Thank you. I will practice and paper trade for a few times. I find it safer to swing trade highly popular stocks. I keep the account size small so that I am not too stressed if I lost money. I had briefly tried SQQQ but felt it was way too risky.You should have your 6 month daily chart of TQQQ. Notice that it peaked on 2/19 @118.8 then came the crash. The bottom was 3/23 @32.27. Then it began to recover, and climbed steadily until it peaked 5/12 @78.13.
Correlate that to the TTM Squeeze chart. The TTM Squeeze is a momentum indicator. When momentum is positive and increasing the bars are light blue. Positive but slowing down, dark blue. Negative and increasing, red. Negative but becoming more positive, yellow.
The buy signal is when the bars turn from red to yellow. I like to wait for a second yellow bar to buy, and I like to see the RSI coming off the bottom, from below the lower line. This shows that the market is oversold and there is plenty of room for a run up. A good trade shows both signals although not necessarily at the same time. I don't insist on the RSI signal but I feel better if it confirms the squeeze.
Once I buy, I set a stop loss just below the low. Most of the time this is not necessary but maybe once in 4 or 5 times I get stopped out. Usually this is followed by another buy signal a few days later. If you are cautious make a small buy.
Once the price moves up you can raise your stop to the break even. At this point I will make a second buy. Notice that at this point the first buy is at least break even and therefore risk free. If the price goes up some more you can raise the stop to where the second buy is break even and the first shows a guaranteed profit. At this point I might venture a third buy. This is a very cautious low risk way to trade a trend.
As for the question of when to sell. I will keep raising my stoploss to the last support point and wait to get stopped out. I don't believe I, or anyone else can predict the market. However there are a few things that happen over and over and one of them is a 50% retracement. You see it on charts all the time, when something radical happens like the big sell off we just had, the price will often rebound 50%. In this case 50% of the move would take us to 75.53. I decided if TQQQ hit 75 it would be a good time to sell and await developments. If it turned out to be a bear market rally I had a nice profit, but if the price continued to climb I could always get back in. You may have noticed I hate to take risks and I hate to lose money even on a sure thing trade. 50% on my money in less than 2 months is good fishing and an opportunity like this comes along 2 or 3 times a year in TQQQ alone. A bold trader could make multiples of that.
Take the time to study the chart and apply what I said, go back over the years and see how often the same trade has worked out. The more I study this thing the more I see in it. Paper trade it a few times until you are convinced it works. The same method works with lots of other stocks and ETFs, as long as they move their can and give you some decent trends. Some stocks are too volatile and others are too dull, but there are hundreds of possibilities. Someone who was savvy with computers could search them out with some kind of search program. If you find anything good I would love to hear about it. In the mean time good luck and good trading.