Over the past few weeks I decided to dip my toe into the social media realm to gauge the temperature of traders and investors frequenting those sorts of venues. I was extremely surprised by the level of activity happening on various social media venues centered around the stock market and finance issues.
Admittedly a very large portion of the most frenzied action was in the cryptocurrency space and that is most likely what has drawn the general public’s attention back to the Stock Market, along with the ‘up every single month‘ year we just had.
But I digress,
The reason I mention my recent foray into the social media “hot tips” stock market boiling pot, is becuase I noticed several youngsters out there on the interwebs who sure could use a little guidance before taking that rent money and throwing into a lit fireplace, in hopes of bagging a “1000%” get rich quick stock pick.
Therefore, I am here, to explain how I scan for stocks, and see if that may help you in your efforts as well.
Her we go.
First, I go to finviz.
Next click screener, and here is the important part, select at least 200-300K average volume for your scan. See below.
Just by simply raising the amount of average daily volume, you will have made your scan much more worth while by eliminating hundreds of stocks which do not trade enough shares to make them worthy candidates for trade opportunities. In short you want “liquidity” when trading. Meaning stocks that trade a good amount of shares everyday. There is more to say on this at a later date, but for now just try doing your scans this way and your results will improve.
From there my methods are pretty simple, I search most every stock that trades over that volume threshold in every price range, and I do it every other night for the most part.
What am I looking for whilst searching? PATTERNS.
Learn them! See them in your sleep. Speaking of sleep, it is getting late here and trading also requires ample sleep to reset your brain.
So with that I will leave you to your studies or your slumber. Goodnight all.
-JP
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