Tuesday, May 02, 2006

Trading enhancements and refinements


1.I would like to have my chart setup with crossover signals that will alert my with sounds, like when the CCI or one of the fast EMA's crosses one of the slower MA's.

2.I need to practice on charts on what the criteria is for entering a trade (what is the setup I'm using, what indicators and MA's and time of day and what are the indices and similiar stocks doing) and also a basis for a stop, which can be trailed up if my trade is profitable.

3. I need to analyze all my best and worst trades to determine the time of day I trade best in and the setups I do worst and best in. So far I'm profitable the first 2 hours of market open, but after that, I tend to get chopped up on taking bad trades, trades that don't really have a good setup, but were entered because I was bored and wanted some action, this of course is a terrible and a losing setup.

4. What scanners should I use to trade during the slow afternoons if any at all?

5. Should I devote a screen to www.tradethenews.com, or should I subscribe to the online radio?

6. I need to do analysis before the market open which will include major economic numbers, and news for the stocks I plan to trade. A also need to know the chart formations on the stocks and indices that I may be trading so I know whhere resistance and suport is and what chart formation and setup is occuring on the weekly and daily charts.

7. The most important thing I need to do, is practice my trade entries based on a set criteria using multiple time frame charts and remembering what the average daily range and remembering to use fibs and trendlines that can span back many days.

8. I need to go over each trade I made each day and how I could have made it better.

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