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I think setting alarms for stock price movements is severely underrated. Whether you are working directly in public equities or investing for yourself. No way you can keep track of everything in markets, skimming through watchlists on a daily basis is a waste...
What happens to many when they get excited about a new idea and conduct research is they are immediately taken by the desire to buy, as opposed to being more disciplined about entry price. Entry price is a key(if not the key) determinant on your returns.
My approach is a routine - at least once a week I go through ideas that have come up, whether that is from a screener, DM, my watchlists, a Tweet, even WSB - whatever. If I am remotely interested, I place an alarm at the level where I'd want to take another look.
I am confident that if something happens to the price, I will know about it and can reassess. If the alarm hits, I review news and sentiment and then either reset the alarm at a lower level or add the stock to my short term idea list and consider how I want to structure my entry.
Alarms aren't just used for entries. Sometimes you have a short or are waiting to see momentum break to the upside on a stock before initiating a position. Alarms work here too! Some stocks have low liquidity ( like $CSU.to) and are you really going to watch each tick for entry?
With $IBKR you can even set alarms for option prices, which is great because of how many moving parts beyond prices options have. Good for both entries and exits.
Only downside is that during market volatility my brokerage account lights up like a christmas tree (beep music included), so if you have 100s/1000s of alarms it could take some time to analyze and reset, but also means there are tons of opportunities and you've widened your set.
I would really encourage everyone to try adding alarms/alerts to their process. I've had countless times where an alarm set 6-18months ago triggered and led to an interesting opportunity. I don't think about whether I am missing out, just keep things consistent and you're golden.
