Usually new traders will start with a small list that they want to watch and before they know it they have lists everywhere and lose track of all the stocks they wanted to watch. Keeping a good, functional stock watch list is crucial for successful day trading.
Here are five tips for finding and keeping a hot stocks list:
Keep a daily watch list. Ideally this should be kept on day trading software. Do not keep lists everywhere or start writing stocks on post-it notes.
If you are staying up to day with your information and news you will be better able to keep track of which stocks should be on your watch list and which ones you can stop watching.
Just reading the morning paper and checking your day trading chat room is not enough, you need to know things before other traders. Social media is a great platform to garner information before it ever reached a newspaper or television. Check out Warrior Trading’s Facebook page to stay up to date on finding stocks to trade.
One of the most important lessons any successful day trader will tell you, is knowing what to outsource. For instance, Warrior Trading publishes a daily watch list of stocks to trade.
Just because you have been watching a stock for a long time does not mean that you should continue to spend time, resources, and space on your hot list to it.
Stay Organized
Keep a daily watch list. Ideally this should be kept on day trading software. Do not keep lists everywhere or start writing stocks on post-it notes.
It seems like everyone makes this mistake in the beginning and loses track of a real whale along the way. You must find a system that works for you and stick to it.
Stay Updated
If you are staying up to day with your information and news you will be better able to keep track of which stocks should be on your watch list and which ones you can stop watching.
Just reading the morning paper and checking your day trading chat room is not enough, you need to know things before other traders. Social media is a great platform to garner information before it ever reached a newspaper or television. Check out Warrior Trading’s Facebook page to stay up to date on finding stocks to trade.
Let someone else keep a list for you
One of the most important lessons any successful day trader will tell you, is knowing what to outsource. For instance, Warrior Trading publishes a daily watch list of stocks to trade.
Let them do some of the leg work for you so you can concentrate on what to do with those stocks instead of just identifying them.
Do not be afraid to let go
Just because you have been watching a stock for a long time does not mean that you should continue to spend time, resources, and space on your hot list to it.
You cannot keep up with 200 stocks a day with any kind of meaningful analysis, so cull that list down and dump the losers that are just eating up your time and potentially your money.
Every minute you spend working and analyzing a dud stock you could be spending on finding the next winner.
With these five tips you are well on your way to creating and most importantly maintaining a usable stocks to trade list. How do you keep your hot stocks organized? We would love to hear your tips and suggestions in our comments section below.
With these five tips you are well on your way to creating and most importantly maintaining a usable stocks to trade list. How do you keep your hot stocks organized? We would love to hear your tips and suggestions in our comments section below.
