UK equivalent of TradeIdeas / StocksToTrade

[JamiesPips]

Hi All,

I am based in the UK, looking to trade the UK markets.

One of the the things I struggle with is finding stocks to trade... I've been looking online and have seen many USA based traders using this software:

trade-ideas.com
stockstotrade.com

This software is just the thing I am looking for, but they are only for USA securities.

Does anyone know of UK software similar to Trade Ideas or StocksToTrade?

Thanks
Jamie

 

[tomorton]

How do they select stocks? Are their selections for intra-day trading for the trader to go ahead and trade on their own or do they identify entry prices for longer-term holds?

 

[JamiesPips]

How do they select stocks? Are their selections for intra-day trading for the trader to go ahead and trade on their own or do they identify entry prices for longer-term holds?

Hi Tomorton,

It's primarily for intraday trading.

Actually the question you asked is something that I asked myself... the scans the software returns should surely be replicable on any scan, right?

One thing that trade ideas has is "artificial intelligence"... it seems it is able to somehow get machine learning to spit out stocks which are following certain patterns, making it quicker to find stocks to trade.

I really dont know.

What do you use for scanning? How do you find trading ideas?

I mean, breakouts from resistance, and bounces on support sit well with me. I'd really like to start trading them.

But I have no idea how to scan for them (hence why I was looking at that software).

Any help you could provide would be greatly appreciated.

Thanks,
Jamie

 

[tomorton]

Cheers.

Picking suitable stocks to day-trade must surely rely on basic parameters - active price movement, higher than average volume, market cap, bid/offer spread? Its not something I do but wouldn't any simple filter pick up just as good UK candidates?

Because I don't day-trade I have it easier. I just check the indices are trending and then find the member stocks that are most strongly trending the same way. If indices are not trending, I swing trade them and look for trends and swings in forex, avoiding swinging stocks until an index trend establishes.

 

[JamiesPips]

Cheers.

Picking suitable stocks to day-trade must surely rely on basic parameters - active price movement, higher than average volume, market cap, bid/offer spread? Its not something I do but wouldn't any simple filter pick up just as good UK candidates?

Because I don't day-trade I have it easier. I just check the indices are trending and then find the member stocks that are most strongly trending the same way. If indices are not trending, I swing trade them and look for trends and swings in forex, avoiding swinging stocks until an index trend establishes.

Thanks for your reply tomorton.

Hmm yes I understand what you are saying.

Let me ask you this question then... I am comfortable with the bullish ascending triangle pattern. So how would I set a scanner to scan for this.

I guess this is the attraction of the software - they have figured out how to do this. Ideally though, I would be able to replicate this scan on any scanner.

Also, just to elaborate, you said:

Because I don't day-trade I have it easier. I just check the indices are trending and then find the member stocks that are most strongly trending the same way

How exactly do you check find member stocks that are most strongly trending in the same direction? Is that a scanner setting?

Thanks so much for your help!
Jamie

 

[tomorton]

Well, although I don't hear about any software that scans for chart patterns, I know it exists because Thomas Bulkowski has used it to compile his stats for his super books on the subject - see http://thepatternsite.com.

I was surprised to see by the way he has such reservations on the ascending triangle pattern. Have a look.

To find strongly trending member stocks is just manual scanning but its not hard using Sharescope. There are just 4 UK indices of interest - FTSE100, FTSE250, FTSE AIM100, FTSE SmallCap. Easy to identify which of the 4 has best % price movement, which has smoothest trend. Then call up the members of the best index, re-sort into % price gain over, say 3mths, and start a manual scan of the charts. No need for dozens and dozens of potential candidates - the best set from the best 2 indices will do for targeting on their next pull-backs.

 

[JamiesPips]

Hey tomorton,

Thank you so much for your reply.

Also, this:

Easy to identify which of the 4 has best % price movement, which has smoothest trend. Then call up the members of the best index, re-sort into % price gain over, say 3mths, and start a manual scan of the charts. No need for dozens and dozens of potential candidates - the best set from the best 2 indices will do for targeting on their next pull-backs.

Is absolute gold to me... thank you.

I get that this is rookie stuff for the more experienced members, but for me this is a massive help, so thank you.

If I'm honest with myself, what with my family and my job, I don't think I'll realistically be able to day trade until I at least match my income so that I can leave work.

I'm looking more seriously now into swing trading now, so I'm doing your sorting technique.

If you're based in the UK let me buy you a beer sometime.

Cheers
Jamie