Scanning everyday or compiling a list

[jacknapier]

I'm curious as to opinions as to whether people here think that scanning everyday for a list of stocks to trade or compiling a list of stocks that you're familiar with is better.

On one hand, scanning everyday can show you trading opportunities you would not have seen otherwise. The problem is that you have to be quite experienced to take advantage of these opportunities.

But, compiling a list and trading set ups strictly from a list of stocks that you become familiar with may be easier for the beginner to intermediate trader. Even for advanced traders because they would have a big edge over someone unfamiliar with the subtleties of the particular company. Plus, you can follow fundamental news this way.

I've had much more success with the latter, but I feel compelled to scan for fear there might be an opportunity I'm missing.

Opinions?

 

[I'vereadthemall]

Hi JackNapier,

I compile a weekly watch list based upon fundamentals over the weekend. I then run my technicals screener each day on the watch-list until a qualified setup reveals itself. I have done this for over 3 years.

 

[malaguti]

I compile a weekly watchlist, based on technicals having done all the analysis on these charts, I then narrow this down to a daily focus which are more likely to play out than the others and then eyeball these during the day, and still able to look at the weekly ones.
Last week for example, I only had to look at 5 charts and traded just 3 of them multiple times. Next week may be different of course. This gives me a favourite of stocks I then look to trade consistently, which invariably increases any chances for a successful outcome.
I've tried the scanning approach, and I found I lost opportunities by spreading the net too wide as it were. Hope you find a consistent method Jack

 

[yellowfloyd]

I'm curious as to opinions as to whether people here think that scanning everyday for a list of stocks to trade or compiling a list of stocks that you're familiar with is better.

On one hand, scanning everyday can show you trading opportunities you would not have seen otherwise. The problem is that you have to be quite experienced to take advantage of these opportunities.

But, compiling a list and trading set ups strictly from a list of stocks that you become familiar with may be easier for the beginner to intermediate trader. Even for advanced traders because they would have a big edge over someone unfamiliar with the subtleties of the particular company. Plus, you can follow fundamental news this way.

I've had much more success with the latter, but I feel compelled to scan for fear there might be an opportunity I'm missing.

Opinions?

For me personally I prefer to stick to stocks that I am familiar with, I find that works better for me and I feel more comfortable with level that I get to know etc. Having said that the broker that I use for trading supply me with screening information on a daily basis so I do cast my eye over that to see if there is anything that really does jump out at me that I may have missed myself.

 

[skoob]

I am not a day trader; I like to swing trade over the course of a couple of weeks. I have a fairly large watch list of stocks that i am familiar with. When i feel one of them is undervalued, I buy it.
It may not work for people who have to live off of their trades, but i made 30% last year doing it... and only really traded about 10 different stocks the whole time. I generally stick to more volatile stocks and go long. Generally, i aim for about 25-40% returns, and I usually end up holding for a week or two.