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.
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 brokers 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 you’re 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.
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