If that is as much as you can actually manage, then actually, that is good enough. It’s definitely better than you just having 10 or 20 stocks in your watchlist. Because the reality is also this. If you are tracking too few stocks in your watchlist, what happens is that you will keep on looking at those 10, 20, 10, 20, 10, 20 stocks. And if you are a longer timeframe kind of trader, you’ll realize that it’s not so easy to find trading opportunities. And what happens is that if you are looking at just 10 to 20 stocks, the opportunities doesn’t come along so frequently. What happens is that you will tend to force trades. Force as in F-O-R-C-E. You try to force trades when it actually is not looking ideal because you are getting restless, because you are looking at just 10 to 20 stocks, and because there have not been any very obvious trading setups come up, you just try to tell yourself, oh, I must find something to trade. And that is the problem.

So if you have more charts and more stocks in your watchlist, the chances of you falling to that kind of forcing a trade will be much lesser because once you have more charts to look at, you will tend to be able to see more opportunities and good opportunities as a result. So life is fair. The more charts you look at, the more likely you are going to be able to find great trading setups. The less time and the less effort you spend, and the less charts you have in your watchlist, naturally, the number of opportunities, good opportunities is going to be lesser as well. So that is the reality of life. So that is the reason why I always suggest, if you have a very streamlined workflow, very quick workflow like what I have right now, you should at least be looking across 100 to 200 instruments in your watchlist.

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Philip Teo

Founder & CEO at Traderwave Pte Ltd
Philip Teo is an entrepreneur, speaker and trading coach who specialises in the field of Technical Analysis of the financial markets. He is currently the Founder and CEO of Traderwave Pte Ltd, a financial technology company that offers a web charting application to global traders. He has conducted many trading seminars and appeared on national television before. He is also currently an official speaker and trainer with SGX Academy. Learn more about him at his Google+ Profile, LinkedIn Profile and Facebook Profile

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