How to find
day trading stock picks
How to use free stock screener
when looking for day trading stock pick
for your day trading strategy
Any daytrader should find best day trading stock picks for his/her day trading strategy. These picks could be based on hot stock picks free info provided by some online trading forums or by some day trading services.
My opinion is that much better way to find them is to do it yourself. When you are looking for your best intra-day trading stock picks then it is good to define some basic parameters that such stock picks for day trading should have.I have noted these basic parameters of any stock picks for day trading
in description
of several different intra-day trading strategies. Here I would expect that we are looking for stocks and not ETF shares for day trading. It can be quite easy to find list of stock picks. Day trading strategies based on intra-day trading of momentum stocks are quite common and can utilize these day trading stock picks to generate profitable trades.
Hot stock picks free stock screener
I would use
FinViz
free stock screener. First step is to define basic parameters for any day trading stock pick. I mentioned that most volatile stocks suitable for daytrading are traded on Nasdaq stock exchange. So I select Nasdaq as exchange.
Another point is to define very liquid stocks only. It means to have daily average trading volume above 1 million shares traded. This is important condition as only these stocks could offer easy way how to enter or exit trade without problems.
Third important parameter that should be set on "Descriptive" page of FinViz free stock screener is price. I prefer to have shares with price above 30USD so I put this condition there.
Final condition will be to look for volatile stocks. It can be little tricky in current very volatile markets. Markets are now moving quickly up and down a lot and they are pushing a lot of low volatile stocks with them.
I would define this in Beta parameter that can be found on "technical" page of FinViz free stock screener. I put value "over 1.5" but it is possible to play little bit with this value to see results.
Hot stock picks free stock screener results
When I put all these values into this screener I received several possible candidates for daytrading. Here is list of these stock picks for day trading strategy.
You can check their stock charts directly on FinViz site or export this list into your
stock analysis software
or
stock trading programs
you use for intra-day trading. And there you can analyze them more.If the list of results is really large then it could be good
to use some additional hints
how to make it shorter.
Avoid day trading penny stocks
I do not like to use so called penny stocks for intraday trading and trading generally. These stocks priced under 5 USD are often very illiquid and have very random movement. These stocks are often pushed up by some spam sent by email so it is very common to see some stock with price under 1 USD to move above 5 USD in few minutes or hours only to return back in next few days. And then such stock is not moving for months or years. This type of action is common in penny stock area and I warn anybody to trade these stocks. It is very easy to burn all your money with these trades.
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