How to select stocks for day trading?

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trillian

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How to select stocks for day trading? Trade gurus help me out.

Hi friends,

Its such an excellent forum where an novice like me able to learn lot of things around stock market.

I am from India jumped into share market recent time,looking to enter intra day trade.
So gurus please help me in the below aspects..

How one can select stocks for intra day trading using previous day data's?

Is there any simple strategy to screen stocks for intra day?

How to find entry and exit for intra day?

Is there any formula used to find entry & exit?

What is the best strategy for intra day?

And also seniors please share your day trading strategies, it will be very helpful to me who is new to day trade.

Help me in these regards..

Thank you.
 
Last edited:
does it make me a total a** hole that i smile and get a warm fuzzy feeling when i see a post like this?
what i mean is that anyone too lazy to actually read the forum before asking all these well covered subjects is probably too lazy to learn to trade well and will be separated from his cash all the easier by me. oh yes its my first post ever too. race you to a million! yeeeeehaaaaa
 
bfirth,

I can tell your not the tactful type matey.

Out of the two of you I kind of get a feeling of who I'd like to talk with in future. Have fun dude and lighten up a little, finding your feet here first is always a good start.

Trillion,

Have a read around the forums, there are some many great posts and you should find most of this covered, if not feel free to ask specifics that relate to certain areas.
 
trillian said:
Hi friends,

Its such an excellent forum where an novice like me able to learn lot of things around stock market.

I am from India jumped into share market recent time,looking to enter intra day trade.
So gurus please help me in the below aspects..

How one can select stocks for intra day trading using previous day data's?

Is there any simple strategy to screen stocks for intra day?

How to find entry and exit for intra day?

Is there any formula used to find entry & exit?

What is the best strategy for intra day?

And also seniors please share your day trading strategies, it will be very helpful to me who is new to day trade.

Help me in these regards..

Thank you.
Click to expand...

Trillian,

Although you are asking some very relevant questions, it's not that simple! It's a bit like asking a pilot how to fly a plane and once you know the correct answers to 10 questions, you can go up there and do it!

There are many ways to achieve your aim but I would suggest that until you have a good grasp of the basics, you will not be able to apply yourself properly. When you have done that and properly understand some of these ways, you can then experiment and find what trading style works best for you. This may take some time and part of the process is to find out whether you have the aptitude and determination to succeed.

The more you study and ask (and don't forget to constantly question yourself), the more you will learn and understand and eventually the mists will start to clear. It's all on here (somewhere). Nobody said it would be easy! :)
 
Lee Shepherd said:
bfirth,

I can tell your not the tactful type matey.

Out of the two of you I kind of get a feeling of who I'd like to talk with in future. Have fun dude and lighten up a little, finding your feet here first is always a good start.

Trillion,

Have a read around the forums, there are some many great posts and you should find most of this covered, if not feel free to ask specifics that relate to certain areas.
Click to expand...

ok in retrospect that was maby unnecessary harsh , and i admit tact ain't one of my strong points, But .....I'm working my way through this site reading everything i can also bought a load of books, and am google-ing a lot, most of the questions asked are answered with a few mins/hours work.
I've met a lot of people in life who are surprised that they fail a lot, and refuse to belive it has anything to do with their refusal to dedicate time and effort to their enterprise.
have a great day. B.
 
thanks mates for ur replies.It will helpful for me if someone give me the links for the best threads where i can learn regarding selecting the stocks..
 
I have started reading through the various threads and I also would love someone to point me in the right direction to save some time.
I have finally started making money at Day Trading, but my biggest problem is finding stocks that are ripe for short trades. I like stocks like RIM.TO or POT.NYSE that have large daily swings. I have tried a screening, but most screening techniques seem geared for "good investments". I don't care if the company is good, or which direction it headed. I just want to find a large hourly or daily deviation of the stocks high/low price.

Thanks,
Mel
 
Hi Trillion

This advice may or may not help you as it is personal to myself and comes from my own experience and background. I still consider myself a noob and will for some time in this game.

I have been interested in trading for some time but due to personal circumstances always been to busy to do anything about it. A few months ago that changed and I found myself without anything to do so I decided to start. I believe that before you start any business (and this is a business) you must have a strategy and assess your suitability to it. That includes a full and frank assessment of your own strengths and weaknesses, experience and background and then assign those to see how they fit with this new venture in this case trading. In my case my biggest strength was I am very analytical my biggest weakness is I have a strong imbalance in learning through theory and learning through doing (I learn through doing). I decided my best strategy was to jump right in and paper trade without any theory or advice. Obviously after wiping 3 theoretical accounts I began to formulise some strategies. It was at this point I looked for the theory behind my strategies that supported what I had evaluated. after a month of successful paper trading I opened an account with £200 and traded £1 a point and discovered so far the strategies to be successful. Whilst still expanding on my testing and research of new strategies.

