Scanning for potential trading opportunities can be overwhelming, especially with the abundance of information available in the market.
Here’s a few tips to help you find the best trades using the Live Scanner table quickly and effectively:
- Start with a small group of stocks It’s a good idea to begin your scanning process with a smaller group of stocks, like the DOW 30. This helps you avoid feeling overwhelmed by seeing too many setups at once. Once you’re comfortable with this smaller group, you can expand to include more symbols.
- Use the sorting features The Live Scanner table allows you to sort by open trades only, closed trades only, or all trades. Sorting by open trades is especially helpful during market hours when you want to focus only on active trades. Sorting by closed trades is useful for studying each day’s opening range breakouts and learning from them. Sorting by both is available if you want to see everything.
- Pay attention to the win rate and expectancy columns The win rate column tells you the percentage of trades that have been successful so far. The expectancy column shows you the average amount you can expect to make or lose per trade. These columns can help you identify potential trades with a high probability of success and a good risk-reward ratio.
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Utilize the collapsible rows Each table row in the Live Scanner table is collapsible. Expanding a row opens a drawer, which provides information on entry price, entry time, target price, stop price, exit time, and P/L result.
This feature allows you to see more details about each potential trade and helps you make more informed, data-driven decisions before you place the trade. - Use technical analysis to confirm breakouts While the Live Scanner is a powerful tool for identifying potential breakouts, it’s important to use technical analysis to confirm the trade. Look for indicators like volume, support and resistance levels, and trend lines to confirm that the breakout is valid.
- Pay attention to market news and events Market-moving news and events can have a significant impact on your trades. Keep up to date with relevant news and announcements, such as economic reports or company earnings releases, to stay ahead of the curve and make more informed trading decisions. You can use news aggregator sites, like Forex Factory and Earnings Whispers, to view planned volatility catalyst events.