Saturday, March 12, 2011

My number one trading tool...

My number one trading tool after my current broker (ThinkorSwim) is my stock screening tool: FINVIZ. As I have highlighted in previous posts; this is my primary tool for finding the stocks I trade ( I also use various blogs like www.timothysykes.com; investorslive.com as well as Twitter.com to find ideas. I am looking into using free chat rooms and forums as well). I also used Barchart.com to find hot OTC and Pinksheets but I have come to the conclusion that trading these stocks are not worth my time for several reasons which I may discuss in another post.

Now on to the main point of this point; why I love my screening tool so much. I was recently going over some ones blog post and found an article they had done looking back on the biggest gainers over the past year. While doing so I realized that author had used FINVIZ to do his research. Then it hit me; hey I can and should do the same thing too! Instead of looking back one year, I looking at the biggest 1 week gainers, 1 month gainers and gainers for the past quarter. It is important to do this as a check on my core principles and beliefs in relation to short term moves in stocks; this practice also facilitates constant refinement of my process and I also pick up some gems that I might missed for various reasons.

So I just wanted to share this powerful tool and practice with you.

Hope you find this useful.

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