Good evening

My question for today is quite relevant with regards to deciding in what stocks to trade.
I went around a process of looking at the JSE( Johannesburg Stock Exchange) in South Africa and saw that there are 300 Main public companies listed and over 50 Penny stock companies with 40Blue chip companies..

So I went around locating all the companies that trade a volume above 100 000 a day and the rest of them that did not trade 100 000 volume a day, I eliminated those stocks from my future selection. This resulted in fewer companies that I will be speculating but still there were too many in speculating everyday.

So with Blue Chips I located the companies that have a PE below 30 and with regards to the Penny Stocks I looked for companies with a trading volume of 100 000 and with a PE below 10.. This eliminated the majority of the companies that I will not consider in the future which left me with 50 Main companies and 20 penny stock companies..

My question is what do you think of that eliminating process or have I just eliminated companies that could bring huge returns in the future.. I would like to hear your feedback on PE ratio's and it's accuracy and if you trade stocks with a PE over 30 and with the trading volume whether you trade with companies below 100 000 volume a day?

Thanks so much, I hope this thread will be insightful to other intraday traders and short-term traders : )

Best regards
T