Honestly I like to think it is relying on proper due diligence as I continue to learn regarding spotting undervalued companies (fundamentals) and relevant technical signatures but I guess I am fine being called lucky… my tiny account has gone straight greenhulk (I do realize that rallies like this are the exception rather than the norm - but I believe there are more to come in the future tied to particular scheduled events).
I have to qualify my previous comments on MJX above; the MJX etf is not a play on the Cali/US legalization, its holdings are mostly canadian (most of them quality), with some biotech (which can be considered anti legalization plays themselves), and peripheral tobacco ish, etc. And in this bull market the performance of this particular ETF is a bit abismal: Up 0.5% today in the middle of a currently insane, irrationally euphoric rally. Look at the gains in its biggest holdings for today, management fees dont cost that much, something is not right. I see no reason to dip into this type of etf unless your broker is stopping you from trading OTC joints or the Canadian (foreign) grey market tickers.
Regarding Contango effects, it seems my problem was holding leveraged commodity ETFs (this was what I gravitated to when I first got into trading because this looked like a nice way to play the commodities/futures market as if they were stocks). It didnt take long to see the effects and how my ETF was not pegged to the associated commodity in the way that I thought it should have been. I assume the effect is less obvious with nonleveraged ETFs but I would expect it to be present nonetheless. Definitely wouldnt recommend setting it and forgetting it regarding commodity ETFs, unless you know something I dont. If you are investing long (rather than a quick trade) make sure you know the holdings of the ETF you are getting into as I am not sure this is a sound way to diversify. Also index funds are for pansies, grow a pair and put some skin in this game hahaa