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Hello all,
I have just opened up a CFD trading account to take
advantage of commission free trading on the major
indices. Concentrating on the DOW for now. There is
a constant 4 point spread on the bid ask through CMC
Markets.
I was wondering if anyone here is trading the DOW
intraday and if they would mind sharing their
experiences with me privately or on the board.
I am currently looking at the 15 minute chart and the
5 minute chart, with MA's of 3,5,8,10 12 on the 15 and
5,10,20 on the 5 min chart.
Using the Elder Ray, RSI, and MACD as my indicators.
No volume available.
I trade breakouts above or below the first bar of the
day and try to gauge the longevity of the run using
the MA's and indicators.
But I find that I am still guessing too much. And the
index seems to swing pretty wildly compared to stocks.
It just feels different and I get uncertain about how
far to let a trade turn against me before selling for
a profit or loss.
I have always been more of a swing trader but looking
for strategies to daytrade the dow and take advantage
of the leverage and lack of commissions here. Can't
hold overnight as interest is charged despite your
cash balance.
Any advice appreciated.
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