To clarify my purpose for being on this forum. I am right now trying to find the right combinations of technical indicators that I can back test. I am open to all suggestions. I have made a TradeStation account (thanks @Steve Alexander ) and I will most likely begin by swing trading index funds. I would like a system that allows me to only enter and exit trades while trading sessions are closed for the day. I will only be looking at daily charts. I know that there are many other things that will call me away from staring at charts, so that cannot be the backbone of my strategy.
Hey John, correct me on this one, how are those - swings, if it's open and closed on the same session ? e.g i took a long on IRBT, week ago. I gona close it two - three months later, thats a swing imo. (could be, my english barrier) p.s or did you had - after market hours in mind ?
Yeah, that's definitely a swing, although some pundits would go as far as calling it a position trade.
not familiar with position trading term at all, time for investopedia edit, back from there, love this part : ,,The main advantage of position trading is that there isn't much demand on the trader's time. Once the trade has been initiated and safeguards have been implemented then it's just a matter of waiting for the d$sir$d outcom$,,
I don't buy and close on the same day. But my strategy would not require me to watch the charts during the day. I would analyze the closing price and give me a buy or sell signal based on that.
I made a TradeStation account based on @Steve Alexander 's advice. It doesn't allow me to buy index/sector funds. It's just for futures and futures options. I thought he suggested that because of the analytical tools that it allows you to have. Did I miss something?
Get out Excel, tradestation, whatever and start backtesting various ideas. "What do the 1,3,5 day forward returns look like after... ...the SPY closes at a 10 day low?" ...the SPY closes at a 10 day low but is above the 200 day moving average?" ...the SPY closes at a 20 day low?" ...the SPY closes down 3 days in a row?" ...the SPY closes up 1% or more the prior day?" ...the SPY closes down -1% or more the prior day?" ...today is the last trading day of the month?" ...today is the first trading day of the month?" ---------------- You may be surprised at what you discover.
just out of the pure curiosity, (not that much, context related, but da hell, it's forum), how many tickers/pairs , do you have - on your daily watchlist ?
%% That; + last week of the year/SPY ....... That ; + compare what you may get versus SPY 2019 >28% YTD + dividends. {OK; its a better than average year} PS. Farmer John ;many of learned to trade/invest with leverage; that the worst way= we leveraged ignorance. Fidelity/ Peter Lynch said again much more money is lost in the stock market trying to avoid losses; so true.