Guy Cohen, author of Flag-Trader, has been recommending to his students to use the TC2000 trading software package mainly for the speed with which it allows you to flick through the candidate trades identified by Flag-Trader.
These can be easily imported into TC2000 and then, using the flag evaluation methods taught by Guy, it is very easy to flick through them to identify the stocks or other instrument that you might choose to trade.
It is always useful being able to use tools recommended by your mentor with the same setting as they use and Guy has just put a post up on the Flag-Trader site to help you set up your copy of TC2000 with the minimal settings necessary to emulate the way that he works.
You can find his post on Flag-Trader.com. Just look under the Alerts in the top Navigation bar.
After attending Guy's seminar recently I switched to using TC2000 courtesy of the free installation disk supplied to the seminar delegates.
Although I'm not a great fan of some aspects of the TC2000 software, the increase in speed for reviewing potential trades identified by the Flag Tradefinder is phenomenal and outweighs any disadvantages. I thought I had the process pretty well sorted by opening Flag-Trader, my trading diary spreadsheet and the IG Index Real time charting software.
Having got that sorted I was then taking a first look at candidates on the Yahoo chart linked from Tradefinder. If that looked interesting then copy and paste the stock name into IG Index charting for a closer look and to identify entry and stop levels. Then Paste again into my trading diary to create my own record of the trade. (Note this is paper trading. Once you are trading for real then your trades will be recorded on your online brokerage or spread-betting account).
TC2000 transforms that process using the csv download icon built into Flag Tradefinder. Clicking this link allows you to Open or Save the file called Stocks.csv . Open this in Excel then Save As.. a Text (tab delimited) file to your desktop without doing anything with it. You should now have a file called Stocks.txt sitting on your desktop.
With TC2000 open and updated with the latest data then just New> Watch List and Import from file brings those stocks directly into TC2000. I call the new watch list by the date for a quick review. Anything that I decide to trade then gets transferred to my Flag-Trader watchlist. After a while I go back and just delete the old watchlists with date names as they are no longer of interest to me.
Everyone finds their own method of working but I just wanted to highlight the dramatic speed with which you can rattle through the daily candidates using this method with TC2000
I've just done todays trades. One click on the space bar moves the chart from one stock to the next. Using the 'pretty pattern' criteria taught by Guy you can dispense with the no-hopers within seconds. Only if something looks interesting do you need to quickly identify your entry and stop levels, stick in a trend line and place your trade.
As with any trading method the recommendation is always to paper trade it first before committing real money. Currently my paper trading is 30% up over 15 trades since 3 November with only spasmodic use of Flag-Trader due to other pressures. But I'm finding it easier and quicker all the time as the system beds in and my flag pattern recognition gets better.