Holding overnights - currently in the mid six figures and totally relaxed. When the pace is slow I have time to think, plot, strategize, calculate and weigh up the risks. Money makes money, so I continue to compound and keep it engaged when times are ripe for picking the fruit. There will be times I could be sitting pat, out of market twiddling thumbs for weeks or months (heaven forbid). Right now is harvest time on the Metals stocks so holding overnights and watching prices steadily climb is the plan playing out.
Sounds like a story i read, I'm sure you've read it. Reminiscences of a stock operator. Hopefully you don't end the same way. But as I've said in the past theirs many ways to skin a Cat, I'm glad its working for you.
Read the book many times, not using leverage, not speculating on small stocks https://en.m.wikipedia.org/wiki/Reminiscences_of_a_Stock_Operator
Um, because it works. I have not studied day trading specifically (I'm more of a week or month trader), but in any longer time frame, buying new highs just works, if you do it consistently.
Yes, sometimes it becomes too much tacky to give continuous focus on strategic decision making. But it is not that much mind-numbing or that complicated to take decision. If that so, none will be able to trade as day trader. What gives me relief is that I am working with mini accounts and smaller trading lots so that I can provide full concentration on my trading decisions, trading strategies and approach properly.
When I got automation going, you can be anywhere in the world, and have the software on a company's servers to trade as many hours exchanges are open. I put on zero trades now manually, never enjoyed that in first place, plus when I manually scalped ES, my eyes have to be only on this market, have over 50 instruments being traded with same scalping systems. I spend approx. 80 hours a week developing systems, studying risk management and cycles, I want to work towards different kind of business in 1-2 years, and don't believe in retirement, none of this is work to me, I love what I do. I don't know what many people do as far as duration of holding or how they view risk, everyone has different knowledge and many are just plain lost. Although most of my automation is geared to intra-day, 70% of my holdings are long term systems in stocks/dance options around them and very long term in commodities. Way too many traders get out with little chunks in commodities when they could be looking at nine year charts and try to capture 75% of the range minus gaps and rollovers, if you don't know how to hedge leveraged products=learn. . I could care less about overnight exposure, whatever I can develop and backtest to my parameters of happiness is all that counts. I have learned many ideas from older parts of ET, but todays' trader don't want to spend the time to study and learn...............Got to get some sleep, surgeon can't wait to play 3rd time on me tomorrow.