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Question
Ren, I've been day-trading for a few months. I've only lost on 3 of my 80 trades. The losses were due to altering my strategy out of greed. I use a very simple process and don't really mess with technical analysis. When it becomes too involved it will cease to be fun for me. When it is no longer fun, it will be time to get out. My biggest problem is knowing what stocks to watch/trade. I like to trade the big daily gappers, and the few I know of have been great, but they're now at 52-wk highs and I need to back away. Any idea where I can get good tips on stocks to consider? Is there a good publication to which I can subscribe? Thanks for your time.
Hi Ed,
First off, congratulations on your success thus far. It sounds like you have a defined plan that you follow for your trades. From what I can tell, it involves stocks that tend to gap but it also appears that you avoid stocks that are making yearly highs.
The only services of which I'm aware that look for stocks with the tendency to gap are fee services. Looking for stocks that are not at 52 week highs is simple: almost any stock screener, like the free Yahoo Finance Screener, can do that for you. However, I assume that there are more criteria involved in the stocks you prefer. Can you tell me what other characteristics you use to filter your candidates?
Thanks,
Ren Richardson
Principal
Bridge Asset Management, LLC
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Ren Richardson
Expertise
Most questions regarding the essential and complex elements of the stock, option, and currency markets; many questions regarding technical analysis; questions pertaining to day, swing, and position trading and especially to trading psychology.
Experience
I have worked for over nine years in the trading industry, starting as a research analyst for an equity hedge fund and as a financial advisor for Prudential Securities where I received my Series 7, 6, and 63 licenses. For over four years I also worked for Investools (NASD: SWIM) as a mentor to hundreds of individual traders, training them in all aspects of successful investing and trading. I was also a national instructor for Investools, BusinessWeek Investor Education, and CNBC University, conducting educational workshops across the country on the proper methods of investing. I created the live 3 and 4 day courses for these companies that have become two of their most popular programs with their students. I recently authored several instructional manuals for True North Academy, the company that conducts personal coaching for WizeTrade, Optionetics, and OptionsXpress. I am currently a principal for Bridge Asset Management LLC, a money management firm that specializes in proprietary currency trading.
Organizations
My company is in the process of becoming a member of the NFA (National Futures Association).
Publications
On the Investools, BusinessWeek Investor Education, and CNBC University websites; in the manuals for the live courses for these companies as well as the manuals for the coaching programs for WizeTrade and Stock Investor; in the monthly newsletters of Bridge Asset Management.
Education/Credentials
I received my Bachelors of Science in Economics from Brigham Young University. I earned my NASD Series 7, 6, and 63 licenses and am currently in the process of becoming a CTA (Commodity Trading Advisor).
Awards and Honors
I received the Top Performer award for the Northwest region in my training with Prudential Securities; I was the only mentor out of over 100 mentors to be selected as a national instructor for Investools Investor Education.
Past/Present Clients
With my original hedge fund, our clients were the founders of Franklin Covey as well as several other high net worth company founders. With Investools and True North, my clients were thousands of students from every walk of life and from various levels of knowledge and expertise in investing. My current clients with Bridge Asset Management are individual investors and several professional money managers.
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