When day traders head out of the comfort of the simulated trading environment into the wilds of the daily market, finding stocks to trade is the primary mission. Where do the ideas come from? Research is important, of course, but the best day traders are able to identify hot stocks very quickly. That is how they make their money.
There are many ways to find stocks to trade. You can pay for proprietary software that tracks stocks by parameters that you set. You can get up super early and read a bunch of newspapers or online news sites focused on the market and finance. Or you can go straight to Warrior Trading’s daily watch list.
And that watch list no round up of penny stocks. The Warriors like to put up stocks that are between $2 and $10, so that there is a chance to make real money when executing trades. The idea is looking for quick movers that day that will result in near-locks for 5-10% profits. Small caps offer great opportunities for that.
Many times, veteran Warrior traders will be taking home run opportunities from that daily watch list and look to jump on them. They tend to announce entries and exits in the chat room, so you can take advantage of that built-in experience that the vets have, so you can jump on the same stocks they are about to ride. A good way to make some early profits and examine what the veterans are doing each day.
Hot stocks are in short supply each day. Which is why traders need to have their eyes glued to computer screens right before the market opens and just after the bell rings. Sometimes the difference between 5% profit and 25% is a minute or 2. If you are practicing the Warrior-approved momentum trading strategy, entering the small cap stocks as quickly as possible is imperative.
Occasionally the daily watch list will be light, because Ross has determined that there aren’t very many stocks he likes. That means it is time to implement some of the other Warrior Trading strategies that can take advantage of hot stocks that were not on the pre-market radar.
Searching for Warrior Trading on Facebook is one great way to get to the benefits on the trading courses and the daily watch list. Once you get onto the site, you can take a look at the offers for packages of classes, chat room access and access to the trading simulator. Risk management is key, so make sure to put your time in on paper trading before you head out into the regular market. It could mean the difference between real profits and losing a lot of dough.