Hi@Jdallys
Sorry about my reply the other night cause was a little bit drunk as a skunk when I answered that one so here's the sober attempt...
Run some scans means that I run some scans that scan the market for shares that might be worth buying. To do that you need to get a program that lets you scan the market and put in the parameters/fields into the scan that you think are important. I use Bullcharts. Other people on here use different ones so you will just have to find scanning software that suits you.
This is an example of the Bullcharts market scan and some of the fields you can scan the market with:
You have to play around with the fields until you bring up the list of stocks on each particular scan that you run. If you don't use Bullcharts other scans have probably got similar fields that you can use.
I like to look for shares that are in uptrends or that are breaking out further but ones that have been consolidating for a while off flat bases are also good. I try to avoid downtrending shares.
Examples of uptrending shares that are breaking out when looking at the daily charts from today are:
PDN broke out above it's previous daily/weekly high of 44.5c when it hit 45c today. It had good daily volume so was probably worth buying. I didn't buy this however because it had come up on my spreadsheet that I use recently so thought it might have ran up enough in the last few weeks so I left it alone.
BRK broke out at 1.4c which is what I bought it for. I didn't hold it very long though because I was watching the tape/market depth and after two attempts of line wiping the 1.4c it didn't go on with it so I thought that it was going to just weaken so I put a sell on at 1.4c and got my money back. It ended up going up to 1.7c but I was just being safe cause didn't want to lose.
REE was a bit different as it was coming out of a channel between 10 to 15c over the last 4 months. 15c was the resistance. Today was the 7th attempt in the last 4 months at breaking through the 15c resistance and when it did I bought it for 15.5c. I sold it just before the close at 15.5c to get my money back because I thought there was too much supply (too many sellers still appearing) on the tape and today was the third day in a row that it had gone up so I was happy enough to get my money back in case it weakens off in the morning.
VML was the best one today but I didn't buy it because I think Monday was the day to buy it and I didn't trade Monday. On Monday it broke out above the previous highs of 5.5c on 25 & 27 January. When it hit 5.6c was the buy signal for me on Monday.
Today on VML is what I call a continuation break out as when the price went above Monday's high of 7.2c (i.e. 7,3c) then it was continuing to break out and that was the time to buy. If you have already made money on ones like these like you should have been done on Monday then there is less risk if they fail because you are already in front from what you made previously. I would set a mental stop loss of 7.1c though (because that is under the 7.2c previous high) and if it hit that I would just sell it and cut my losses.
This was good today though because if you look at the 5 minute chart below once it broke above 7.2c early in the day it never dropped below it all day so was safe to hold all day and would be worth holding overnight to see what it does in the morning. If it gaps up and goes up in the morning you will make some more money. If it opens down in the morning just sell it and hopefully still make a bit (unless it opens under 7.3c because then you will lose) but with the volume spike on it today it would be worth the risk holding it to see if you can make some more out of it in the morning I think.
Anyway hopefully that explains some stuff better than my last reply.
Have a good night and hope you do well at trading once you work out your own rules and strategy that will make you money
