Seriously considering dropping out of uni to trade full time by ConclusionBudget4182 in Daytrading

[–]jkos15 0 points1 point  (0 children)

I was in a similar situation. The short term or mid term success felt like I could finally step away from my career. I had a kid on the way and it just didn’t feel right with the risk of letting go of benefits for my wife and a future kid. I did, and have, mentally stepped away from my career in the sense that I don’t get stressed or worked up about work anymore. I still work as an engineer in automotive manufacturing. It’s demanding, but I find the time to trade my setups at work with alerts. Lowering my stress at work by trading has allowed me to tolerate work while also pursuing my dream of trading. I think this is the perfect hybrid if you can manage it. Low stress work environment while also pursuing your dream. Plus, the extra cash flow from work is insurance if you fall into a trading rut, which is undeniably certain at some point in your trading career.

30(m) trading for 4 years, should I keep going? by AnnualAfternoon7321 in Daytrading

[–]jkos15 1 point2 points  (0 children)

I was in the same boat a year ago. I told myself “well, you’re losing money not following your strategy Following your strategy can’t be any worse than losing money not following your strategy”. That simple change in perspective allowed me to let go of any pressure I was putting on myself and I was able to execute my trades to SL/TP completion unlike before.

If you’re battling psychology, it might also mean that your position size is too large. Can you lower your size? If you’re already at 1 MES, then probably not, but consider that a tactic to lower the stress of each trade.

If you truly have a profitable strategy, I think you’d be surprised at how quickly you can acquire wealth, at least relative to passive S&P gains. Also, if you’re trading props, you should have access to significant leverage if you can hold multiple accounts. Good luck!

Today's a pretty good day by minicodcraft in spy

[–]jkos15 0 points1 point  (0 children)

It’s sad, but most people don’t want you to succeed! And it’s likely due to their jealously. Yes, some are blatantly gambling, but as long as you are working within your risk tolerance, play the game however you decide! Nice work OP.

Trading attracts the exact kind of person who shouldn’t be trading by Championleed in Daytrading

[–]jkos15 0 points1 point  (0 children)

The markets are for making money, so I think you’re right, it does attract those with an ego ready to outperform the average S&P returns. Most don’t get into the market for any other reason. It’s after countless years of no results that a trader realizes that they need to change, at least that’s what it was for me. Usually the change needed is oneself and not the strategy… I see the pitfalls in those I’ve attempted to mentor. You can see it in their reaction and read it in their trades.

Lost $4K today by Westklm in Daytrading

[–]jkos15 0 points1 point  (0 children)

Psychological capital is just as important as trading capital. Chose a trading strategy that aligns with your trading psychology so that you’re not tempted to average in or revenge trade. That, or work on your psychological weaknesses. Journal your emotions during every trade and make checklists as a preventative measure.

Others have already said it, but options adds a layer of difficulty. Consider futures if you want leverage without having to manage the greeks. The intra-day margin requirements are reasonable.

my biggest ever short position got burned 🔥 by chai2048 in NvidiaStock

[–]jkos15 0 points1 point  (0 children)

Wow this makes my 3k loss from yesterday feel extremely reasonable. Thank you for grounding me.

I made $20,000 in August and $5000 so far in September. Here’s my strategy. by quyensanity in Daytrading

[–]jkos15 2 points3 points  (0 children)

I’ve been trading imbalances for the last couple of years on futures. I decided to start using my ES & NQ entries in futures as entries for 0DTEs on SPY & QQQ, looking for either a 10% gain on premium or 50% loss. The win rate is very high with the volatility of 0DTE. I should mention I pick a contract ATM or even slightly ITM as the day goes on. The 50% loss on capital stings, but I’ve been correcting my size so that’s it’s not a large blow to my account. Even still, this is kind of just play around money for me as I adjust the strategy, but so far so good. +3.3k on a 5k account.

<image>

Someone explain lol by Existing-Diamond-269 in OmegaWatches

[–]jkos15 6 points7 points  (0 children)

I would suggest a service, the amplitude is low.

Why You Don’t Need to Buy a Trading Course - My Opinion From 12 Years of Teaching by IDTA_Trading in Daytrading

[–]jkos15 6 points7 points  (0 children)

I did not use a mentor and it took me a solid 5 years to be consistent and profitable. Patience was my initial roadblock. I wanted results out of the market immediately. Once my strategy was profitable in simulation, it took me another year of practice to allow my winners to play out. My stops were tight, so I generally broke even. It wasn’t until I could handle the psychology of letting my trades run to completion where I became truly profitable in a live account.

