[theory6453]

With your watchlist stocks, how do you manage them from watchlist to purchase?

For example, Dixons CarPhoneWarehouse has gained 3 pts today and I am looking at it just after the market has opened thinking 'should I order now or wait for the market to settle nearer 11am UK time or wait until almost close to see what volume was like for the day and then open the order. I am thinking latter .
I could put an order in for the buy but then you cannot determine volume and also the spread at that time of day may be wide

Thanks!

BlueMosaic - Check out the "Quick Reference Guide on Buying" in Chapter 4 of Stan's book (it's on page 115 of my copy). He speaks to how to position your entry and what to do from there depending on the volume levels.

On some level, you're going to have to just jump in with both feet when the conditions are right and follow the method. You may consider keeping your stops tight at first, so that if the trade moves against you, you only take a small hit. Don't be super-concerned or scared about making a wrong move or taking a small loss... imo keep your positions fairly small and worry more about getting comfortable with the method and learning from your mistakes. As you gain more experience, you will start to get a better feeling of what and what not to look for... You'll never learn to ride though until you get up on the horse!

Cheers,
Mike