In reading the Discussion messages, I gather that most Wealth-Lab users use their strategy to find and then evaluate stocks and then trade them using those findings. For me I came from using Wealth-Lab Pro via Fidelity and I use a website that ranks stocks by Relative Value, Relative Safety, and Relative Timing. These 3 indexes are combined into one index and 8000 or so stocks are ranked. I have found that stocks that are ranked in the top 50 or so excellent candidates to monitor with my WL7 strategy. This strategy is built for 60 minute bars. This website I use has search tools that users can set up routines to find stocks meeting various chart patterns. I use the stock symbols I locate on this website and load them to DataSets which I use on my strategy. I try to keep the number of symbols to 10 or below as that is the best way to avoid NSFs. A back test going back 6 months and with a 10 symbol DataSet takes about 2 seconds to run. Reported gains are 200-300% for a 6 month run.
I would like to hear how others are finding the stock symbols you find and trade.
Below is a sample of the strategy screen.
I would like to hear how others are finding the stock symbols you find and trade.
Below is a sample of the strategy screen.
Rename
This sounds like an interesting approach. One thing we want to do is create a web screener so you can screen the whole market for candidates based on our Condition Building Blocks.
Personally I stick to the Nasdaq 100 but do a relative strength run every day to get the top 6 or 7 candidates for my dip buyer strategy.
Personally I stick to the Nasdaq 100 but do a relative strength run every day to get the top 6 or 7 candidates for my dip buyer strategy.
QUOTE:
I have found that stocks that are ranked in the top 50 or so excellent candidates to monitor with my WL7 strategy
What do you mean by "excellent candidates"? Do most of the strategies show better results for these tickers then for the other tickers?
Actually selecting tickers out of the full list is an excellent way of curvefitting. I'm affraid of it, so I do not do something like selecting using backtesting result for the ticker. And finding metrics for this that is not a backtesting resulting metrics is not an easy task at all.
All I know - you can use the whole 8000 list on Daily+. And if you want to fight NSF - it's better use some kind of signals scoring. You (your strategy) often know if this signal stronger then that, so many signals is not a problem. So you do not select tickers, but signals.
I would like to be able to select ticker in a smart way - so I'll subscribe to this topic).
Btw, thanks for the question, I've forgotten about being able not just bug report or feature request). Maybe it's time to add discussion sections? So to have peacefull section for trading questions).
QUOTE:After I get my list of top raked candidates, I look at their charts. I like to see a nice steady rise from left to right. I avoid ones that have fast rise then quick fall or lots of jumps. Nice and steady is ideal.
What do you mean by "excellent candidates"?
I keep trying to convince our webmaster to rename the post button from “Ask a Question” to something that might foster more interesting discussions but he’s stuck on that phrase 🤷🏼♂️😂
@Replikant_m
We've had sections (categories) on the WL6 website, and together with "Create a support ticket" that was the most misused option. The thing that people did wrong constantly and every day is starting topics in an inherently wrong forum category. And of course, they asked general questions in support tickets which didn't belong there being non-private queries. Eliminating both frees up from a tremendous waste of effort trying to convince everyone to follow guidelines, use search etc. So the more choice you provide with those buttons and categories, the more room for error there becomes.
@Dion
I keep discovering interesting conversations every other day - just take this one and the other on neural networks. But if we come up with a different wording (along the lines of "Start a Conversation") that would be equally well accepted, why not give it a try.
Sorry for off topic!
We've had sections (categories) on the WL6 website, and together with "Create a support ticket" that was the most misused option. The thing that people did wrong constantly and every day is starting topics in an inherently wrong forum category. And of course, they asked general questions in support tickets which didn't belong there being non-private queries. Eliminating both frees up from a tremendous waste of effort trying to convince everyone to follow guidelines, use search etc. So the more choice you provide with those buttons and categories, the more room for error there becomes.
@Dion
I keep discovering interesting conversations every other day - just take this one and the other on neural networks. But if we come up with a different wording (along the lines of "Start a Conversation") that would be equally well accepted, why not give it a try.
Sorry for off topic!
You’d have to convince Marcel, not me.
Can I do something like this?
Maybe WL7 provides me with something like that, maybe there are many ways to do that, please share some of them.
So, what is the idea.
I would like to decide whether selecting tickers by backtesting results is a good idea and how to interpret these results. NSF positions looks like an appropriate instrument for this – something like your strategy always do NSF positions and you can see rolling results (like results on rolling 2 years or on rolling 100 positions) and switch trading mode on or off inside the strategy – something like rolling PF on 100 NSF positions on this ticker is above 2 – do real trades, not just NSF. Can I do something like this now?
Of course, I can also do something like this:
Backtest on 2000-2010 on 500 tickers, then range by PF of whatever, then select TOP 50 winners and losers by this metrics and then backtest on 2010-2020. This is good for research purposes, but still not very convenient – creating 2*50 lists will take me a lot of effort and not very convenient (still it’s ok for a one time research).
Maybe WL7 provides me with something like that, maybe there are many ways to do that, please share some of them.
So, what is the idea.
I would like to decide whether selecting tickers by backtesting results is a good idea and how to interpret these results. NSF positions looks like an appropriate instrument for this – something like your strategy always do NSF positions and you can see rolling results (like results on rolling 2 years or on rolling 100 positions) and switch trading mode on or off inside the strategy – something like rolling PF on 100 NSF positions on this ticker is above 2 – do real trades, not just NSF. Can I do something like this now?
Of course, I can also do something like this:
Backtest on 2000-2010 on 500 tickers, then range by PF of whatever, then select TOP 50 winners and losers by this metrics and then backtest on 2010-2020. This is good for research purposes, but still not very convenient – creating 2*50 lists will take me a lot of effort and not very convenient (still it’s ok for a one time research).
Replikant_m
You have me curious now.
How are you using WL7? I thought back testing was the way to go.
Yes you can do something as I described. As I mentioned I have a third party website that does the pre-selecting by ranking 8000 or so stocks. You just need to confirm if the chart conforms to your needs. I just checked now and here are 10 at the top of the list. LPX DHI LGIH UFPI HZO LOW MHO PHM BXC ARCB
This list is dynamic and can change during the day. My strategy is set for 60 minute bars and is for swing trading and not long term. A typical transaction may last from a couple days to several, so this is short term. One needs to be busy during the trading day.
You have me curious now.
QUOTE:
Can I do something like this?
How are you using WL7? I thought back testing was the way to go.
Yes you can do something as I described. As I mentioned I have a third party website that does the pre-selecting by ranking 8000 or so stocks. You just need to confirm if the chart conforms to your needs. I just checked now and here are 10 at the top of the list. LPX DHI LGIH UFPI HZO LOW MHO PHM BXC ARCB
This list is dynamic and can change during the day. My strategy is set for 60 minute bars and is for swing trading and not long term. A typical transaction may last from a couple days to several, so this is short term. One needs to be busy during the trading day.
QUOTE:
You just need to confirm if the chart conforms to your needs
Profit is my need)). Or even: future profit is my need. So pretty looking chart is not something I’m looking for). The key task here is: how to get something like TOP 10% tickers out of these bag of tickers so that these 10% will perform better than the whole bag on average in the future.
If your third party web site lets you do this, I would surely want to know what filters do they use for scoring tickers.
QUOTE:
If your third party web site lets you do this, I would surely want to know what filters do they use for scoring tickers.
For some features you can enter your own filters or indicators.
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