My Daily Trading Radar – How To Use It

April 7th, 2010

As some of you have noticed I post my daily trading radar on Twitter each day that I trade. Since I started posting it I’ve gotten a lot of feedback and questions on how I generate my list and what exactly it is and how I use it. This post is an attempt to answer some of those questions.

How is the list generated?

I use two tools to generate my daily trading list. One is Trade-Ideas and their scanner product. I have a couple different scans that I use to identify candidates that I might trade. The other scanner I use is the scanner that is included in Interactive Broker’s Trader Workstation. I take the output from my scans and manually filter the list removing stocks that I know I will not trade (for example, buyouts often appear and have to be manually removed).

How do you determine what goes on your trading radar?

Through trading, backtesting, and using my trading journal I know what characteristics of stocks make it most likely for this particular trading system to be most profitable. Of course your mileage may vary.

Are you looking long or short for the stocks on your radar?

In general, I’m looking to trade with the trend. That is not always the case but mostly it is. So if a stock is gapping up I’d be looking long and if a stock is gapping down I’d be looking short.

Do you trade everything on your radar?

No, if a candidate produces a setup then I will trade it otherwise I won’t. Some days there are no setups and other days every stock will setup although both of those cases are pretty rare.

How can I use the trading radar you generate each day?

However you’d like. You are welcome to somehow include it in your routine or completely ignore it. If you do use it somehow, I’d love to hear about it. You can contact me on Twitter or here.

Will you post which trades you actually took?

No. It’s not that I care that much about telling people what trades I took, it’s that it would take too much time to post it.

What time do you try to post the trading radar by?

I usually try to post the list to Twitter by 9:50, sometimes sooner sometimes later. I might try to automate the postings at some point.

It’s 9:55 and I don’t see the list yet. Are you there?

Probably not. I take days off every now and then. 😉

I have a question that you didn’t answer.

Feel free to contact me or leave it in the comments below and I’ll answer it.

3 Comments »

  1. yo Said,

    April 7, 2010 @ 9:19 am

    Nice, thanks for posting this list every day. I just found it and will check in every day.

    Is this traderx type list? Kind of looks like it.

  2. Dave Said,

    April 7, 2010 @ 9:27 am

    @yo – thanks for the comments. Yes, probably similar to a Trader-X style list.

  3. derek Said,

    April 13, 2010 @ 9:50 am

    Great tool, thx for sharing!

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