Thanks Kacy, Highlandlad and all the regulars who help out others on this thread.
I agree that information overload can be a problem.
This usually occurs when the market opens and i have scribbled down 5 or 10 stocks to potentially buy on the open. Which ones do i choose? It's virtually impossible to track all of them (especially if they open at the same time - for instance if the stock codes are all beginning with letters a or b and open at 10am). I might type in an order for one stock, see the market depth change, decide on a different selection and end up missing them both.
I recently started using a second monitor which has got my eyes wondering all over the place. I've got around 60 stocks on 4 watchlists instead of 30 stocks on 2 watchlists. The stocks on 2 of my watchlists are ones that i am familiar with and are tradable, 1 watchlist is for stocks that i know but are not really trading stocks and the other is for trading stocks that i am unfamiliar with. I haven't decided whether it's a good thing or not yet. Below the watchlists are 5 stocks with depths showing and a box with announcements.
That is my set up basically.
I use webiress live platforms through comsec and nab and also have an active account with igmarkets.
I use nab for most of my trades between $10000-$27000 (as the brokerage is $19.95 after the first 5 trades per month). I use igmarkets or comsec for trades mostly below $10000. igmarkets don't allow you to trade on companies if they have a market cap smaller than $100m or thereabouts. Brokerage at comsec is $19.95 below $10000 and igmarkets is $8 minimum up to $8000 in value.
If i don't know much about the company i'm trading, i have a quick read of recent announcements, have a quick look at the charts and market depth and see whether there has been any discussion about that stock on HC. I also check the market cap/ shares on issue and try and look at an appendix 3B to see if there are any escrowed shares or options on issue.
I find the daytrading thread great as a backup if i don't have many ideas and also as a place to pick up useful tips from those more experienced than myself.
