I have discussed watch list management  before and how it’s an important responsibility for active traders. I store my watch lists in my charting program, which is TeleChart Platinum from Worden , and it’s nice knowing that at any time I can pull up a group of stocks with tradable charts. Watch lists truly are at the core of my swing trading  method, and the constant review of daily charts is where I locate new trading opportunities and update important levels on my existing trades.
Storing my watch lists in TeleChart has a number of benefits, but here are several reasons why I do it:
Backup Watch Lists
Technology is great and it is the driving force at any trader’s desk, BUT it only takes one hard drive failure to send all of your hard work right out the window! I have dual hard drives in my desktop PC’s, along with external backup drives running at regular intervals to ensure that my data is recoverable in the event my primary technology fails. (I encourage you to do the same)! However, some of my watch lists have slowly been compiled across years of trading. TeleChart allows me to upload all of my chart settings (watch lists, trend lines, notes, etc.) to the Worden server, giving me added redundancy with my important chart data. Furthermore, when I edit settings on one of my PC’s, I can download the new settings straight from the Worden server to sync up all of my computers. This is huge when I am traveling and working on my laptop.
Store Multiple Watch Lists
The organization of your trading ideas is what will enable you to act quickly and decisively when the time comes to place trades. This can be as simple as separating long from short ideas, or as complicated as dividing up market sectors or even indicator-based scans. I particularly like this feature of TeleChart, because I don’t have to try to mentally separate certain ideas from others. The ability to create and label new lists helps me to compartmentalize my trade setups according to direction, timeframes, industry, or anything else I may specify.
Copy All or Selected Stocks Across Watch Lists
This is a major part of my daily routine, as I will manually screen several watch lists each evening in search of setups for the following day. The “flag” feature of TeleChart lets me hit the ‘F’ key to flag or unflag a stock, allowing me to mark stocks of interest as I go along. So for example, while working my way through a list of 500 stocks, I can hit ‘F’ anytime I see a stock which interests me and be able to pull those needles out of the haystack once I’ve completed the list by viewing these flagged items. Even better, I can copy only those flagged symbols to another list, or even remove them from a list altogether.
Another aspect of the “copy all or selected stocks” choice is that I can sort a list to separate only those stocks which fit my criteria, and then copy those symbols to a list. So for example, say I want to review a master watch list but I only care about stocks which had volume today of 500k. I can sort the list by 1-day volume, flag those symbols, and then copy them to another list. This is an excellent way to filter out only the stocks you want to review closer, cutting down the work load considerably.
At the end of the day, you need a system of some kind to keep your trading ideas organized. Having the right setups at the ready is a major part of a well-formulated game plan for your trading, and it’s much more difficult to act with speed or precision otherwise. Determine a way to keep locating new setups in the charts, and decide to stay organized with your trading ideas. It will keep you a step ahead of the pack.
Trade well today,
President, The Stock Bandit, Inc.
Swing Trading & Day Trading Service
[tags]Stock Market, Day Trading, Stock Trading, Investing, Swing Trading[/tags]