Frequently Asked Questions
First, please read the Disclaimer and Terms & Conditions to understand that the information provided on this website does NOT take into account your individual circumstances, and should NOT be considered advice. It’s general comment only, for the purposes of information and education. Please seek professional advice with regard to whether or not it is appropriate to your own particular financial circumstances, needs and objectives.
Then, click on the links to be taken to the appropriate Q&A.
- What is your Email Q&A Policy
- How can I subscribe to the newsletter?
- How do I change my email address for the newsletter?
- How do I unsubscribe from the newsletter?
- How do I search the YTC Website Article Archives?
- Who are you?
- How do you personally trade?
- If you’re so good at trading, why are you teaching?
- There is so much rubbish on the internet? How can I trust you?
- Can you teach me to trade?
- Do you have a course that I can buy?
- Can you provide private mentoring?
- Can you please set up a live trading room?
- Do you do speaking engagements?
- Why all this information for free? Are you going to be charging for services later?
- Are you just going to be promoting all the latest forex courses, ebooks or robots, like every other internet marketer.
Learning to Trade
- What’s the easiest way to learn to trade?
- How long does it take to learn to trade?
- How much money can I make as a trader?
- How can I get started?
- What market should I trade?
- What timeframe should I trade?
- What strategy should I trade?
- Should I buy a course or develop my own strategy?
- Should I use a mechanical system or a discretionary system?
- Which indicators should I use?
- Which broker should I use?
- Which platform should I use?
- Can you explain the trade markings on your charts?
If your question is not answered here, please feel free to contact me via the Contact Page.
What is your Email Q&A Policy
Effective 27 August 2012:
(a) All administrative, technical and sales enquiries will be responded to as soon as possible. I aim to respond to these no later than the end of the next business day.
(b) “Free coaching” questions will no longer be answered. However they will be read and may form the basis for a YTC newsletter article if I feel they offer value to the wider YTC community.
For four and a half years now I’ve answered almost every email sent to YTC. While no one person has been abusing the privilege, collectively this has led to a daily email burden that has burnt me out and has stalled any further growth of YTC. This has now reached the point at which it’s unsustainable and the options are to either shut down YTC or halt all free coaching.
This newsletter has been (and will remain) a one-man part-time endeavour. Trading and family time will always remain my priority. But I enjoy writing as well so have allocated two hours a day towards this project. Currently, I spend greater than this two hours every day in answering email. As a result, no new product development has occurred since April 2011.
Email Q&A benefits only a very small percentage of readers (<1%) but greatly reduces the value I can provide to the 100%.
Investigations into blogging sites which have closed down blog comments for similar reasons shows that, while perhaps counter-intuitive, it actually greatly improves the service provided to the readership. See here for one example!
I have for quite a while wanted to commence work on some video or webinar based training. Removal of my daily email burden will allow this work to commence. So once again I can look forward to each day where I can be involved in a creative educational process, rather than waking up and dreading entering my office and seeing yet another full inbox.
Beyond the initial video and webinar trading, I will investigate options for individual or small-group coaching for those who learn better from the more personalised attention. It will no longer be free though!
How can I subscribe to the newsletter?
This newsletter uses a double-opt-in subscription process, to ensure that no-one else is entering your details to subscribe you to newsletters you don’t necessarily want. It makes it a little more complicated, but it’s worth the effort to minimise spam.
The process is as follows:
Simply enter your name and email address into the boxes on this webpage – http://yourtradingcoach.com/newsletter/
Or if you prefer you’ll find subscription boxes on the RHS of the homepage and every blog post.
Within a couple of minutes of entering your details you should receive a confirmation email in your inbox. This email contains a confirmation link (just to be sure you want it). Click on this link. Your web browser should then show a confirmation page, confirming that everything has worked. You’ll then receive your welcome email in your inbox.
That’s it. Not too difficult hopefully.
How do I change my email address for the newsletter?
At the very bottom of each of the newsletters you’ll find an html link labelled “Change Subscriber Options”. Click on this link and you’ll be taken to a page where you can change your email address. Click on the link ‘edit contact information’ to change your email address.
How do I unsubscribe from the newsletter?
At the very bottom of each of the newsletters you’ll find an html link labelled “Unsubscribe”. Click on this link and you’ll be taken to a page where you can unsubscribe from the newsletter. Simply check the little round button under the heading ‘Unsubscribed’ and then click save. You should see a confirmation page. (Depending on your browser you may not have to click save – sometimes you get the confirmation automatically).
How do I search the YTC Website Article Archives?
For a general browse through the list of articles and videos, I recommend the Site Map. Scroll down and you’ll see a list of all articles by title.
For a particular category or topic, click on the appropriate Category or Tag in the right hand side of the blog page.
Or for a more targeted approach, where you search for a particular keyword, you’ll find a search box at the top of the right hand side of the blog page.
