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Stockhaven’s Classroom 5/23/12

Topics include: Coming with a bullish/bearish/neutral bias and how it should affect your trading strategy, whether “fundamentals” matter when trading, discussing some features on Etrade’s scanner… Tickers reviewed: IWEB, GWBU, BSX, AAPT, TIF, GENE, NEWN, VSST, GGSMD, PRKR


Below is a text version of the submitted questions (italics represent Stockhaven’s comments)

1.) I’ve been really struggling lately and due to my small account, I can really only afford to make 1-2 trades per day (typically 1). My question is, once again, about day trading AAPL options (I’ve had more success with that than anything else, even though I’ve had more losses too).

I’ve heard you say many times that we should read the tape instead of try to predict where a stock will go. But I’ve also heard you say many times that you have a bullish or bearish bias on a stock. Some days, I come in with a bias, and I’m right but I buy at the wrong times. Other times I come in with a bias, I’m wrong, and I take a loss (I try to limit the losses but of course, I struggle there too). Other days I try to come in without a bias and gauge how the day is going, but sometimes the best moves are already behind me.

Basically, is the better way to enter a trading day with or without a bias, or is it better to let the day establish itself and then jump in when it’s ready. Because of my small account, if I take a loss in the morning, I am usually out for the rest of the day, so I never know if my trade at the opening bell may become an all day hold (I like those when they move in my direction) or if I should just wait until things have settled down.

printing out your trades on the weekend and reading them over

just because you have a bias, doesn’t mean you have to trade in that direction

2.)  Good evening. My question relates to HPQ. I know you are a chartist…..which I am as well. However, how much do fundamentals and news influence your decisions? The underlying trend on HPQ has been downward for some time now. However the earnings beat. Do you ever  consider this to be a sign of a reversal? Or do you continue to  base your buy/sell decisions on the chart only…taking into consideration the long-term trend?

3.) Can e-pro scanner be setup to alert if a stock meet’s 2 or 3 alert criteria’s? For example I might want a scanner for stocks that have both a Large Bid Size and an Unusual Number of Prints, not one or the other.  In conjunction with that, what does Ratio mean for Unusual Number of Prints or any of the alerts that have Ratio

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