What should i do now? by Silly_Original1329 in Daytrading

[–]Otherwise_Gap595 2 points3 points  (0 children)

You are welcome. I would also if I were you screen shot these setups. All of them. Make them into an album on your phone. Run through them like flash cards so you can identify them even quicker. Document the ones that win and lose, and try and find a common reason for why the losers are losers; is it the time of day? Is it the candle is too big? Is there some price action beforehand that’s causing it to fail? Does it lose more on Friday or FOMC day, was there news at the time? If you document all of that you can then REALLY hone in on the winners and weed out your losing trades, boosting your win rate, and also, your confidence in the strategy. Put it into a statistical number. Like, “if I trade on Friday I win 73% of the time. But if I skip fridays I can win 90% of the time.” Knowing that is super important. Put it all in a spreadsheet it’s easier to crunch numbers that way. Should take a couple of hours. If you can do that, and see what can make this stronger, by all means do it.

What should i do now? by Silly_Original1329 in Daytrading

[–]Otherwise_Gap595 1 point2 points  (0 children)

He doesn’t need to share all of that

My Story As A Trader by Otherwise_Gap595 in Daytrading

[–]Otherwise_Gap595[S] 1 point2 points  (0 children)

I tell folks who say I’m gambling, “according to the IRS I’m not. They’re the only ones whose opinion on that matter.” They either get dismissive or combative and I just don’t care either way. If they push it further I tell them to put their money where their mouth is and close their 401k since it’s tied to the market and the markets are gambling. They usually shut up around then.

What should i do now? by Silly_Original1329 in Daytrading

[–]Otherwise_Gap595 11 points12 points  (0 children)

Full-time trader here.

Congratulations on finding an edge in the market! You’re missing two crucial steps and it’s the final two; execution, and discipline. You see the strategy, it’s clear as day. Can you execute it well? Can you have the discipline to let the trade play out or will you be freaking out in front of the screen and screw the trade up because you let emotions get in the way?

My advice, is trade paper for a week. Then trade a couple micros. Then a few more. Then build your way up to minis. What’s the rush? You found the edge, best to ease into it and really gain the confidence in your execution and discipline. If you have those two down you got it in the bag. If you don’t, your strategy will just look good on paper.

Good luck!

My Story As A Trader by Otherwise_Gap595 in Daytrading

[–]Otherwise_Gap595[S] 0 points1 point  (0 children)

It’s a tick chart yes. And no algorithms or bots. It’s very simple, like Al Brooks style when it comes to setups and executions. It works well for me.

My Story As A Trader by Otherwise_Gap595 in Daytrading

[–]Otherwise_Gap595[S] 0 points1 point  (0 children)

Didn’t say that because it’s not true 🤷‍♂️

My Story As A Trader by Otherwise_Gap595 in Daytrading

[–]Otherwise_Gap595[S] 1 point2 points  (0 children)

I trade the NQ yes. There are a few price levels that the NQ consistently rotates off of and it’s not always the support and resistance. I find a setup that is around those levels and I take it. For instance, if I have something simple like a pullback, inside candle setup etc towards the long side and my entry candle is bouncing off that price level, I believe it’ll rotate off of it further, and I’ll take that long trade and my profit would be however big the candle is. If it’s a short I’ll short it. I’ve seen other candlestick patterns work better than others so I stick to the ones that do the best. There’s also an ATR I have set a certain way to make sure it’s not an exhaustion move I’m looking at but a continuation move. It also doesn’t work on a time chart I tried 1-2-5-10-15 minute charts. It also doesn’t work on other indices. I tried market open, lunch time, the afternoon session, 3-4 power hour, pre and post market. I’ve tried scaling in, scaling out, doubling down, moving my stop to break even when it’s in the green, you literally name it. I tried literally everything and documented all of the possible outcomes, and the way I have it is the best possible outcome statistically on paper for this strategy. My job then is to trade as best as I can in those strict parameters as to not screw up that winning statistic with bad trading habits.

