Monthly Archives: March 2015

My Interview with Aaron Fifield from Chat With Traders

 

Chat With Traders - Interview - Lance Beggs

Hey all,

Here's something different to the usual articles you get each week. If you've got 52 minutes available you might want to check out this podcast.

A couple of weeks ago Aaron Fifield from Chat with Traders called me up and we did a quick interview where he delved a little into my background and how I describe my trading these days.

Check it out here –http://chatwithtraders.com/ep-013-lance-beggs/

Or stream it right here:

Here's the description, which I've "borrowed" from the Chat With Traders interview page (hope you don't mind Aaron!):

With upwards of 15 years in the game, this weeks guest had no shortage of deep trading knowledge to reflect on for our interview.

Let me introduce you to, Lance Beggs – a price action trader who is a little different to most…

While he relies on technicals to a certain degree, his edge comes from the ability to adapt the mindset of other participants and gauge entries based on their fear. Lance refers to this as the metagame, which he breaks down in much greater detail during the interview.

Lance also goes into how he controls tight stops, and uses an aggressive risk management strategy to trade without fear. Plus, this segment includes some great tips on how to nail the re-entry, that many traders struggle with, mainly due to psychology reasons.

Lessons learnt in this interview:

  • The great challenge Lance dealt with in his early trading days – finding a timeframe that resonated with his personality and lifestyle. And why others should go through the same process of trial and error.
  • The results of what can happen when trading with a combination of too much pressure and the wrong mindset. Essentially Lance went through a stage where he was attempting to trade himself out of a hole, and it didn't end well…
  • If you make nothing from trading, can you still survive? Lance gives us something to consider before taking the leap to trade full time, and why it is important to have multiple streams of income.
  • Analysing the internal movements of price, and how to factor the people/metagame aspect into your own decision making.
  • How Lance controls tight stops, and an aggressive risk management strategy to trade without fear. Plus, when to re-enter, and when to step aside.
  • The key benefits of tracking your trades in small groups, to grasp a realistic understanding of current performance – great exercise!
  • The main reasons why most traders never see huge success, and what you should do to avoid them.
  • And much, much more… 

Check it out here –http://chatwithtraders.com/ep-013-lance-beggs/

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Do This to Increase Learning Every Session

 

Every session… find at least one price action or market structure feature that you find interesting… and STUDY it.

I posted the following images to YTC Facebook and YTC Twitter recently:

Wide Range Bars with No Follow Through

Wide Range Bars with No Follow Through

Yes, you're lacking some context in examining the above trade (there is limited room on a facebook image). But the main point is not the trade itself, but rather the idea of identifying and studying one price action or market structure feature EVERY DAY.

If you do this after every trading session, you'll have well over 200 entries in your journal in twelve months time. How valuable will that be!

What REALLY pleased me was that a couple of days after the original post, I received the following comment from YTC reader Naveen:

 

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Is This a Stupid Trade?

 

Email from a YTC reader who I'll leave anonymous!  πŸ™‚

Hi lance. How are you? I wanted to ask you, do you use hard stops or mental stops? I had a trade today go wrong on me because I think either my stop was too tight or I shouldn't have used a hard stop. I'll attach the trade. Thanks!

Here's the attached image:

Is this a stupid trade?

NB. The horizontal white line at 32.78 is not an S/R level. This is simply the last traded price.

What I find most concerning here is (a) the trader referring to the trade as "stupid", and (b) informing me that this left him feeling out of sorts for the rest of the day.

My reply:

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Is this Market Bullish or Bearish?

 

For all those times I'm asked by email, "Why were you selling today when the market is bullish?" or "Why were you buying today when the market is bearish?"

Bullish or bearish?

Bullish or bearish?

Bullish or bearish?

So when someone says that a market is bullish… or that a market is bearish… that actually means nothing without some idea of time scale.

Cheers,

Lance Beggs