Cycle Wizard Screen
To get to this screen, click the fifth button from the left in the upper toolbar.
The button has a wizard on it, and is labeled "Cycle Wizard".
Overview
The cycle wizard is a new and very impressive update to BestChoice. Instead of you having to manually go through stocks one at a time, and select and save the cycle trades individually, you now give the Cycle Wizard your search criteria, and it will go through all the stocks you select for you, and automatically save the trades that match your search criteria.
Getting Started
Once you have opened the wizard, as explained at the top of this page, you will see a window like the one below.
To start, you should consider what trades you have currently saved. If you haven't saved any cycle trades yet, then this won't be important right now. But if you have, either individually in the Cycle Charts, or previously using the Cycle Wizard, then we need to let you know how using the Cycle Wizard will affect your currently saved trades. The Cycle Wizard will NOT overwrite any of your currently saved trades. But, if you have some older cycle trades currently saved, or you are wanting to have the Cycle Wizard generate some new trades based upon new search criteria, it might be a good idea to delete your currenlty saved trades.
You can do this by clicking on the "Delete All Currently Saved Trades" command button. You can also go back and delete individual cycle trades by going to the Cycle Trades window.
The next thing we need to do is let the Cycle Wizard know which user list of stocks we want to search through to find the best cycle trades. In a sense, the Cycle Wizard works in combination with our original Wizard. You will want to create a user list of good stocks in our original Wizard first, and then select that user list in this new Cycle Wizard.
So, what would be a good way to go about this? First, if you haven't already created a user list to search, you will need to go back to our original search Wizard. You can click here for more information if you are not sure how to use our original Wizard.
Here we will go through a quick example of the types of stocks to search for in the original Wizard to create a user list to search in the Cycle Wizard. Ok, think about what would make a good trading stock to begin with. Volume? Sure. In the original Wizard, add the Volume Average criteria of at least 300,000 daily volume, maybe even 500,000. You can use your own specific search criteria, this is just an example. You could also look for stocks that are greater than $5 or $10, since it can be tough to try to short cheap stocks. If you like to trade options, then also add that criteria in the original Wizard. Once you have a decent number of stocks selected in the original Wizard, save that to a User List. Try to have a list of at least 500 stocks. We usually even look through as many as 1000 to 1500. Now you can come back to the Cycle Wizard to select it from the list.
You will see a list of your currently saved Users Lists. You will need to select one before we start the Wizard. It will show you the number of stocks in the User List.
Now comes the fun part, selecting the criteria. There are some numbers already entered by default. You can start with these numbers, or play around with some numbers of your own. They are pretty self explanitory, but we will go through them next.
Largest # Days In Trade
This tells the Wizard the largest number of days in the trades you want it to save for you. For example, if you use the number 45, then the Wizard will only save trades that are less than or equal to 45 days.
Minimum Rating
This tells the Wizard the minimum rating for the trades you want. For example, if you use the default number 5, then the Wizard will only save trades with a rating greater than or equal to 5.
Minimum Win %
This give the Wizard your criteria for the minimum win percentage. The win percentage is defined as the number of winning trades divided by the total number of trades. So if you had 5 winning trades out of 10, then your win percentage would be 50%. Obviously you want trades at least 70 to 80%. So if you use the default 80%, then the Wizard will only return trades that have a win percentage of 80% or more.
Minimum # Winning Trades
This tells the Wizard the minimum number of winning trades that you want. What this does is flag out stocks that have less than a certain number of year of data. One thing that is important when using the cycle trades, is having a stock with at least six years of data, and preferable with eight or more. It is difficult to get reliable cycle trades with less than six trades. So with the minimum number of winning trades set at the default of 8, then the Cycle Wizard will only return trades that have 8 winning trades or more.
Starting the Cycle Wizard
So, now that you have all your criteria selected, its time to start the Cycle Wizard. Click on the green Start button at the bottom of the Wizard. You will start to see the Wizard go through the list of stocks in your User List. As it finds new trades and saves them, you will see the number of trades increase for each month. It will take about half an hour to go though a thousand stocks, depending on the speed of your computer. This is still insanely faster than going though each stock one by one and saving the cycle trades manually. It will notify you when it is finished. When it is finished, you can go view the trades it saved in the Cycle Trade screen. Click on the link below to learn more.
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