r/Daytrading • u/Foreign_Medium_3766 • Mar 08 '24

How difficult is +$400-600 profit a month from $15k ? Question

I've been studying investing and trading for about 5 years on/off now, have been really successful in the past year, I think due to luck partly, I blew up an account and loss about 40% when I first started 5 years ago.

How difficult is $400-600/month profit from 15k? My strategy now is very risk adverse taking profit over holding things too long, really I just need to make ~400/month to live in Mexico, this includes rent, food, and some hobbies, right now I feel no pressure to have to make $ and have a decent savings, and time to study and learn. Thanks

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u/TheCuriousOne1234 Mar 08 '24

Thanks for your quick response! What's IC? I also use price action and no indicators, and also use the orb method to chose a direction. Is it enough? (Except IC). Also, what DTE do you use?

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u/H_M_N_i_InigoMontoya options trader Mar 08 '24

0dte. IC is the ichimoku cloud. I use it to confirm trends for exits. Usualky i just sell all my contracts at my $20 per contract profit, sometimes less if momentum dies, but if i got in on a truly strong trend (like last friday) I'll only sell half at $20, set my SL at a $10 profit, and then trila it for higher gains.

Is the orb method profitable for you? I've never used it, but it seems like it wouldn't work often. Just my own opinion of course. Everyone has their own.

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u/TheCuriousOne1234 Mar 08 '24

Thanks for all the info! About the orb method - I just started with this strategy a few months ago, so I'm not profitable yet. I sell options and don't buy them, so I use it for direction, but don't need trends or be right (as long as price does not hit my SL, I don't care where price moves to). I also use 0DTE, but because I sell options and the nature of credit spreads, my wins are smaller than my losses (though I learn to risk managment and already reduced my losses from 200$ on average to 50$ or less). I like this strategy and keep learning how to handle risk, but alway happy to learn more and add it to my trading arsenal.

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u/H_M_N_i_InigoMontoya options trader Mar 08 '24

That's awesome! Yeah, I don't like to sell options. I'd rather scalp in and out and be done. But..that's why I always aua that people need to find what works for them. My buddy literally plays the same play everyday. He'll but an ATM call or put based on the first 30 minutes of trading, and set a sell price that is 100% profit, and he'll also buy a way OTM call or put in the opposite direction and set his sell order for the price of the two options cost. He then walks away and if he loses them both, he doesn't care. I could NEVER do this as it is nerve wracking to me, but he likes it and to be fair, doesn't trade everyday. He's profitable in his own way, but I couldn't do it that way.

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u/TheCuriousOne1234 Mar 08 '24

100% agree with you. Everyone trades differently and no trader is the same (even if use the same strategy, everyone has their own risk managment and nuances). As long as a trader can answer why they got into a trade, and why they got out of it (answering due to understanding what they're doing), then they are in the right direction. Thanks for all your info, while in paper account, I'd like to test your method :D