i have been doing day trading for about a year but i am busy and dont have time to sit and watch the stocks everyday. now i am trying to use another way to make some money and that is to buy a stock and hold it for a few days or a week and make some money from it. i am using MACD, STOCKASTIC, RSI and support level to make a predication when will the stock bounce back for a few days. i tried once and i was able to make 0 on a 00 investing in a week.
what other things i have to look at it to make sure it will bounce back. like at what number should all these three indicator be when i buy a stock.
if u can explain it in detail that would be better. thanks
Trading indicators are best used along with money management and good risk control, using trading indicators alone will not enable you to be a successful trader, the market is just too random and unless risk is controlled over time your account will slowly get wiped out, regardless how good a “trader” you think you are.
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I’m not a day trader but I like trend-trading. Right now the trend is fundamenatlly downward so all trading is very risky, you know. But trend trading in a good sector is my favorite and wonderfully non-stressful technique, in normal times.
If I were you, I wouldn’t be trading at all. Instead, I’d invest your money in a CD or something like that and earn interest.