Has anyone had success with daily trading of major ETFs only?

Trading major ETFs (Exchange Traded Funds) daily can indeed be successful, but achieving consistent profitability requires a strategic approach and understanding of market dynamics. Here are several factors to consider:
Market Trends: Major ETFs often track large indexes like the S&P 500 (SPY), Nasdaq-100 (QQQ), or Dow Jones Industrial Average (DIA). These ETFs can provide a huge trading volume and liquidity, which is beneficial for day trading. It’s essential to stay updated on economic indicators, earnings reports, and geopolitical events that might impact these markets.
Technical Analysis: Utilize technical analysis tools such as moving averages, Fibonacci retracements, and candlestick patterns to identify entry and exit points. Day traders often look for patterns and signals that indicate the short-term momentum of the ETF.
Volatility Management: Major ETFs might have lower volatility compared to individual stocks but can still experience significant price swings. Use stop-loss orders to manage risk and protect against unexpected market moves.
Time-sensitive Strategies: Implement strategies like scalping or momentum trading, which capitalize on small price movements. This can be especially useful in ETFs that represent broad market movements.
Discipline and Psychology: Maintain discipline to stick to your trading plan and manage emotions, which can greatly impact decision-making. Overtrading and impulsive actions can lead to losses.
Execution Costs: Consideration of transaction costs is crucial. High-frequency trading can lead to significant brokerage fees, which can erode profits.
Leveraged ETFs: Some traders look at leveraged ETFs or inverse ETFs for more dramatic price movements. These can amplify gains but also increase risk, so they require careful risk management.

Success in trading major ETFs daily requires a blend of skill, discipline, and continuous learning. By understanding the intricacies of these instruments and adopting a strategic approach, traders can potentially see success in their endeavors.