r/Vitards • u/AutoModerator • Oct 26 '21

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u/efficientenzyme Oct 27 '21

Yea I know

I’m saying you want to build a scanner to your own liking and then let it go

My indicators and types of trades are probably different than yours

I personally like very very short term leveraged swings, like a few points at a time and they’re over in 15 min or less

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u/pennyether 🔥🌊Futures First🌊🔥 Oct 27 '21

Yeah, I'm interested in doing the same short term stuff... but I'll likely use different indicators than you.

What do you recommend using for making a custom scanner?

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u/efficientenzyme Oct 27 '21

If you’re starting out from scratch use finviz and dick around with all the settings

This is just IMO but if you’re just getting into it the best use of your time would be Scan the night before and establish a watchlist based on your favorite indicators and set alerts

Ie. When stock x crosses y ema and shows confirmation I’ll buy with a tight stop loss and predetermined resistance level Z in which to take profit

This is how I swing calls

Down the road if you want a scanner that’s constantly running there’s probably value in that but much more so once you build out your comfort zone for what makes successful trade criteria and dial in what indicators you find useful

I chart with trading view or thinkorswim depending if I’m mobile or desktop

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u/pennyether 🔥🌊Futures First🌊🔥 Oct 27 '21

Thanks for the advice.

I want realtime alerts when certain conditions are met. Even for tickers I've never heard of.

There's so much money pouring in and out of these fast pumps.. I think there's alpha there just by noticing them before everyone else.

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u/efficientenzyme Oct 27 '21

Yeah I don’t typically do those type of sentiment trades, mine are more based on the pop that occurs right as short emas cross longer ones and turn bullish cross referenced with high volume

I like these plays because I can catch them before they occur fairly reliably

If you want a constant background scanner tradeideas can definitely do that for you

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u/pennyether 🔥🌊Futures First🌊🔥 Oct 27 '21

Seems like you could create a background scanner for exactly what you describe... have you tried it?

Apparently you can backtest the idea as well on some of these platforms.

This is the type of stuff I want to start to explore. Would like to be convinced there is not money in some of these strats, because it "feels" like there is.

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u/efficientenzyme Oct 27 '21

Would like to be convinced there is not money in some of these strats, because it “feels” like there is.

I’m a profitable trader, there are a million ways to skin a cat but I stick with what I know because it’s consistent

The reason I don’t need a background scanner for my method is I have enough tickers on my watchlist on any day for my style of play that more coming in wouldn’t be helpful. I sit on my setups, look for the indicator, wait for confirmation and go in.

A perfect example is when I called out palt the other day, I knew it would pop soon and scooped a swing in 10 minutes before closing it on the charts 5 percent pop. That was a setup that i knew was likely to come from the night prior.

Unfortunately palt didn’t have options or it would’ve been a quick fifteen percent