I am often asked by readers about tools I use. This post details my most commonly used tools.
In last week of every trading year I take inventory of trading tools I use. I start from zero base and re examine whether I need to continue using a tool . I also look at what tools I want to add for next year and what tools I might want to try and experiment with.
Starting point for all my tools analysis is that I want to use minimum number of tools, I want to keep very low complexity and want to keep trading costs very low. I am not a big fan of too many tools or the latest tools or the flashiest tools. My tool selection is driven by my profit objective and methods I trade.
In 2011 I intend to trade following methods to achieve my optimistic profit objective of high triple digit returns :
- Stockbee Trend Intensity Breakouts Long
- Stockbee trend Intensity Breakout 50 long.
- Stockbee Dollar Breakout Long
- Stockbee Power Breakout
- Stockbee Episodic Pivots Long
- Stockbee IPO b/o
- Stockbee Trend Intensity Breakout Short
- Stockbee Trend Intensity Breakout 50 short
- Stockbee Dollar Breakout Short
- Stockbee Power Breakouts Short
All these methods are basically a variation of momentum. So my primary strategy is momentum. Different variations of methods are just tactics.
I will continue to use my three existing brokers:
- Interactive Brokers
- TD Ameritrade
- Telechart Gold End of the day
- IBD Dailygraph
- IBD Digital Edition
These are the only paid tools I need to achieve my objective. Besides that I will use free resources like Google Finance, Moneycentral and Finviz.