Who are you?
Quick Summary – Lance Beggs, trader, trading educator, ex-military helicopter pilot, husband, father.
See the About Us page for more details.
Or for another way of answering the question, here’s a bio that was submitted with an article recently published in The Traders Journal:
Lance Beggs is a full time day-trader with a current preference for both forex and emini-futures. His style of trading is discretionary, operating in the direction of short-term sentiment within a framework of support and resistance.
As an ex-military helicopter pilot and Aviation Safety Officer, Lance has an interest in applying the lessons and philosophy of aviation safety to the trading environment, through study in human factors, risk management and crew resource management.
He is the founder and chief contributor to http://www.YourTradingCoach.com, which aims to provide quality trading education and resources with an emphasis on the ‘less sexy’ but more important aspects of trading – business management, risk management, money management and trading psychology.
How do you personally trade?
I am a short timeframe discretionary trading, operating in the direction of short-term sentiment within a framework of support and resistance.
At the moment my trading is primarily in the Emini NASDAQ futures (NQ) and to a lesser extent the Crude Oil futures (CL).
Timeframes are 30 & 5 min for higher timeframe context, 1 min for the trading timeframe, and a combination of 15 sec and 2-range for lower timeframe fine-tuning.
The method is a blend of both the YTC Price Action Trader and YTC Scalper.
For a full description of these trading strategies:
- The YTC Price Action Trader outlines the trading strategy that I used up until mid-2010 on slightly higher timeframes (3 minute charts) in the forex, fx futures and e-mini futures markets.
- The YTC Scalper is the trading method used since mid-2010. This is not a new strategy, but rather a variation of the YTC Price Action Trader designed to simplify processes and procedures, allowing application on faster scalping timeframes. This is applicable to the fx futures and emini-futures markets. Please note that YTC Price Action Trader is a prerequisite (if you choose to learn through YTC), as the YTC Scalper ebook assumes a thorough understanding of the YTC Price Action Trader theory of markets and analysis processes.
If you’re so good at trading, why are you teaching?
I see this all the time in forums. Trading seems to be the only business in the world (that I know of) in which the public are totally skeptical of anyone who teaches, or shares their methods. Perhaps that is very much deserved, given all the rubbish and the hype that exists in the marketplace. It’s unfortunate though. The fact is that there is some real quality information out there amongst the rubbish. Hopefully I can help provide some quality. Not all trading educators are a fake. Yes, I’m sure many are – I know a few educators personally and seriously doubt some of them trade. However there are others who do trade.
So why do I do this? Firstly, I enjoy teaching. When I was involved with Aviation Safety, one of my primary roles was education. I enjoyed it. I also consulted for another company a couple of years ago teaching options trading. I enjoyed it. So, it’s quite natural now that I’m trading for myself that I’d want to also teach other people. Ok!!!!
And yes, it does make me money. Well, at least that’s the plan. I subscribe to the theory of multiple streams of income. I suggest you seriously research this topic as well. Trading should not be your only source of income. Build other income streams – both active and passive.
There is so much rubbish on the internet? How can I trust you?
Easy answer – don’t trust me. In fact, don’t trust any trading educator, until they’ve proven themselves worthy of trust.
Learn as much as you can from the site and from my newsletter, but don’t put anything into use in a live market until you’ve thoroughly tested it in a demo setting and proven to yourself that it works for you. Take what you like from my teachings, and discard the rest. The interesting thing with trading is that what works for me won’t necessarily work for you; but that’s cool. We all trade differently.
That being said, I’d like to think that the fact that my site is not filled with hype or outrageous promises, allows me to start off with a little credibility. In fact, I’ll go so far as to say that trading is possibly going to be the hardest thing you’ve ever tried in your life, and you’ll probably fail. Only a small minority have the patience, courage and determination required to make it.
Refer to the SiteMap for an archive of previous articles and videos to confirm the quality of work meets your standards, and the content meets your needs.
Can you teach me to trade?
If you’re after one-on-one coaching, unfortunately I don’t do that at the moment. The only teaching I currently do is through the website and newsletter, which provides general information on a wide range of trading topics, and through my self-study PDF ebook series at YTC Price Action Trader and YTC Scalper.
If or when I start up individual coaching, I’ll be sure to announce it through the newsletter. If you haven’t already subscribed to the newsletter, you can do so through the subscription boxes on the top of the left-hand side menu.
To be honest though, I don’t think anyone can be taught to trade, at least not the way I trade. Instead it’s something you learn for yourself through experience and immersion in the markets. My role in this is to perhaps provide some guidance along the way, keeping you on the right path and minimizing the distractions and false turns. More of a mentor or coach, than teacher. I can point you in the right direction. Success or failure though, is up to you.
