Category Archives: Other

Other – In this category we include all articles of a general nature, which do not fit within the Trader, Trading Business or Trading Process and Strategy categories.

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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What Makes YourTradingCoach.com Different to Other Trading Educators

 

(1) My Focus is on the Metagame

Most price action traders are focused on the patterns that result from price movement, in the expectation (hope) that these patterns will lead to further price movement, just as the textbooks say they should.

But what they're missing is the deeper level of understanding.

I don't play this game.

I play the metagame.

A metagame is most simply defined as "the game behind the game". It's the game outside of the obvious rules where the player makes decisions based upon what their opponent is thinking and how you expect them to act.

This is the real game in trading. It's not the technicals which move price. It's not the fundamentals. It's orderflow. And that orderflow comes from the decisions and actions of the other market participants.

Learn to find the times and places on the chart where other market participants will act, through fear or greed, and you've found an edge in the markets.

What I'd like to share today is the very first article I wrote introducing this topic, way back in 2009.

It's also my favourite YTC article of all time.

Check it out here: http://yourtradingcoach.com/trading-process-and-strategy/rock-paper-scissors-a-trading-analogy/.

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Reader Feedback – Light Bulb Moments

 

Reader Feedback – Light Bulb Moments:

Hey Lance,

Hope you are well.

I refer to your newsletters dated 28/3 and 4/4, the contents of which embedded a light bulb moment in my head.

Up until now I’ve always hated gaps, I felt like the markets flow has been disrupted. In reality my perception was disrupted.

Hence I’ve always traded globex tick data. However there were limitations to this method as the chop of this data was based on my random figure, not that of the market participants. And the visual patterns regarding volatility are much clearer on time charts.

Then came your newsletters regarding Opening range and two lines you must have on your chart. My initial reaction was wow!, but after testing it on 3 months of RTH time data my reaction was wooooooowwwww! (PS. I included the prior day close while I was at it)

Now instead of needing a bias before the trading day, I go into each day with a neutral bias. Instead of being so tense prior to each open I’m now Mr cool.

The contents of your FREE newsletters are GOLD, but most people will likely underestimate it – unfortunately that’s human nature. All I can say is “KEEP IT COMING”

Thanks and Regards

R

NB. These are the two articles from the 28/3/14 and 4/4/14:

Check them out if you missed them… or try them again if you didn’t get your own light bulb moment.

Lance Beggs

 


Caution – Lazy Preparation of Education Material

Let me give an example of a point made in the Trends & Channels video, in which I stated the following:

With hindsight it’s always easy! So when you see educators marking up charts saying, "See how the trendline defines the trend… and see how you could have entered here and here and here". Don’t blindly accept this. But instead look at the chart and confirm whether that is actually how it would have appeared at the right hand edge of the chart. Or have they just marked it up with the benefit of hindsight.

Hindsight is easy! Live… is never as simple!

Here's an example. Let's assume you were shown the following chart, demonstrating the potential for channels to provide exceptional trade entry locations.

hindsight charting

What's the problem with this chart?

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Applying for One-on-One Coaching

 

Hi Lance,

I’ve been trading for a year and love it although I’ve lost a lot of money.

Life is really tough right now and I desperately need some trading income to save our house. I’ve lost my job. My dog has died. My wife and kids hate me. But I think that everything will be fine when I learn to trade properly.

I love your YouTube candlestick videos and think you could help me.

I don’t need to get rich. I have more realistic expectations. Just about a thousand dollars a week should be enough to be comfortable.

Can you help me out with some coaching.

Thanks,

 

Slightly paraphrased! But this is typical of probably 90% of the coaching requests I receive. And I do receive many.

Let’s excuse the fact that I don’t currently provide coaching and the fact that the writer clearly failed to check my website first to determine what services I do provide (here and here).

If I did provide one-on-one coaching, this application would get a clear and resounding FAIL.

 

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