Think Fast!

Not too fast, but you have to be quick in this business. If you are making intraday trades for scalps or for advantagous prices on your swing trades then you have to be able to make quick buy and sell decisions. A knowledge of charts is invaluable to you in that scenario but I thought we would also take a look at a couple of sites that could help you.

http://www.barchart.com/ is the best I've seen so far for getting quick ideas of combined indicators. Just enter the symbol and look out! You will get a list broken into short, intermediate and long term views and opinions and then each of those show the various indicators that went into that concensus. It shows 7 daytrend, hilo channel, 20-100 day macd oscillator and many many more. This is quick and dirty but it can be a very effective addition to your trading arsenal. CAUTION: you must understand that this alone will not make you money and if you choose to make your decisions soley on this set of criteria you will soon be staring at an empty trading account.That said, you can kick things up a notch by cautious use of this site.

The second site I want to bring to your attention is http://www.validea.com/home.asp . It lends itself a little more towards longer term trades but can be an effective addition to the swing trader. It uses various criteria but the best setup is it's guru screener. It takes the financial thesis of various pros like Peter Lynch and David Dreman and give an indication based on their principles. Pretty cool. It's not good for rapid fire trades but can help with your longer horizons. It can also help you understand indicators and financial tests. Nothing bad can come from learning more about the reasons the market and individual stocks do what they do. Give it a look and expand your horizons.

That is something I really want you to achieve as a trader. I want you to expand your horizons. Yes you have to be disciplined and trade YOUR style, but the more scenarios you can work under the more cash will come your way. When things dry up you will still be able to make a living. Many traders wash out when the market changes or those few stocks that thye know how to work change range on them or completely disintegrate. I don't want that and I don't want that to happen to you. the more you learn the more your chances of long term survival increase. Not only will you survive, you will thrive. That's what I want. I want to get email from you telling me you've taken it to that next level. Join me on this journey. The changes we can make in ourselves and in each other through constant learning are incredible. Try using just a little of your capital in a new trading style. Don't abandon what works, just try to add to your arsenal. Don't use large amounts, just enough to give it a shot.

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