Introducing Joszef, the Romanian trader and student who is excited to share his recent trading success.
Joszef began his trading journey around one and a half years ago after completing his Bachelor's degree. Reflecting on his journey, he reveals that since middle school, he harbored a fear of living a conventional life. For him, a normal life meant working a nine-to-five job and returning home just to watch TV. This fear of monotony fueled his desire to explore alternative paths, eventually leading him to the world of trading.
Joszef reflects on his past life, describing it as lacking purpose and filled with casual socializing with friends. However, after some introspection, he decided to give trading a try for the next two years, believing that dedicating time to trading could lead to better results. During this period, he mentally prepared himself for the worst-case scenario, envisioning it as akin to the typical 9-to-5 job.
When questioned about his transition to prop firms and whether he trades exclusively with them or also uses brokers, Joszef reveals that before discovering prop firms, he traded using a personal account with brokers. However, this approach negatively impacted his psychology, as he felt pressured to quickly scale up the small account to a significant amount.
Joszef recounted his struggles with revenge trading whenever he faced losses, often entering multiple positions in a bid to recoup his losses. However, everything changed when he stumbled upon prop firms in July. Realizing the potential to generate income with even a modest investment, he highlighted the example of achieving a monthly five percent return on a $25,000 prop account. According to Joszef, this opportunity surpasses many available jobs in his home country, Romania.
Opening up about his journey, Joszef disclosed that he embarked on his first prop firm challenge with Goatfunded Trader. It took him six months to complete the challenge, a milestone he expressed great pride in. He credited his success to his meticulous risk management practices, which he described as "on point." He further explained that the lengthy duration was partly due to the occasional delays of two to three weeks before a single trade reached take profit.
During the interview, Andrea expressed her admiration for Joszef's patience, noting that he is the first trader she has encountered who has persevered through a prop firm challenge for an extended six-month period and eventually received a payout. Joszef explained that the extended duration was necessary because he faced challenges in developing a well-defined, rule-based strategy that he could consistently execute.
Discussing his trading approach, Joszef revealed that he identifies as a swing trader and primarily relies on the four-hour time frame. He candidly shared his earlier struggles with scalping on the one-minute time frame, acknowledging that he found it difficult to maintain profitability. Over time, he realized that trading lower time frames often led to disregarding market structure, prompting him to shift his focus to longer time frames.
Andrea mentioned another benefit of swing trading, noting that it allows for more time to engage in other activities. Although she primarily identifies as a scalper, Andrea also participates in swing trading.
Joszef discussed the number of pairs he trades, revealing that he monitors around twenty pairs. He explained that opportunities are less frequent on higher time frames, so he includes multiple pairs on his watchlist to avoid impulsive trading. By doing so, Joszef ensures he can focus on the best, most reliable price action to capitalize on.
When it comes to managing risks, Joszef explains that he sticks to a fixed one percent risk on each account, aiming for a 2.54 return. His main objective is to establish numerous accounts to spread out the risk, enabling him to earn more while risking less. Initially, during the challenge phase, Joszef opted for a lower risk of 0.5% due to the lack of a solid strategy. However, upon discovering a reliable strategy, he increased his risk to 1%.
Moreover, Joszef currently holds funding of approximately $125,000 across various prop firms. However, he has only received payouts from the $25,000 account he secured with Goatfunded Trader.
In discussing his experience with Goatfunded Trader, he expressed his appreciation for the minimal spread on traders' accounts. However, he noted some discomfort with the commissions. Despite this, he found everything else to be a positive experience with Goatfunded Trader, including the payout process and the KYC verification.
Andrea, addressing the issue of commissions, explained that it's a common challenge with brokers. She elaborated that brokers typically offer either higher commissions and lower spreads or lower commissions and higher spreads, making it practically impossible to have both simultaneously.
When Joszef was asked about his typical trading day, he mentioned that he spends just one hour each week looking at the charts. He explained that he does all his analysis on Sundays to prepare for the entire week ahead. After that, he sets alerts to notify him when the price approaches his points of interest.
Regarding discipline and patience, Joszef expressed a unique perspective. He believes that day trading actually demands more patience than swing trading. According to him, day traders need to wait patiently for specific opportunities that arise at particular times of the day, which requires a high level of patience.
Joszef emphasizes the importance of backtesting for traders, advising them to take a sufficient number of trade setups to assess how well their strategies perform over time. He also stresses the significance of journaling in his trading routine. Joszef meticulously records both winning and losing trades to compare and analyze their differences, aiming to gain a comprehensive understanding of what works and what doesn't.
He explains that journaling helps him identify patterns and refine his trading approach. Additionally, Joszef acknowledges that even seemingly mechanical trading strategies involve a level of subjectivity.
Reflecting on his trading journey, Joszef recalls his worst moment, which occurred towards the end of 2023 when he struggled to develop a definitive strategy. This period left him feeling hopeless and almost led to a state of depression.
However, he persevered and eventually found success, which he considers his best moment in trading. Receiving his first payout was a turning point for Joszef, as it validated his efforts and silenced the doubts of his family members who initially questioned his ability to generate income through trading. This milestone alleviated a significant amount of pressure and reaffirmed Joszef's confidence in his trading abilities.
With his successful trading journey, he has inspired his friends to join the trading world, demonstrating the potential and opportunities it presents.
Joszef touched upon the significance of having a mentor, highlighting how mentors guide traders and expedite their learning process. He emphasized that mentors have already made mistakes, which can prevent traders from repeating them.
Providing guidance to traders, Joszef recommends patience and emphasizes the importance of backtesting and forward testing strategies. He believes that real results emerge from forward testing, allowing traders to assess their ability to execute trades effectively.
