Hi guys,

Just wanted to get some opinion on what Telechart users feel is the best easy scan to use in order to highlight short term swing trades (anything from 2-5 days) and how often would you download a new easy scan. I suppose this will depend on how many stocks you have in your watchlist!  But what would you consider a optimal timeframe to use in order to fully research/evaluate the stocks on your watchlist.

Thanks in advance,
Darcy54

Darcy54;

I was trying to think of something to tell you about this when I came across something I wrote a year or two ago. I hope this helps:

The 2 best indicators are these:

1st, you have set clear and inviolable goals for your trading accompanied by a plan to achieve these and,

2nd, you have these both in writing and refer to them regularly.

These are success indicators. I am persuaded that all but the most exceptional must know beyond any shadow of a doubt what they want to accomplish and how they are going to do it.

The market winds change with such astounding rapidity that, unless you have these two tools (your goals and plans in writing), you will be tossed to and fro like the waves of the sea. (Pardon my waxing poetic.)

The 2 best indicators are the ones you choose to master; the ones you determine to know better than the voice of your loved ones. When you strive for mastery of a given indicator and refuse to relent, you will eventually achieve just that; mastery. Until then, it will master you; alluring you and deceiving you into one poor trade after another.

Some good points that have helped me (which I learned from others):

1) When you have entered a trade, force it to convince you that you did not make a mistake. If it cannot be so persuasive, watch it like a hawk. Do not trust it. And be ready to divorce yourself from it until it is willing to yield that which you seek...profit.

2) Don't overtrade. A few carefully selected trades, each one mothered and nurtured throughout its matrimony with your capital may serve you better than a wide array of stocks "that looked pretty good".

3) As someone once said to me, "There is no logical reason to hesitate in taking a stop loss. Re-entry is only a commission away."

4) Professional and expert traders take losses.

5) Never risk more than 2% of your account equity on any one trade.

6) Averaging down is like a sinking ship deliberately taking on water.

7) Build up to your full position as the move goes your way.

8) Own a stock before the breakout; pro traders sell to the rest of us on breakouts to test the strength of the trade than buy back below the breakout point...just about where you set your stop loss when you buy the breakout (ever wonder why you keep getting stopped out on breakout buys?).

9) Embrace preserving your capital and not your opinion.

10) Always know how much risk you are willing to take on any trade.

Remember the words of the Old Testament prophet, Elijah, "I am not better than my fathers." Don't think it will all be different for you, learn from others.

Tobydad,

Thanks very much for forwarding this to me, some really sound advice in that.  I believe that you should protect your capital the way a lioness would do her new cubs!  I am trying to conquer an absolute maximum of 3 or 4 indicators, ADX, RSI and volume.  There are plenty more i'm aware of but no more than that, analysis paralysis will surely follow if I take on too many indicators.  

Do you have any advice were would look to put your buy or sell orders.  I find myself facing the following paradox (for a long position say):
- Wait for the price to go down to buy at the lower price
- Buy at the higher price to confirm continuation of trend in my direction.

What method do you use for placing a buy order for example.

Thanks again for the advice thus far and look forward to hearing from you again.

Regards,
Darcy54.