Tools
I use Google finance to manage my positions and watch lists. I manually input my transactions into the tool and use it to watch price movement intra-day. I'm not day trading, I just like seeing things shape up throughout the day instead of waiting until the end of the day. I find their interface cleaner than anything my broker gives me. As a final pro for Google they post related news right alongside my positions in my watch list. While I'll generally try to avoid buying into a company that has an upcoming news release, I might try to use it to my advantage at some point and I'd like to at least be aware. Also it's good to see how other analysis firms are evaluating a stock since the major players usually cause trends based solely on their opinions.
For charting I use either FreeStockCharts.com or StockCharts.com. They're such creative names, aren't they? Generally FreeStockCharts is a better package, an account is free and allows you to save preferences. Of course they're constantly trying to upsell you, but I can't really fault them for that. The only downside is that the silverlight app is so data heavy and requires communication above and beyond what HTTP provides I can't use it at my office. However I can save my technicals, interact with the chart in real-time, create watch lists, and even run limited scans.
Stockcharts.com is a great site, offering very attractive free charts. If I want to investigate something while at work I go here. Unfortunately the charts for free users are static and the technicals have to be re-set each visit. Stock charts also has something called a "Market Carpet" which I use to find stocks based on their performance relatively to the S&P 500.
Technical Analysis
I use candlestick charts. When I started looking online for tips and advice most of the advice that was easy to understand and made a lot of sense was given through analysis of candlesticks and their signals. In addition, they look cool. I overlay several Moving Averages to my charts:
- A Simple MA with a period of 10
- A Simple MA with a period of 200
- An Exponential MA with a period of 30
It looks like this, on FSC:
No comments:
Post a Comment