Hello All!
I'm new here and between the OneNote and information on this site, I am amazed at the amount of knowledge and information available! However, after reading and searching for a week I can't find anything that seems like it would help me with what I am trying to do. So to start I will explain a bit about how I trade and what I would like to do.
About 6 months ago I threw 5k into a ToS account, I have read about trading for years and practiced paper-trading for about a month before opening my account. Due to the limited funds in my account, I have leaned towards trading options (not interested in penny stocks). In paper trading, I was pretty profitable using options strategies that I am unable to do with my current account. So I tried to day trade, and I am pretty good at it but I am limited to 3 trades per week. My intention is to grow my account as quickly as possible so that I can day trade and use options strategies both of which I have had the most success with. I currently work full time and I am a single parent and would prefer to have less stress and a more flexible schedule and I enjoy trading so my hope is that in the next 1 to 3 years I will be able to offset my current income with trading and start doing it full time.
With all of that being said I have spent a lot of time testing (with real money) strategies for swing trades I can hold overnight (preferable) or up to two or three days. I am not a big fan of holding for longer at the minute as I prefer more liquidity to get in into a good day trade when I find it since I am limited to three. But I have actually been losing money trying to do overnight holds. The ones I have been right about the price the next day get drove the opposite direction in pre-market and open much higher or lower before making the gain or loss I expected to see, others it just didn't happen, I've also had some bad news destroy a position and one trade that I missed that earnings were coming out the next day and the below expected earnings tanked my position. I have learned things from all of these, but the biggest thing I have learned is that nothing I have been doing is consistent enough for overnight holds.
Typically, for my day trades, I use MACD, RSI, and a couple of moving averages along with hand-drawn trend / support / resistance lines and candlestick / price action, but these things have not translated well to my overnight hold attempts.
So I am wondering if anyone has any preferred indicators, and or strategies that they have had decent success with for overnight or short term swing trades?
I'm new here and between the OneNote and information on this site, I am amazed at the amount of knowledge and information available! However, after reading and searching for a week I can't find anything that seems like it would help me with what I am trying to do. So to start I will explain a bit about how I trade and what I would like to do.
About 6 months ago I threw 5k into a ToS account, I have read about trading for years and practiced paper-trading for about a month before opening my account. Due to the limited funds in my account, I have leaned towards trading options (not interested in penny stocks). In paper trading, I was pretty profitable using options strategies that I am unable to do with my current account. So I tried to day trade, and I am pretty good at it but I am limited to 3 trades per week. My intention is to grow my account as quickly as possible so that I can day trade and use options strategies both of which I have had the most success with. I currently work full time and I am a single parent and would prefer to have less stress and a more flexible schedule and I enjoy trading so my hope is that in the next 1 to 3 years I will be able to offset my current income with trading and start doing it full time.
With all of that being said I have spent a lot of time testing (with real money) strategies for swing trades I can hold overnight (preferable) or up to two or three days. I am not a big fan of holding for longer at the minute as I prefer more liquidity to get in into a good day trade when I find it since I am limited to three. But I have actually been losing money trying to do overnight holds. The ones I have been right about the price the next day get drove the opposite direction in pre-market and open much higher or lower before making the gain or loss I expected to see, others it just didn't happen, I've also had some bad news destroy a position and one trade that I missed that earnings were coming out the next day and the below expected earnings tanked my position. I have learned things from all of these, but the biggest thing I have learned is that nothing I have been doing is consistent enough for overnight holds.
Typically, for my day trades, I use MACD, RSI, and a couple of moving averages along with hand-drawn trend / support / resistance lines and candlestick / price action, but these things have not translated well to my overnight hold attempts.
So I am wondering if anyone has any preferred indicators, and or strategies that they have had decent success with for overnight or short term swing trades?