He says the advance-decline line, or the number of advancing stocks minus the number of declining stocks, can signal trends in the broader market. Tools: Carson uses technical analysis to determine the right entry price for a given stock.
Routine: Having spent decades as a fund manager closely monitoring the markets, Carson now spends most mornings with The Wall Street Journal and Barron's to keep abreast of financial news and for insights that might lead to trading opportunities. " Companies that are doing well tend to continue to do well, and companies that are doing poorly tend to continue to do poorly. "Our experience ranges from the novice to the really experienced - and the latter don't always have all the answers," he says. He also keeps in touch with a handful of like-minded friends through a group chat on WhatsApp. He'll set up calendar alerts in advance of company reporting dates, aiming to buy a week or so ahead of the announcement if he's expecting results to exceed consensus estimates. Inspiration: Jim follows earnings releases and other events that can move a stock. It forces you to recognize when you're departing from that approach - and ask yourself why." "Believe it or not, documenting your strategy can be one of the greatest tools. While StreetSmart Edge allows you to pin notes to stock charts and keep comprehensive records on why some trades worked out and others didn't, "you can also use something as low-tech as a sticky note on a monitor to remind you of the exit price you established when opening the trade," he says. Schwab's Kevin Horner agrees that keeping even simple notes on open positions can be helpful. Reviewing it at the end of each year helps him improve his overall approach, he says. Jim maintains a spreadsheet that tracks the performance of his various trades. Tools: Keeping a detailed record of one's own trading experiences can be instructive. He'll check on his various positions during his lunch hour and often does more research in the evening, including watching CNBC's "Nightly Business Report" on YouTube. Routine: Jim works a full-time job in San Francisco but rises early to look at sites like Seeking Alpha its "Wall Street Breakfast" daily briefing, in particular. " Even really experienced traders don't always have all the answers. He also checks in with the online Schwab Trading Community, "which I often use either to challenge existing assumptions or gain new insights," he says. Inspiration: Tribune regularly attends biotech and technology conferences in search of ideas and to commune with like-minded investors. "You don't have to limit yourself to online tools." "That's the kind of work you can do in areas you're not so familiar with," he says. Once, when a retail stock caught his eye, he even made a point of stopping by one of the company's stores during his travels, identifying himself as a potential shareholder and asking to speak with the manager. "I then use Schwab's fundamental-analysis tools within StreetSmart Edge to search for best-in-class companies within particularly promising countries and sectors, and then technical trading tools to determine buy and sell targets," he says.
Tools: Tribune starts by looking at global macroeconomic trends. When he does step away from his desk, he keeps up with the market using the Schwab mobile app, along with CNBC, Yahoo Finance and Twitter (where a "$" preceding any stock symbol indicates real-time news and commentary).
He jokes that he works longer hours now than he did as a CEO, arriving at his desk before markets open and staying put until they close - after which he often reads up on long-term trends for a more-macro perspective on his portfolio. Tribune estimates he manages from three dozen to six dozen holdings on any given day. Tribune rises early and sits down before a mix of monitors - one showing Bloomberg Television or CNBC, another with Schwab StreetSmart Edge ® (see "The right stuff," below) and a third with a trading screen at the ready. Routine: This former tech CEO goes by the name Tribune Marcus among the Schwab Trading Community, an online group of more than 10,000 Schwab traders who discuss strategies and tactics. " You don't have to limit yourself to online tools.