I find almost every single trade setup on one of my stock scanners that I use through Trade-Ideas . I can’t speak highly enough about their tools, because without their scanning software I would be lost as a trader.
A trader can have all the textbook knowledge of the markets but if they are unable to find setups in real-time they will never profit. Stock scanners are how we find those setups. Before stock scanners existed traders would trade off a master watch list which they would make by manually going through charts, which you can imagine took a long time.
This is not an effective method of day trading because typically there are only 5-10 stocks in play each day, out of the several thousand stocks available to trade. I consider a stock in play if it is surging up or down more than 4% with a strong catalyst.
Stock Scanners are a Requirement For Day Trading
Using stock scanners I can choose the specific type of stocks I want to see. I can make complex scanners to look for specific chart patterns or I can use simple scanners to look for broad matches such as stocks that just reported earnings in the last 24hrs.
Day trading is difficult career that we can make a little easier by using the best tools. This includes stock scanners by Trade-Ideas. One of the great features of Trade-Ideas is the ability to view historical data of a stock scan.
I can look back and see all the alerts from a day or week and review the results. This saves us a tremendous amount of time sitting and watching scanners in real-time. We can back test and quickly correct inconsistencies or false alert issues.
I provide all of the students in our chat room with the proprietary stock scanner settings I’ve developed over the years.
Students are able to use the exact same layout I use everyday to find trades. Although I have about 15 scanners I’m actively using everyday, they are clustered in two groups. I have scanners looking for reversal opportunities and I have scanners looking for momentum trades.
Those are the two strategies I trade and those are the setup ideas I need to find in real-time. All of the stock scanners I use have been highly customized to provide me with a watch list of the type of stocks I have the highest percentage of success trading.
Premarket Gap Scanner
This is the scanner I look at first thing in the morning because it shows all the stocks that are gapping up in the premarket that fit my pricing and volume criteria.
This scanner is how I build my watch list in the morning and I can’t stress enough how much time it has saved me. Before building this scanner, I would have to manually go through stocks and it took forever.
Most of these stocks will have some kind of news which is exactly what I am looking for; a stock with a news catalyst that is active in the premarket.
High of Day Momentum Scanner
The high of day momentum scanner is my go-to scanner when premarket activity is light and I don’t have much to watch. This scanner will pull up stocks that are hitting a new intra-day high on high relative volume.
This is great for momentum scalps, especially in the first 30 minutes of the market opening.
Day trading is one of the hardest careers to become successful at and that is why it is imperative you have the right tools.
Having real-time scanners like Trade-Ideas is one of those tools so make sure you learn how to use them and include it in your day trading tools quiver!