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Step 3: seeing the 'big picture'

I also find many interesting daily charts (also weekly etc.) while I am searching for day trading candidates.

Even if I am looking for a pure day trade I want to make sure that the 'big picture' ó the trend ó is in my favor. When I look at these daily charts I often find interesting patterns and simply keep those stocks on my list for the next day(s).

I want to urge you to only consider trading tips that are based on technical analysis. Donít even make an attempt to trade stocks based on news interpretation. You simply have no idea what influence a news story might have or if it is already priced into the stock

I have to say though that some individuals are quite good at interpreting news. If you absolutely want to trade news please have a technical stop level to limit your risks. Anything else is a recipe for disaster!