(Note: Some questions have been lightly edited for clarity and length.)
How to Find the Right Stocks To Trade
Before you make any trades, you need to be sure you're watching and planning trades in the right stocks…
It's the foundation of trading, so I'm glad Linda asked, "How do I know what stocks I should look for? How do I do my own research on the stock and what do I look for?"
First, the types of stocks you want to look for will vary based on your trading style and what you're good at.
Before you consider trading any stock, enter these criteria into a stock screener to find stocks with the most potential:
Andrea has a related question. She wants to know, "How do I know what notifications from StocksToTrade's Breaking News Chat are good to trade?"
Remember, we never try to anticipate what news matters. And we never believe the news. What we want to do is find the stocks that are already reacting to a news catalyst.
So if you see a breaking news alert, always check out the stock's long-term chart, the intraday chart, the float, and the volume before considering a trade. Look for signs that the news matters...
Is the stock gapping up? Is it trading high volume? Does it have a low float and the potential to go higher?
Then you can determine which pattern to watch for and make a trading plan.
How to Let Winning Trades Run
Once you're trading the right stocks and you have a winning trade, you want to get the most out of it, right?
That's what most traders think. They want to capture big gains and get rich quick.
But don't underestimate the power of stringing small wins together. They really do add up over time.
But readers like Alex want to know, "Do you have any tips on how to stay patient in a trade and resist the urge to take profits early?"
One of my trading mottos is: See green, take green. That means if you see profits, take them.
I don't trust any sketchy penny stocks for long. But if you want to get the most out of a winning trade, consider sizing into your winners.
I talk a lot about using tech to help you trade. There are so many tech advancements that can make trading easier. But one drawback is that it can come with a learning curve for some traders…
But I can tell you, it's worth putting in the time to learn how to use it. Because it can save you so much more time in the long run.
That's why I like Bobby's willingness to learn. He says, "Iwould really appreciate a breakdown on how to use Oracle."
Basically, Oracle is a proprietary algorithm that narrows down thousands of stocks into just 20 with the highest potential for explosive moves.
I use it every day in the SteadyTrade Team to find trading opportunities. Even with my years of experience, it saves me a ton of time. Especially in this chaotic market.
It's a bit complex to get into detail in this post, but check out the resources below to see how Oracle works and how to use it.
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*Please note that these kinds of trading results are not typical. Most traders lose money. It takes years of dedication, hard work, and discipline to learn how to trade, and individual results will vary. Trading is inherently risky. Before making any trades, remember to do your due diligence and never risk more than you can afford to lose.
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