Starting Balance: 5000
Current Account Balance: 5166
Current BP: 30,996
This is a watchlist that lays out what my current watches are for ETFs. These are long-term watches as its to be day traded.
Current Daily goal is $100 profit per day. But more importantly it is for winning trades over losing trades. Consistency is key to establishing if long-term profitability is achievable.
$TNA - $TNA So far is my favorite, it has great range and trends very predictably. I'm looking for trade 100-200 shares at a time, almost no overnight holds if possible and I'm looking to pull a minimum of $.20 per share to cover commission + a minor profit to $1+ if it is considerably in my favor. My middleground for this stock is about 30-50 cents a share.
$NUGT - $NUGT may quickly become my favorite ETF to trade, it has quick and large range, if I can learn to understand its patterns and a good charting strategy to lock in good entry points I can easily pull a decent profit from this each day. For now, on consolidation and low range days of $TNA, I will be turning to NUGT for my profit goal.
$TZA - $TZA is the Inverse of $TNA for when the S&P500 is going south (Bear) I have not had any major success with this and try to avoid trading it often as the ranges are smaller. However this could be a good opportunity for traders with large volume looking to pull 10-20 cents out of the trade quickly.
$DUST - $DUST is a cheap ETF, it can range between 10-50 cents in the day, with the volatility of gold, this BEAR ETF can give you a more steady longterm position. Since it is cheap, taking out 1000 shares can easily net you a good return. However, it is important to consider that it can also easily net you a loss.
XIV/TVIX I have not done enough research to provide a synopsis and have not traded them yet as well.
I'll keep this updated as I develop new ideas and insight into these ETFs. Good luck and happy hunting.