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Is there a trading platform that would make doing something like this easier and possibly automated?
M1.com can do this.
You just add/remove the stocks from the "pie" that the "portfolio" uses, then select all and click "equal weight" in the "pie". It doesn't take a list, though, you have to manually remove & add.
Ignore their weird terminology. ;-)
The next trading session they effectuate all the trades in all the portfolios that use that pie. By default it will not sell any existing stocks that are over-weight.
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One tip: do NOT use an up to date list of S&P 500 constituents as your "universe" of eligible stocks. The easiest free money in the world is using the list from 6-12 months earlier, which means you include things that have been ejected and skip those that are new entrants. If you duplicate the whole index with its own weights (but a stale list) you'll outperform the official index by quite a bit.
But using our screens instead of "duplicate the whole index", how many of those added & removed stocks would even pass our filters? Generally we are only picking 5-10-20 stocks.
