Jan 22, 2010

Stock Market Scanner, Why You Need One Now!

Written by Katie Gomez

Today’s market is not the type of market where knowing a couple of stocks well can make for a profitable trading year. You have to be able to get out of your comfort zone and trade the set up. Why is that the case? The answer is competition. When you are trading the likes of $AAPL and $GS you can certainly find a big move, but volatility and having thousands of others in the exact same trade make it difficult to stay in a position with any kind of stop loss.

The solution is to be able to find the set up you are looking for across a lot of different stocks. When a trader uses a stock alerts market scanner like Trade Ideas they open themselves to new opportunities which are not being exploited by the masses. Here is a great example that applies to today. Let’s say you want to find stocks that are acting like $GOOG is acting today. Simply put in the symbol into the Trade Ideas stocks scanner “Stocks Like This” section. Right away, our servers go to work scanning all stocks on all exchanges looking for trading patterns that are similar to Google, Apple, or any other stock you select. The result gives you other stock names to track in real-time that have acted in much the same way today as the stock that you selected.
It is for this reason alone, that using a stock scanner can be the difference between chasing the crowd and getting in first.