient until today. 99% of the days it is efficient and almost always takes less than 5 minutes to come up with my list. I just need to have a plan for days like this.
I’m quite interested to see how other dummy/gap traders handled today. Do you have a plan for filtering through an overwhelming list of choices? X? Esto? Zoomie? TraderMike?
Related Posts:
Ugly Said,
February 27, 2007 @ 7:34 pm
On days like today it is helpful to come into the day with a list. Other than that - I don’t know - sort out the best looking of the best charts?
Dave Said,
February 28, 2007 @ 6:20 am
@Ugly:
That’s a good idea. Thanks for the suggestion.
peter fragalles Said,
July 17, 2007 @ 1:49 am
i prioritise the scans, first and important scan is “stocks that trade above average daily volume” and yesterday DYII was in play, 12:05 trade-ideas gave a signal then the ride we for me from 3.75 to 7.50 (100% in 5 minutes
i found out that scans for consolidation breakout are not so profitable, i would like to see a top 10 scans page, combined with a top 10 money management setups for trade-ideas user similar to this page:
http://www.wealth-lab.com/cgi-bin/WealthLab.DLL/getpage?page=Top25APR.htm
does anyone know if such a page exists or can you share experices which stategies work in which market situations?