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Before setting up your scan, you can also select a category of stocks, and choose to intersect your original category with another one. For example, Stock Hacker has filters for stocks, options, studies, fundamentals, and patterns. There are four choices across the top: Stock Hacker, Option Hacker, Spread Hacker, and Spread Book. Past performance does not guarantee future results. Chart source: the thinkorswim platform from TD Ameritrade. Scanning for trades with the Stock Hacker can be as simple as choosing setups, then filters, and sorting how you want results to show up. Here’s how you start the “hacking” process and scan for stocks that meet these two criteria (see figure 1).įIGURE 1: HACKING LEGALLY. Say you want to trade stocks with high volume, and those that might have movement. Before you engage it, think about what you’d like to trade. The Stock Hacker tool on the thinkorswim® platform from TD Ameritrade can help you reduce the universe of stocks to something more manageable. Whatever the case, it’s a good idea to have a strategy for narrowing down your alternatives so you can focus on a handful of symbols. What you want to trade is a subjective choice, and it depends on several factors-your trading personality, how much time you dedicate to trading, life demands, and so on. The good news: there’s a more logical approach to finding a potential trade and narrowing down the number of indicators to place on a chart. And too many choices can lead to a state of “analysis paralysis.” But even charts can get complicated-there are so many indicators, drawing tools, and patterns to choose from. Others take comfort in looking at a chart so they have some sense of which way price may be moving. Some traders have no problem analyzing mountains of data.

With so much data thrown at you, that process can get tough.

You’ll often go through a similar experience when deciding what to trade. And then how much-single scoop, double scoop, or more.

And once you decide which flavor or combination of flavors you want, you have to figure out how you want it served-dish, sugar cone, waffle cone, and so on. When you walk into an ice cream store, one thing that hits you is the number of flavors. Select a few indicators to help make your trading decisions.First, scan for stocks that meet your criteria and then chart the stocks to identify the trend, strength of the trend, and when to potentially enter and exit trades.Know how to create a methodical approach to analyzing stocks.