It is totally possible, and probably recommended, IMO. With longer timeframes, you can make money trading ALMI rather than ALSI. If you use ALSI contracts, you will need fairly deep pockets to cover the risk. Also, if you want to hedge - you can open up an account with a 24hr trading platform - like IGmarkets (although I really caution trading with them). If your overnight position is in danger of being stopped out with a big gap the next day, take out an opposite trade - and then exit your positions at the opening.
DMB...My advice is never carry a loss over night, ie open a possition based on what you think might happen and let it unfold, if after 1 day yoou have a loss exit as your timing was clearly wrong, if after one day you are up 500 points let it run... and do so as long as the profit is growing..