Journal/BLOG Preview

It’s coming, and it’s coming soon! A bit late for a site that claims to be a trading “journal”. We do allow notes on trades on the trades list page, but there’s no place for daily trading journal entries. That’s all changing. Oh yeah, you’ll be able to insert photos of your screencaps as well. You guys and gals have a great weekend!

Oh! And you will notice a few menu changes in the days to follow. Organizing!

#daytrader #daytrading #tradertools #tradingjournal #tradeinsights #thinkorswim #tradenet #warriortrading #tradejournal #robinhood

Upload your Trades from the World Series of Day Trading

Good fun! You can instantly see your trades and statistics on them if you upload them. You will need to do it the day of the trade though, so get’er done! In TEFS go to the “Trade” menu option, and click on TradeManager.

Click and drag over all of the data there. Hit Control+C to copy it to your clipboard, then open Excel and paste it in. Give columns names as suggested here: https://www.tradeinsights.net/brokerHelp#generic

Also add a TradeDate column and put the days date for each row (do the first row and then copy and paste the rest, to make it easy). After that’s done, do a File/Save As in Excel, and save the file as a CSV. Proceed to the “Import Trades” page of TradeInsights, and select the CSV you just created. You should now be able to see a whole lot of ratios, metrics, and analytics regarding your trades of the day. Enjoy and good luck on the contest!

#wsdt #daytradingwoldseries #tradenet

Rate Us!

Good afternoon everyone! We hope you’re ending the Monday on a green note! Our friends at EliteTrader have listed us in their resources under tools for Trade Logging and Analysis. If you have a second, we’d appreciate you giving us an honest rating (star ratings are 1-5). You can do so here: https://www.elitetrader.com/et/resources/tradeinsights.487/

Thanks guys and gals!

Calling All Trading Group Communities!

Do you trade with a group in a chat room, school, or academy? If you do, you should definitely create a trading group for free and invite users and/or allow them to apply to join the group here on this page. You can see your groups total combined trading statistics by doing so. See and publish how your group is collectively performing today! Be sure and check options to make the group publically viewable if you would like to see it listed here on the trading group listings!

#daytrading #daytradingschool #daytradingacademy #daytradingeducation #strengthinnumbers

Public Trader Groups

I’ve just released a public trader group list page where traders can apply to join publicly listed groups. It’s listed under the top main menu option as “Trader Groups”. Once there, you can click the “Apply to Join” button to send the join request to the group creator.

Once in a group, you can apply your own statistics to the groups and view some combined stats of your trading group on the trading group lounge/home page.

Trade Group Homepage

I hope you all enjoy this feature. Please let me know if you run into errors or other problems, or have more suggestions for it.

Happy trading!
Michael

Tips on Building a Day Trading Watchlist

As day traders, we seek stocks that are highly volatile and likely to give us enough movement during the intraday to capture profits while minimizing risks. Most traders have a watchlist they build either during pre-market hours or even after the previous day’s market close. While everyone has their own custom criteria for building their watchlist, we’ve put together some basic guidelines to help you get started on your own.

Gappers

When a symbol has a relatively large price gap between its close price on the previous trading day and its open price the next day, it will provide trading opportunities. These symbols often produce violent movement after the opening bell. Sometimes they end up trending, sometimes they consolidate. Either way, these gapping stocks should be studied and reviewed for watchlist potential. One can google terms like “biggest pre-market movers” and the like to find free resources that list gappers, or you can configure your scanners to identify them. One word of caution: sometimes these gaps are caused by buyouts. If so, chances are slim that the price action will move enough to take any trades. You can look up news on the symbols to verify this. You can generally identify them by their flat-line price action.

News

Major news stories pertaining to a publicly traded company will of course affect the price of its stock. A news story of great importance can drive a major move in a ticker and provide an excellent opportunity to capitalize on that move. Some examples of such stories include: a tech company announcing a data leak or a breach or privacy, a pharmaceutical company announcing promising results on a new drug trial or FDA approval, a company undergoing FCC or IRS investigation with rumors of fraudulent activity, etc. Be cautious when choosing a direction to take on these stories, as the market/price action isn’t by any means required to move in the direction that a news story would lead you to believe. Quarterly earnings reports can also have a major impact on short-term volatility, and it’s therefore a good idea to have a bookmark to a page or website that has an earnings report calendar.

Relative Volume

Gapping stock prices are often indicative of a news story, earnings report, or other catalyst. Another important factor in adding a ticker to your daily watchlist is volume. Stock prices need an extraordinary amount of volume compared to its average to make extraordinary movement in price. Nearly all scanners include relative volume as a search criteria option. As a day trader, you’re generally looking for a relative volume score of at least 2-3 (200%-300%) to add a name to your watchlist. Without ample volume, there’s a strong possibility that the majority of the move is done already, or that there won’t be one at all.

We hope these basic guidelines for criteria help you get started building your own watchlist. As you trade, you will customize and mold your watchlist and preferences to your particular style of trading. Until next time, stay classy San-Diego!

Avoiding Emotional Trading by Sizing Down

Experienced traders will tell you to avoid emotional trading. You can find it listed in many, many “do not” lists out there in trading guides. I wholeheartedly agree with this philosophy, and I will go one step further and say that you should avoid emotional trading whether the emotion be good or bad.

That’s not to say that you shouldn’t be happy after you make a good trade. You should be! But only if you’ve followed your plan. If you’ve made money on a foolish gamble, if you’ve not followed risk to reward ratios, or used way too much size, you should be aware that you’re lucky you got away with the trade and landed in the green. Elation and euphoria emotions should not present themselves if you’re trading with a position size that’s responsible for your account size, nor should depression or dark moods. If you’re trading with proper size, following your plan, and sticking to your rules, a profitable day will be one that you can walk away from proudly and with confidence. A proper loss day will be exactly the same, but with a small, manageable loss rather than a profit. You should still be proud of protecting equity, guarding against risk, and following your plan. By sizing down and taking out the heart-throbbing excitement, you’re trading logically rather than emotionally, and your trading expertise will guide your trades instead of anxiety and nerves.

Once you’ve zeroed in on trading strategies that work for you and have minimized your emotional trading, consistency will build equity, and you can begin to take small steps up in position size. If you feel sweat starting to bead up while waiting to see if a symbol moves a few cents against you, you know you’ve take too much size and can readjust.

Happy Trading!