August 23, 2023
You might ask “why not give the stock a chance to rebound?”. Well, because there are too many stocks. Why bother picking a weaker candidate when there are so many other strong candidates? So I have to have very strict rules because I don’t have much time and money & I don’t want to spread it out among various hopes.so I have to be very strict and basically merciless in getting rid of stocks that don’t meet the standards.
- Don’t add too much stock. Especially for your list of “ready” stocks near buy points. Focus on the strongest stocks This way you can actively track each one and be ready to act on a breakout or pullback to the 10-week (aka 50-day) moving average after a breakout
- Periodically “clear” your list. If a stock on your list changes (for example, it crashes or breaks out and gets too long, etc.), remove it. Your watchlist should be actionable — and to keep it that way, you need to actively manage it.
- Create a watchlist routine — and stick to it! Whether it’s early morning, evening or weekend, find a time that suits you Check and refresh your watchlist regularly. Even just an hour a week can pay off—if you stick to it. (General features of SwingTradeBot Also inspired by IBD. That’s why there’s an item in the default weekend routine to “prune the watchlist”)
- Note potential buying points and develop a plan of action. For stocks on your “ready” list, note the ideal buy point.Then Create your action plan before the market opens. For example: determining how many shares you will buy if a stock breaks out.Set up reminders on your quote service or buy with stop loss If you are absent during trading hours.
- Sort by the “Total Change” column Quickly see which stocks have outperformed (see point 2 in IBD above).
- Sort by “Date Added” column And flag stocks that have been on the list for too long without triggering an entry.
- take Use Quick View Charts hover/popup chart.
Another thing I want to point out is that Drew wants to remove a stock from his “buy” watch list and put it in a “short” list. He does this by removing the stock, then adding it to another watch list. One can also move the stock between watchlists by clicking the edit button on that stock row. You can then choose a watchlist to move it to.