Sometimes in day trading, you need to scan stock as quickly as possible to avoid missing trading opportunities. But if you miss a trading opportunity, don’t worry and don’t try to push the trade. Trade on the next trading day. The goal of day trading is to make a living from it and you have the opportunity to trade for your entire life.
Having said that, try to ease the process of stock selection and use scanners and filters provided by your stockbroker trading platform. I use the Trade Tiger trading platform by Sharekhan for Indian markets. I am going to share all screeners and filters available in it which I use in my day to day trading. So let’s start with the first one Gap Scanners
Using a gap scanner filter makes it easy to gap up and gap down stocks for the day trading. Below you can see a list of stocks I got when I screened for a gap up stock.
In the same way, you can screen for a gap down opening stocks and use them to day trade.
This can also screen futures contracts. It depends on your trading platform and what features they provide. If you are a day trading looking for gaps, this type of scanner will be useful to you. Read why gaps are created to understand the gap trading strategy.
2. Dynamic One Click Filter
The second type of scanner I use for day trading is called a dynamic one-click filter inside the Sharekhan trading platform. This is how it initially looks like when you don’t select any settings inside it.
I use this dynamic one-click filter to scan stocks that are making day high and day low. Once I find stocks making day high and day low, I use it along with my 5 min and 15 min day trading strategy.
3. Stock Scanner
The last type of scanner which I want to share with all of you is called a stock scanner in my trading platform. There are so many customs inbuilt options inside this to screen stocks. Just give your scanner a name and select conditions and run it.
This will screen all stocks based on your conditions. You can choose the time frame and conditions as shown in the below image to scan stocks for day trading.
In the below image example, I am showing how easily I can identify stocks that have buying entry in 5 min time frame as per the super trend indicator.
I have shown you a few of the filters and scanner I use in my day trading. Hope this was useful for you. So choose a trading platform that has a good scanner and filter features inside it. Trade with small capital and use proper risk management. Evaluate yourself after every 90 days. Our next and last chapter is all about improving your overall trading performance. So go ahead and read our last Chapter -Trading Journal And Trade Statistics.