Hey, everyone! After creating and maintaining my watchlists, lets talk about the power of alerts. Just like my watchlists, my alerts also follow my trading plan. Whether you're using TradingView or a different broker, you can easily set up these alerts. But remember, if you’re on TradingView, your subscription level might limit how many alerts you can have.
I keep my alerts simple, and I make sure I don't setup too many. If you have alerts for everything you will start ignoring your alerts making them pointless. Only setup an alert if you want to take action or your really need to know.
My most basic alert is looking for buy and sell levels. Remember when we talked about setting support and resistance on the charts of our watchlists? Well, for my favorite stocks, I like to also set alerts around those levels. This way, I get a heads-up to maybe sell some puts or buy more shares. For the most part, my price alerts tend to be on the support side. But I do setup alerts at resistance for stocks where I sell covered calls, or stocks, like CSCO and INTC, that I like to short.
By keeping my alerts simple and relevant they make sure I don’t miss anything. It might sound basic, but trust me, these alerts save me from missing good trades. I don’t have to be glued to my screen, I can just get on with my day and let the alerts tell me when I should pop back in because I know the alerts I have are meaningful.
Slightly more complex, but I also use TradingView to set up alerts on technical indicators for things like the DMI and MacD. This means I get a heads-up when something interesting is happening with these indicators. Yes these alerts trigger more often, I have them setup to notify me in less intrusive ways. These go to a special folder that I just review once or twice a day. As I go through the list of alerts if I spot a good setup, I turn to my color-coded watchlists to help me keep track. So I’m taking a large list of stocks, waiting for an alert on the technical indicator I like to trade, then narrowing down the best trades using a dynamic watchlist.
You see how it all ties together? My trading plan, watchlists, and alerts all work together in a system. This system takes large amounts of stocks and keeps narrowing down the information until I'm looking basically at what I believe is the most relevant trades. This is how I keep my trading time down while still making sure I'm on top of everything. This is just my way of doing things. I hope it gives you some ideas, but don't forget to make it your own.
If you found this useful let me know! I love talking to people interested in trading (a quick thanks is always nice too). If you want more information you should join the GKT discord to discuss these tips in more detail and connect with like minded people who trade the stock market!
Keep Calm and Let Theta Do the Work! Until next time happy trading Good Kids!