I have pared my hit list down to 14 stocks that are active, that means they would be traded the very next time that a setup occurs. I have 6 open positions (five of which are currently showing a paper profit) with 2 or three that I place orders on each day (shorts cannot be GTC, only day orders) and the rest I am actively tracking for the next entry possibility.
With all this free time I am getting other things done that I have been procrastinating on and, when I get free time from that I run another stock or two through my wringer to see how they would rank. Tonight I eliminated a possible tradeable due to some nasty volatility that would have me whipsawed out of trades far too often to be worth the bother. I am sure that it could make a very good candidate under one of my other trading plans but I am being very diligent in sticking to only one for the time being.
I do have another to be added once I finish my analysis of it. I know that I had about fifty from last year, and most worked out very well but they are outside of my criteria now and I need to replace a good chunk of them. I will feel comfortable once I get 20 active stocks in my own portfolio but I will continue to add to that number in order to be able to continue tracking and analyzing my trading plan over a wider selection of tradeable stocks.
All in all I am quite satisfied with things as they stand right now. Being able to run a new stock for suitability in about 45 minutes and end up with a ranking, profitability and next trade setup without having to agonize over charts, read accounting statements, financial reports and check for news events certainly is a nice way to trade.
Jeff.
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