Hi, first time poster, many more to come, hoping to get some ideas on how you control and monitor all the recommendations that come your way thru newsletters e.g. Fool, AFR etc etc. Is there an ideal spreadsheet out there. Does anyone track and record daily changes to TA indicators if so how? I recently put in a spreadsheet all the recommendations I received over the last week and there was 40!! This is too many for me how do I narrow it down and monitor correctly my short list using combination of TA and FA. Bit about me, long term holder holder of Managed Funds but over last 12 to 18 months have done very well from Mötley Fool and others currently studying and paper trading TA to enable shorter term trading. Thanks in advance.
Keeping track of recommendations
- Thread starter Steve01
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Hi Steve and welcome to ASF,
I don't personally have any subscriptions to newsletters or anything so i can't really comment on that aspect of it, however it seems that you have relied on the research and tips of other professionals to build your portfolio thus far. What can be dangrous about this is adding a select few stocks out of a list of 'recommended' stocks to your portfolio could have negative implications. The list they provide may be all or part of their entire portfolio and an addition to their portfolio may be appropriate for them but not for someone else based on diversification, portfolio management and other risk management systems.
You may find yourself over exposed to a certain type of risk based on your market exposure and position size because you are picking a select few stocks out of their newsletter every week/month. Also their goals and risk tolerance may be different to yours.
Do you have a well defined plan of what exactly you want to acheive from your trading/investing? How much risk are you willing to take on (how much can you afford to lose)? what type or stocks are you looking for, growth/income, market cap size, particular industries you avoid? What type of investor are you?
I think you have to first know exactly what you want and have some sort of plan of how you want to acheive it. By having more defined goals and parameters it should help you to narrow down a list or do your own research and find a system that you are comfortable with.
Thanks Hodgie, yep, on the way to getting that sorted out. I am risk tolerant and have my eye on growth and trending stocks. I am interested in how investors/traders maintain and record TA and FA information if at all whilst they have stocks on their watch lists. As I have decided on FA criteria needed and TA indicators to use but need the best way to track and monitor these levels, cheers.
I think that it is too difficult to try to maintain and add to lists of 40+ stocks per week. Is it possible for you to filter the stocks down based on your own investment criteria so that you do not have such a long list and your are not adding so many regularly?
For example, a value investor may have a list of stocks they have their eye on based on their investment criteria and complete a valuation for each of those stocks. These valuations will only change once something fundamental changes about the company or the economy/industry. Once this list is formed with valuations on each company they only need to watch the stock prices of the companies in question to look for an appropriate entry point as well as keep an eye out for announcements/news/reports on the companies. Only the companies that first meet their investment criteria and style will be added to the list in the first place rather then every stock they see in a newsletter.
That is just an example and you may have a completely different approach but i think you need to find out what sort of companies you are looking for so that the others are filtered out before they even make the list otherwise you may be strethed too thin trying to look at everything and may miss opportunities as they arise.
Country Lad
Off into the sunset
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I have an easy answer to that. I don't subscribe to any newsletters. I don't believe recommendations or reports I read in newspapers unless my research has confirmed it and then I am usually ahead of them anyway.
I would strongly suggest you start your own which is tailored the way you do things rather than using someone else's which is the way they do things, probably very different to your needs.
One thing for sure, the spreadsheet, or whatever record keeping/alert system you start off with will be very different to the one you are using in 6 months and which in turn will probably be very different to the one you are using in 12 months as you develop your methods, plans and strategy
Cheers
Country Lad
+1 Definately agree
Thanks for your advice and yes I agree. I have just started screening stocks in Incredible Charts using TA analysis of MA's and MACD and some other indicators to narrow the search for my long and short term strategies and then some key FA criteria. Yep, that narrows it down!! Hopefully on the right track, what do you think? Thanks in advance again, cheers. Would really appreciate anyone's thoughts on above.
Still not unsubscribing to newsletter yet, LOL
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Lot of people seem to put down the newsletters, but i was with Rene Rivkin about 12 or so years ago and i did ok following his tips. Before he fell out of his boat and turned up his toes..
That enabled me to move on to other ways of playin this game .. I use a price filter to reduce the prospects ie <$10 but there are many ways to do it..
That enabled me to move on to other ways of playin this game .. I use a price filter to reduce the prospects ie <$10 but there are many ways to do it..
