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 :

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.

Brokers

I will continue to use my three existing brokers:

Interactive Brokers
TD Ameritrade
Fidelity

Softwares

Telechart Gold End of the day
IBD Dailygraph
Bluefin

Subscriptions

Briefings
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.

Best site to learn to trade

If you are serious about your trading and want to build an enduring edge, the Stockbee Member site might help you.

Members tell me they have tried a lot of things before coming to my site, and it has offered them the most extensive and detailed methods to swing and position trade. Members range from very experienced traders to novices.

No advertising, no hard marketing, no promotions, no free offers, no affiliate marketing, no incentive to other bloggers to promote the site, no constant tweets self-promoting the site, and no tall claims. Every member comes through word-of-mouth recommendations from existing members.

As a member, you will learn the basics of swing trading, momentum investing, growth investing, and risk management. You will learn about Stockbee Momentum Burst breakouts, Stockbee Trend Intensity Breakouts, Stockbee Episodic Pivots Breakouts, Stockbee Lemonade Strategy for 401k, and many other member-shared methods.

You will learn how to set up your own scans, how to select the right kind of stocks, how to set up stops, when to enter, when to exit, how much to risk, how to track your trades, and all other details about trading.

You will learn about developing your own methods and not relying on others for trade ideas. Develop your own edge. Once you develop your own method, you will have a lifelong profitable method.

The site gives you an opportunity to interact with some of the most successful traders and learn from them about their trading methods. It is a vibrant community with members from different backgrounds and experiences willing to help each other. Members have shared their methods, scans, software, backtests, and market insights.

Every day, the emphasis is on continuous learning and upgrading of market knowledge and setup knowledge. The members range from hedge fund employees, financial advisers, active swing traders, investors, and new traders.

You will see that many trading bloggers have been using my market timing methods, scans, and chart templates. They have developed their own methods based on my methods.

Almost every member comes through a recommendation of some of the leading trading bloggers and trading sites. 80% or more members continue to be members for more than 3 years. Most tell me that they stay on because every day they learn so much from the members' site.

If you are looking to develop your own trading strategy, the membership site might be for you. You have to be willing to put in the effort to build your own method. There are no silver bullets offered on the members' site. Every method, every scan, every nuance is detailed, and all possible help is offered to design your own method.

2 comments:

Anonymous 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.; Dec 28, 2010, 9:42:00 AM
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.; Dec 28, 2010, 9:47:00 AM

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