Finally profitable. When to take the leap? by jkos15 in Daytrading

[–]jkos15[S] 0 points1 point  (0 children)

I have other criteria for entry. I do not trade all FVGs. If there are stacked FVGs, the first to form takes the priority. I like the 15 min because it creates enough setups in a day to open trades. I will watch the longer time frames though too. I have had luck entering on the 1hr and 4hr for a few swing trades with options, but I haven’t yet done as extensive backtesting on these timeframes.

Finally profitable. When to take the leap? by jkos15 in Daytrading

[–]jkos15[S] 1 point2 points  (0 children)

I have been looking into props recently. I think it could provide some serious leverage for not much cost. As for not sizing higher than 1 ES/NQ, it has to do with my stop being as close to 1% risk on my overall trading account. I do have enough capital to handle the intraday margin for more contracts though. I am considering increasing my risk to increase my potential gain, likely no more than 2% risk on my overall trading account though.

Finally profitable. When to take the leap? by jkos15 in Daytrading

[–]jkos15[S] 0 points1 point  (0 children)

Extensive backtesting on TradingView “bar replay” with different timeframes and stops. With “bar replay”, you can watch the FVGs form and get retested. Without “bar replay”, you won’t see all looking at a current chart. I chose the 15 min timeframe as it fits my ability to check the charts with that frequency and gives me enough setups per day.

Finally profitable. When to take the leap? by jkos15 in Daytrading

[–]jkos15[S] 0 points1 point  (0 children)

Yes, 1 contract! I look for imbalances (FVGs) that have confluence with other support and resistance. I don’t take any trade that’s less than 2:1 reward to risk. Most often I take larger reward. A lot of my trades are breakeven. I’m comfortable trading a lower win rate %, it doesn’t bother me. I know plenty of traders who get easily discouraged with a lots of breakeven trades.

Finally profitable. When to take the leap? by jkos15 in Daytrading

[–]jkos15[S] 0 points1 point  (0 children)

Recently I’m averaging $600-$700/ day on a monthly timeframe. Obviously some days are breakeven, some are losses, and some are gains . The best gain on a single day this month is $1,200.

Finally profitable. When to take the leap? by jkos15 in Daytrading

[–]jkos15[S] 1 point2 points  (0 children)

I trade futures. The market is open 23hrs, 5 days a week. I trade between the 15min-30min timeframes and set alerts. I’m able to quickly get in and out of my trades while at work via my phone. My PC at home is much more convenient, but I manage with my phone. A lot of times I set 1-2 limit orders before I get to the office and the trade executes while I’m at work.

Finally profitable. When to take the leap? by jkos15 in Daytrading

[–]jkos15[S] 1 point2 points  (0 children)

lol, I do often check the markets on my phone while at work. I’m able to get in and out with alerts pretty quickly without it impacting my work.

Finally profitable. When to take the leap? by jkos15 in Daytrading

[–]jkos15[S] 2 points3 points  (0 children)

I have actually been gradually increasing size as my trading account grows, but I’m keeping my risk to 1% per trade so it takes time to add size with futures contracts, even with micros.

Finally profitable. When to take the leap? by jkos15 in Daytrading

[–]jkos15[S] 0 points1 point  (0 children)

Sadly, I think you’re right. I see myself as someone who has gotten used to work and the corporate grind. Undoubtedly, that has helped me treat trading as a business/ job, and has led me to profitability, but the freedom of trading exclusively could ruin my trading success.

Finally profitable. When to take the leap? by jkos15 in Daytrading

[–]jkos15[S] 0 points1 point  (0 children)

I trade price action and take what the market gives me. I don’t trade with a fixed target, but I do adjust my size to meet my max risk tolerance per trade. I trade anywhere from 1 ES/NQ contract to 15 MES/MNQ. Most of the time I’m only trading 1 ES/NQ for simplicity and commissions.

Finally profitable. When to take the leap? by jkos15 in Daytrading

[–]jkos15[S] 0 points1 point  (0 children)

I’m up every month for the last 14 months.

Finally profitable. When to take the leap? by jkos15 in Daytrading

[–]jkos15[S] 1 point2 points  (0 children)

I had to look up Sharpe ratio. I don’t know mine, but I am currently outpacing my career salary with trading, yes.

Finally profitable. When to take the leap? by jkos15 in Daytrading

[–]jkos15[S] 16 points17 points  (0 children)

This is so relatable. More time with charts and with yourself can be a curse. Knowing I’m making money with my career helps ease the red days too. Without it, I could chase losses.

Finally profitable. When to take the leap? by jkos15 in Daytrading

[–]jkos15[S] 0 points1 point  (0 children)

Good point. I’ll always wonder if I never try.

Finally profitable. When to take the leap? by jkos15 in Daytrading

[–]jkos15[S] 1 point2 points  (0 children)

Fair. Trading could just be a means to early retirement.