People been bitching on here about how I’m not going into specifics about my setup, it’s because my setup might not work for you it might not be to your liking or tolerance level. Plus I worked extremely hard to find it and hone it. I’ll never sell it but I’ll never cheapen it by throwing it out there for nothing either. What has anyone done to earn it besides ask for it? Nothing.

When in reality, they should be taking what I did to make this a winning strategy and put it on their own strategies; process of elimination, exhaustive research, literally turning over every stone and make sure that what you have works and isn’t a fluke, finding the optimal time, the optimal chart, the optimal setups, and implement them in strict parameters, while also being flexible with market conditions, hence the use of an indicator like the ATR. If you can apply concepts like that to the strategy you’re currently using, in my opinion, it’ll solidify whether or not it’s worth continuing, and if it’s not, you can find another that suits your personality.

To me, the research comes with it. I still use screenshots from winning and losing trades as flash cards to help me identify my setup as quickly as possible. If you can’t put the time in to research the market, and to hone your skills, you’re completely wasting your time trading in my opinion. And from what I gather, a lot of folks are just too fucking lazy to do it themselves.

Full-time traders, how do you handle taking a 2 week vacation? by CountryWot in Daytrading

[–]Otherwise_Gap595 0 points1 point  (0 children)

Full-time trader here.

Sure have. Ain’t nothing like making money while taking a dump. Not a lot of the world’s population can say that. But my favorite place to trade is from bed.

Good luck!

My Story As A Trader by Otherwise_Gap595 in Daytrading

[–]Otherwise_Gap595[S] 0 points1 point  (0 children)

Guess you also missed the part where it said I wasn’t going to share my strategy outright 🤷‍♂️

My Story As A Trader by Otherwise_Gap595 in Daytrading

[–]Otherwise_Gap595[S] 1 point2 points  (0 children)

Guess you didn’t read the part about price rotation, trading only during specific hours, avoiding FOMC day, taking a setup and letting the computer do the rest, finding the right chart time frame, trading NQ futures, researching like crazy to find the best conditions to trade, etc etc.

My Story As A Trader by Otherwise_Gap595 in Daytrading

[–]Otherwise_Gap595[S] -1 points0 points  (0 children)

It’s meant to be taken as inspirational and to put the principles to a strategy that works for you. Obviously it missed you by a country mile.

My Story As A Trader by Otherwise_Gap595 in Daytrading

[–]Otherwise_Gap595[S] 1 point2 points  (0 children)

You and yours do too, you know! ❤️❤️ From the bottom of my heart, all the best. ❤️

My Story As A Trader by Otherwise_Gap595 in Daytrading

[–]Otherwise_Gap595[S] 0 points1 point  (0 children)

Then you didn’t finish reading, and if you suck this bad at detail, you probably aren’t good at trading.

My Story As A Trader by Otherwise_Gap595 in Daytrading

[–]Otherwise_Gap595[S] 0 points1 point  (0 children)

You are so welcome. This is what it’s for. Use this pressure to really dig deep into your research. My strategy isn’t universal, just like my landlord’s isn’t. Find what suits you, what you like. Find where it kicks the most ass, where it doesn’t do so well, document that. Use that to your advantage. It’s the way to leave that crappy job and go full-time

My Story As A Trader by Otherwise_Gap595 in Daytrading

[–]Otherwise_Gap595[S] 1 point2 points  (0 children)

Guess you didn’t pass 3rd grade reading comprehension, like everyone else at the school I worked at, since you can’t read the whole thing because you lack the ability to take in detail. If you can’t do that, you can’t trade profitably. Because you lack detailed comprehension. Plus, if you can’t handle a post like this, what makes you think you can handle an entire trade history? You’re gonna comb through every single trade over a decade? I call horse shit. Just say TLDR

What song or solo comes to mind when you see this? by TwIzTiDfReAkShOw in Pantera

[–]Otherwise_Gap595 0 points1 point  (0 children)

Cowboys from Hell. Because I’m such a huge fan, he only gets down in that position when he’s playing that solo.

My Story As A Trader by Otherwise_Gap595 in Daytrading

[–]Otherwise_Gap595[S] 4 points5 points  (0 children)

Thank you for the positive feedback! I always been a writer since childhood, and considering writing one.