There is an alternate process that watchlists can be
used for, and that is a process which yields only the best trades available at any
time. The process is:
Change your default trading settings (use the menu
Tools > Options and select the Trading - Defaults tab) to allow many trades to
be considered (in other words make the default trading settings fairly loose, such
as requiring only 10% profit potential, or a PR ratio of only 1.5:1)
Use the menu Tools > Force Default Trade Settings
GLOBALLY. This will force the default trade settings onto any chart that is opened.
Perform a full scan on a watchlist (the watchlist
shouldn't include any charts with open positions,
because you don't want the exits
of open positions to be jeopardized by this process).
The scan is likely to generate several trade entries.
Click on the Save & Close button to save these orders, or simply make a note
of them and click on the Cancel button.
Then tighten the trading settings in any way you
see fit (increase the profit potential, increase the required PR ratio, or change
any of the trading settings)
Run the scan of the watchlist again.
The results of this scan will include fewer trade
entries (or different entries depending on what settings you changed)
Repeat this process until you have reduced the number
of trade entries to a number that is manageable. These are the best trades available.
Finally you must do some cleaning up in order that
your workspaces aren't affected by having performed this process:
Change the default trade settings to those you
would like the charts to work with.
Run the scan again which will adjust the trade
settings on all workspaces.
Finally de-select the Force Default Trade Settings
GLOBALLY setting so that any workspaces you open do not have their trade settings
changed.
For further details about this process, take a look at this video:
