Tuesday, July 01, 2014
Are You Being Lazy Building Your Swing Trade Watchlist?
Building your swing trading watchlist can be a lot of fun, especially in the beginning of it's creation when ou find tons of new stocks. However, after a while it can become a grind. You start skimping on your scans and head over to twitter and see what the twiiterati is watching. Or you forget about your stock sector analysis and figure you can just trade the ETF.
Yes, we've all been there. After a while your watchlist gets bigger and less manageable. Pretty soon it's been a year and you wonder why a beaten up stock is still in your breakouts list. It happens to the best of us.
I combat this by starting a new, totally fresh watchlist every two months. I've found two months is the point where my watchlist tends to get away from me. While it may seem starting your watchlist from scratch is a pain, it actually is invigorating and lots of fun taking a fresh look at many of the stocks you were trading. There also is the added benefit of getting away from trading the same stocks over and over. Rather than reach for buypoints at the same old stocks, you'll find yourself with better entries in stocks that have better setups.
I challenge you to mark your calendar two months from now as "rebuild stock watchlist" day. I'm willing to bet that when you are done you will wonder who stole your watchlist. That is how different it will look!
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