Monday, February 26, 2007

Prophet.net and sticking to what works

Most daytraders use a variety of screens to search for daily stock plays. Because I don't trade as often as my fellow brethren, I pretty much rely on a set pattern of looking at various industry screens to make sure I hold at least two core positions that deliver gains to the bottom line.

Prophet.net has treated me well for about two years now. For me, it confirms whether I should be long or short specific sectors. I usually have to go through each sector at least once every two weeks because it always seems I'm having to blow out of one position thats starting to rollover.

While I would prefer to possess some of the techniques of my fellow traders; in my case, I've been more successful with sticking to the sectors where I have historically done well. Sticking to what works may not be the optimum strategy, but history has taught me that going way outside of one's box has been an expensive tuition lesson.

No comments: