How Do I Scan for Stocks

First of all, I want to make this very clear, that what I am about to show does not mean in any way that you will make money on the market. Take this as another piece of information that you can take with you everyday when you are looking for opportunities in the market. This information is intended for day trading purposes, but one could still use for long term investing.

I have been fascinated by how my trading colleagues, always have something ready in hand, and even more how they can always hit the trade at the right spot.

After asking them numerous times how they do it, some always say that they will take the time to explain it to me, but they are so focused in making money that by the end of the day they are really tired. Or some are just stuck up, and decide not to share. Like if this something from another galaxy, and he/she is the only one carrying the prophecy of trading.

What I am about to show you here is the result of months researching the best way to have a real time scanner, and a tool that could help me better interpret a move before it even happen. The research took me to find 2 tools that when combined can really help you anticipate a move, and make the best out of trade. It will also help you have discipline, and understand when not to trade.

First you will need to download this app on your Apple product, iPhone, iPod Touch, iPad. Go in your app store and look for “Arbitrage Trader”. Once you open the app it is pretty much self explanatory. The app will give recommendations to buy, sell, strong buy, and strong sell. I usually only look for strong buy or strong sell recommendation.

Once you download the app if you turn your apple device horizontally, you will see on the bottom menu a button you can press named account. Click and register your account and you will be able to have the same kind of alerts using the . That makes it really easy so you can have it instantly on your desktop. The only down fall is that you need to refresh the web page, and that is done automatically on the Apple product.

Once you find the stock you want to work with, you need to find out what is the best spot to buy it.

I started playing with it, and fell on an interesting section under Stock Chart. What you do is pretty simple.

Once you find the stock you want to work with with the Arbitrage Trader app, you then click on the Market In Out website on the left menu “Stock Chart”. Once that shows up, you will see above the chart a menu where you will click on “Technical Analyzer”. You will then type the stock symbol, and click on Get Chart. Ok until now, it just look like everyone’s chart software right? Ok here is where the magic comes in.

Once you get your chart up, you will notice that just under the chart, you have more options. So this is what I do.

Under Range click on “3M” (3 months chart) and under Analysis you click on “Support & Resistance”. And it will give you all the support and resistance level on the chart. And that is what I use to buy or short a stock. Keep in mind that when the stock finds itself in the middle of a range of support and resistance or as some may interpret as break out or break down level. It is better to wait and not anticipate a move, just put the stock on your watch list, set an alert and wait for a better day to play it.

The importance of being in an active chat-room

Well so all this information is great but like any smart trader would know, it is always nice to discuss this with other experienced traders. That is why I always tell my readers how important it is to be part of a chat-room. That is why I am so glad to get all this info and drop in the chat-room and ask my other colleagues if they see the same thing, and if it is indeed a good opportunity.

Some chat-rooms, I recommend and that I am a daily user is Ryan Mallory’s (@SharePlanner) http://www.shareplanner.com

One last thing I want to mention, that this method works for me, but it does NOT mean it will work for you. I highly suggest you paper trade these ideas for a while before you put real capital to work. The stock market is a place where discipline comes in first. If you don’t have it, then mind as well get a regular job.