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by Jayanthi Gopalakrishnan
It's impossible to sift through all the stocks traded on the exchange, so you need a method to identify the stocks with the greatest momentum.
Position: N/A
Jayanthi Gopalakrishnan
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DAY TRADING
Day Trading Basics, Part 2
05/19/00 02:14:36 PMby Jayanthi Gopalakrishnan
It's impossible to sift through all the stocks traded on the exchange, so you need a method to identify the stocks with the greatest momentum.
Position: N/A
| Given the number of stocks that are traded on the exchanges, it is necessary to screen them down to a few of the most promising. For daytrading that would be the top movers- those with the highest momentum. |
| Using a service that provides a real-time data feed, call up onto your screen their list of the most active stocks, top percent gainers, and top percent losers. Eliminate those stocks falling into the percent gainers and losers list that are thinly traded as they aren't good for daytrading. |
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| You should have an updated list of all the market movers. |
| Graphic provided by: Cybercorp, Inc.. |
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| Once the top performers list is up on your desktop, go through each of their charts to identify patterns that display good trading possibilities. This is the most time consuming of all your tasks, involving the knowledge of various technical analysis indicators such as moving averages, trendlines, and support & resistance levels. Articles on these topics can be found on this website. Keep in mind that you can only watch two to four stocks at any given time and that the markets are constantly changing. |
| After the markets open, you want to watch the intraday charts also. You have to be able to switch from intra-day to daily charts as well as to charts from one security to another very quickly. To help you make entry and exit decisions, select a few indicators that work well for you and insert them into the charts. |
| In part 3 of this series, I will walk you through one of my trades. |
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