"let me warn you that the fruits of your success will be in direct ratio to the honesty and sincerity of your own effort in keeping your own records, doing your own thinking, and reaching your own conclusions." - Jesse Livermore How to trade in stocks
One of the ways to improve your trading is to maintain your own databases. With proliferation of databases on the net, the temptation is always to rely on such product as against building your own bases, but if you do it yourself, you will build a deeper understanding of what is behind such databases.
Many times people use databases like the IBD database of EPS ranking and RS, or Zacks ranking, or Value Line. Instead of relying on them building it yourself will give you a much better insight and different ideas. Most people even have no idea as to what is used to calculate some of these things but rely on them to take trading decision. If you for example figure out how IBD calculates its EPS ranking or RS ranking, you will find much better insights in to how to use them.
Most database owners have created the myth around the data which they provide by claiming it is generated using proprietary criteria, but instead of believing in it blindly if you build it yourself you will have several ways to interpret it.
I maintain several databases and by analyzing them over years have unique insights in to using them to build trading systems.
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