What tools do I use | stockbee

12/28/2010

What tools do I use

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 :

  1. Stockbee Trend Intensity Breakouts Long
  2. Stockbee trend Intensity Breakout 50 long. 
  3. Stockbee Dollar Breakout Long 
  4. Stockbee Power Breakout 
  5. Stockbee Episodic Pivots Long
  6. Stockbee IPO b/o
  7. Stockbee Trend Intensity Breakout Short
  8. Stockbee Trend Intensity Breakout 50 short
  9. Stockbee Dollar Breakout Short
  10. 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. 

Brokers

I will continue to use my three existing brokers:

  1. Interactive Brokers
  2. TD Ameritrade
  3. Fidelity

Softwares

  1. Telechart Gold End of the day
  2. IBD Dailygraph 
  3. Bluefin

Subscriptions

  1. Briefings 
  2. 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.

2 comments:

Jesse O'Neil said...

I created my trading strategy by stacking high probably plays and anomolies together (momentum, relative strength, earnings, low float, etc). I seems as though you have started to use simply momentum and not earnings as much any more. Has your overall profitablity increased (% winning trades x Avg win:loss)? Thanks.

Pradeep Bonde said...

Yes. Momentum gives more bang for the buck with less efforts. I do trade earnings, but momentum is my primary strategy.

Obviously I have sliced and diced momentum to capture different kind of momentum on different time frames.