I always say that trading is not like gambling. When you go to the coin machine at a casino there’s nothing you can do to take advantage of that situation, or in a roulette. But in trading, there are lots and lots of stuff you can do to take things a bit to your side and reduce the loss or even ensure successful trade. The first time we need to do when we start is seeing the market, literally, watch the stock market live.
A lot of people watch the market a whole day just to make their day trading picks for tomorrow. Of course, a lot of other factors come to play. This how they find stocks to trade. All you need is to watch in real-time the stock market.
Ok, so you’ve been shopping around, and you found a ton of stocks, securities, and ETF’s that you love. Yet, you still don’t want to commit to the actual purchase.
No sweat! This is when you put them on your watch list and… Take a guess what you do …
You watch them.
Watch Lists are essential for successful investing. The idea of it is pretty simple. Put all the equities, securities, and funds you have an interest in and put them on the list.
If you’re reading this that means you into trading and that’s great news. By now you should have some stocks that you’ve already studied and maybe planning to invest in if a good opportunity appears in the future. Well, that’s what a penny stock market watch list is!
Many times you’ll find a stock, security, ETF that you definitely know you want to buy. Yet the price is too high. Or you have doubts about it, but don’t want it to fall into the sea of the other 100’s of securities.
Remember everything goes up and down. You can set a limit order for the price you want to pay with your broker. But the better way to go would be to put it on a watch list.
Depending on your broker’s platform, you can start a watch list as though it is your real portfolio. You can have alerts set up. You can do the same as you would when watching stocks that you own.
It is a great screening filter.
This way when you’re ready to go for it all you have to do is press buy, or put in a limit order. And it moves instantly into your portfolio.
If your platform doesn’t give you a watch list portfolio option, no worries, tons of sites allow you to start them for free:
Seeking Alpha – has the best email system and the one I use. Over my broker’s.
These are just a few, there are many more. Pick the best financial site you feel most comfortable with, they most likely will have a watch list option.
The Trader Chick’s Power Recommendation – start a watch list and add everything you have an interest in. It’s kind of like brainstorming. With time, you will see what really looks good for you and you can eliminate the others. Eventually, when the price is right, the watch list securities will find a home with your actual portfolio.
That’s pretty straight forward right? If you have a list of stuff to buy when you do the groceries everything will go more smoothly. The same is for day trading, a stock watchlist is the best way to have everything under control. You can see prices and wait for your time to do a trade.
A stock watch list has a lot of advantages, like avoiding impulse buying (I know a lot of people suffer from this). So, you should make your own stock watch list.
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