Many stock markets around the world have thousands and thousands of stocks on their local market and deciding on which one to pick on a daily basis can prove to be difficult. With so many stocks to choose from how do you narrow down your selections to just a few? The key to doing this effectively is to use stock scanning software like Metastock. Metastock will enable you to program your very own custom built scan and short list the thousands of opportunities to just a few.
Do I need to learn how to program?
If you are going to get the most out of your Metastock software then learning some basic excel functions will be very useful. The great thing about Metastock is that you can point and click and build scans like that, but if you learn the language then you’ll get so much more out of it. Another key is to find someone online who can write the codes for you, especially if you are no good with computers. A friend of mine used to pay someone to write all their ideas into code and then backtest them using Tradesim, which is a add on to Metastock.
What criteria should I look for?
Initially you want to write your ideas down on paper as to what you believe constitutes a ideal entry set up. Once you have your ideas coded in you can simply run the scan and out of thousands of stocks to choose from, your Metastock custom built scan will locate the select few that meed your criteria. You’ll find this saves you hours of daily analysis and cuts your morning preparation down in half.
So the reality is that yes you can custom build your own scans using Metatock and once you get the hang of it you’ll be creating all sorts of scans to meet your criteria.