As you can probably appreciate this takes a lot of time effort and hair pulling and you can probably appreciate why some traders are upset when they see new traders asking for information to be spoon feed to them.
 
Dear Trader

Here are a few answers to your questions:

How one can select stocks for intra day trading using previous day data's?
- we at Apextrading play Gap up and Gap Downs during the morning session. We pick out our stocks through an early morning news source.
Is there any simple strategy to screen stocks for intra day?
- We filter our stocks out by the trading range we look for a big trading range.
How to find entry and exit for intra day?
- our strategy uses the Bollinger bands to pick our exit points along with price action. We determine the entry point through a variety of things which is our secret weapon that only our members have access to.
Is there any formula used to find entry & exit? Yes

What is the best strategy for intra day?
- The best strategy is to pick one(there are many that work) and master it. Newbies try bouncing all over the place, looking for the holy grail and that's why they lose money consistently.

And also seniors please share your day trading strategies, it will be very helpful to me who is new to day trade.
 
Last edited by a moderator:
Originally Posted by URLUCKY View Post
Hi Trillian,

Did You get good answers for your questions? If yes, why dont you share?
HTML: 
Still not mate. if you have any method you too can share here.

I've started using FINVITZ.com to screen stocks. It's up to your experience
and knowledge to select the parameters i.e. 20 & 50 SMA, institutional holding
%, earning growth rate, debt level . . . or you can select on candle patterns, or
many other technical indocators.

I also used Stock Scans Predefined of Stockcharts.com and do further technical
analysis to get to my stocks of choice

http://finviz.com/
http://stockcharts.com/def/servlet/SC.scan
 
I think you should go for the shares that have high volume i.e it should have high traded quantity and volatility or movement that is the ups and downs in a day.
 
Stocks are ok but why not look into trading the e-mini futures. You get more bang for your buck.
 
For intraday stocks it makes more sense to trade high liquid stocks with a high beta. Anything else and your costs will kill your account before you even get started. I would agree that it helps to specialise in a specific sector or a small basket of stocks that you feel you know the most about.
 
I only trade stocks with a high beta. I have found these stocks by using Quotetracker and looking at volatility open from close and change from open. Then look for the highest beta on these. Also, these have to have average volumes of more than 1 million.
However, am having a hard time finding a list of high beta stocks.
Does anyone on this board know of one?
I am amazed at this board. It is really great.
 
stevemalee said:
I only trade stocks with a high beta. I have found these stocks by using Quotetracker and looking at volatility open from close and change from open. Then look for the highest beta on these. Also, these have to have average volumes of more than 1 million.
However, am having a hard time finding a list of high beta stocks.
Does anyone on this board know of one?
I am amazed at this board. It is really great.
Click to expand...

I'm a big fan of Quotetracker and used to use it to do something very similar to that. I really like day trading stocks that trade at least 1.5 million shares on avg. with high volatility.

I now also use a program called StockVision and just sort the master list there by clicking the "Beta" column to see the most volatile stocks in the market. I also like running real-time day-trading scans like "Big Buy Volume" and "Big Sell Volume" and then just set them to auto-sort with the highest beta stocks at the top. Also when you look for momentum day trades in the "Traps" tab of SV, there is a separate place there to filter out the results by min. volume and min. beta.

There's also another program called InvestorRT I came across that might have the ability to run a volatility scan, but I didn't want to have to pay a monthly fee. I'm not sure it does anything in that department that Quotetracker doesn't do.
 
Traderesq said:
I'm a big fan of Quotetracker and used to use it to do something very similar to that. I really like day trading stocks that trade at least 1.5 million shares on avg. with high volatility.

I now also use a program called StockVision and just sort the master list there by clicking the "Beta" column to see the most volatile stocks in the market. I also like running real-time day-trading scans like "Big Buy Volume" and "Big Sell Volume" and then just set them to auto-sort with the highest beta stocks at the top. Also when you look for momentum day trades in the "Traps" tab of SV, there is a separate place there to filter out the results by min. volume and min. beta.

There's also another program called InvestorRT I came across that might have the ability to run a volatility scan, but I didn't want to have to pay a monthly fee. I'm not sure it does anything in that department that Quotetracker doesn't do.
Click to expand...

Thanks for your very good information
 
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