First off if, you really want 10 stock watch lists everyday, just quit being cheap and buy Tim Sykes “Tim Alerts” package here at my affiliate link. His lists are almost always better then mine, besides everything I learned about creating a list I learned from him.
On to the meat of the this article. I’ve decided to stop posting multi stock daily watch lists and take a different direction with the finance related posts on this blog. I chose to do this for many reasons. First being that after building watch lists and creating a solid and fast workflow it gets somewhat tedious to add in comments to each ticker and try and make them interesting and or funny. Most of the stocks I play are based purely on price action and there is quite often no story behind the play. And you can only say “This company is a real POS, financials are shit, going back to 50 cents.” so many times before it becomes boring. I will still build the lists and will post them in a link similar to this:
I just will not break every play out into a chart with comments. So the watch list will still be there, again since I will still be building my own list on a daily basis, the due diligence is done. I’m just bored with cutting and pasting charts and writing pointless and somewhat worthless comments.
So while I will not have a wallpaper of charts I would like to try and start featuring and concentrating on one chart and or stock per day. I think I can come up with relevant commentary while focusing on a single stock as opposed to trying to come up with comments on 10 or more. I’ve seen this done on other stock sites and seem to find myself returning to the sites that use this more focused strategy. And really the only thing I am losing is being able to say, “Wow 8 out of my 10 short picks went down yesterday.” Oh well 4 years later those bragging rights have yet to make me a dollar…
The second reason I have taken this approach is to try and build and refine my writing chops further. I’ve found over the last years that while writing brief comments on a watchlist is helpful from a habit inducing standpoint it really has no great value in creating content. Especially when discussing day trader timeframe plays, the freshness and value of the content expires about an hour afrter the post is published. Of course I don’t expect my blog posts to end up under a glass case in the Library of Congress, I would however like to try and create content with more staying power and usefulness, weeks, months or who knows years later. Unless you are the most desperate degenerate stock trader in the world there is no real value to the archives of my finance related posts. I would like to try and change that.
Lastly, as I’ve mentioned before, I have decided to use this blog as a rough draft or “workspace” for my Part Time Pennystocking ebook project. And while I’ve had good intentions of making posts related to the book, I’m 3 weeks in and already 2 weeks behind. This reason was most likely the watershed moment in my deciding to dump the watchlists. Considering I already get up at 5AM and typically go to bed around 11PM, there are only so many hours in a day to carve out for a writing project. I’ve decided that the early morning hours will be spent writing the book as opposed to spending time writing watchlists. Addition by subtraction of other tasks in essence.
I would also like to try and engage my audience more, please ask questions or post comments. I may not be the greatest penny stocker in the world, but I’ve learned a lot over the years and am very willing to help. It would also be very useful to the book project to see what questions new and or other part time traders have.
While I’ve missed plenty of days posting watchlists, I already miss it to a certain extent. I enjoy the digging and the research side of it, and while I think most bloggers quit primarily because of the tedium of it, and I obviously listed that cause too. I am not moving away from them because of boredom, it is strictly a time issue. And as I mentioned in the first sentence, at times I really feel I’m just duplicating the effort expended by Sykes. Why spend an hour writing a post that mirrors his almost exactly.
But I will vigorously defend the idea of writing out and thinking more deeply about a watchlist. It has been very helpful and constructive to me over the years and I’m glad I’ve done it. Its just the skill can only be refined to much. I think I’m wasting cognitive surplus on attempting to write witty comments based on a handful of penny stocks every day. But for the new trader or the learning trader I think it is a IMMENSELY valuable tool to defining your style and sticking to your trading rules. Even if you have no desire to publish a watchlist publicly due to shyness or concerns about your writing etc. I think every trader should fire up notepad and make comments on the stocks he is considering trading for the day. Even if you don’t even save the file after your done. The simple process of forcing yourself to write down what you are thinking will make you a better and more prepared trader. Ninety percent of my losing trades have been trades that I just randomly picked out of the air during the day and never wrote down or took the time to analyze why and how I was trading them.
So while I’m stoping watchlists, if you haven’t started or have intermittently created them, get back on track and put your thoughts down on paper! It will surely make you a better trader!