An important factor is whether or not you relate to both my style of teaching and my style of trading. Read some of my articles, watch some of my videos, subscribe to my newsletter. If you like the way I work and if my trading style seems compatible with yours, then perhaps there’s a chance we could work together one day. If you can’t understand my accent or if I speak too quickly, it’s probably not going to work. If your underlying beliefs about how markets operate are different from mine, then once again you may be better seeking guidance elsewhere.
Do you have a course that I can buy?
If you’re interested in a swing trading strategy (Demonstrated on short timeframes … 3 minute charts… but able to be adapted to any market and any higher timeframe provided sufficiently liquid): YTC Price Action Trader
Then if you’re interested in adapting the above strategy to faster scalping timeframes: YTC Scalper
Can you provide private mentoring?
At the moment I’m not interested. My trading is very time intensive (day-trading involving hours of watching screens) plus I have a young family and some other business interests as well. My priorities are my family, my trading, other personal interests and business interests. These do not leave me sufficient time to devote to you. Sure, I could offer some mentoring program for sale, take your money, and give you an inferior product, but that’s not the way I want to operate and I’m sure it’s not what you want. Until my life allows me to give serious attention to mentoring, and deliver a quality product, I just can’t (or won’t) do it. I hope you understand.
Can you please set up a live trading room?
This is unlikely to ever happen. Firstly, my trading environment is a calm, relaxing environment. Usually with some nice background meditation-style music (although sometimes when I’m in a different mood I’ll trade to Radiohead, cranked up nice and loud). The last thing I imagine I’ll ever want is to be trading with the distractions that come from a live trading room – questions from participants, negativity from the one or two people who seem to be always present in these rooms, disputing or second guessing setups or trade entry or management calls. Not to mention the distraction to my trading psychology due to the fact that I’d feel I had to make a profit that session. Trading rooms are not conducive to good trading, at least not for me.
Secondly, it’d be really boring. I can sit for two hours waiting for the right setup.
But then you never know what the future may bring. While I am not personally a fan of trading rooms, I do recognize that live trading is a great learning environment. So I will be looking for ways in future to take advantage of these benefits. Perhaps a live classroom or online setting, where you trade and I provide coaching???? Don’t know! More thought required here.
Do you do speaking engagements?
Sorry – not at the moment. My current priorities are my family, and my own trading and other personal interests. When my lifestyle changes and my kids have grown up, maybe then I’ll have time to do the speaking or trading expo circuit.
Why so much information for free? Are you going to be charging for services later?
I intend to continue to offer quality information to all readers, regardless of whether they become paying customers or clients, or not.
The free information allows us to build a relationship; allows you to confirm the quality of my writing and teaching; and to confirm whether or not my style of teaching and trading suit your needs. If you then decide to seek further information through the paid products or courses, that’s great. If not, that’s fine as well. I hope the free information continues to provide you with great value and assists you on your trader development journey.
Are you just going to be promoting all the latest forex courses, ebooks or robots, like every other internet marketer?
I hope not. If I ever start crossing the boundary, let me know & I’ll quit this business.
The site does have a small number of Google ads (providing a small contribution for all my time). Ignore them if you don’t like that.
The resources page and my email newsletter will promote various products and resources. However these are currently (and will always be) products, courses or resources which I either use myself and have found to be of value, or which are used and recommended by others who I trust. There are very few products that meet this standard.
You will NOT find me joining the ranks of the internet marketers (most of who don’t trade) in flooding your inbox with a never-ending stream of ‘last system you’ll ever need’ trading ebooks, courses or robots. That’s not my game.
Learning to Trade:
What’s the easiest way to learn to trade?
There is no easy way. Like any performance based activity, trading requires considerable work in order to achieve professional levels of competency.
What is the best way then?
Unfortunately, there’s also no best way to learn. The best way for you will depend on your individual personality. Different people learn better through different teaching methods. Some will prefer classroom settings, others will prefer a live trading room. Others will be better just working at their own pace through self-directed learning. This is something I can’t help with – you’ll need to find your own way.
The Traders Checklist – Steps to Trading Success, posted here, may be of assistance in guiding you through the various stages of trader development, regardless of whether you learn with a teacher or mentor, or are self-taught. The checklist is provided as a pdf download, so you can save it on your computer and print it out.
The Resources Page lists may also assist, listing the courses and books that I’ve found useful, as well as those recommended by others I trust.
And be sure to check out all my articles and videos. The quickest way to access them is via the Site Map.
How long does it take to learn to trade?
You can learn technical analysis and money management within a few months if you devote sufficient time to the task. However, while that might help you to analyze the market, it doesn’t teach you to trade. Learning to trade is a different matter entirely.
Learning to trade involves so much more which can’t be taught by any course or book. In particular, the big challenge most traders have is learning to operate in an environment of uncertainty, where your hard earned money is on the line and loss of funds are a very real possibility. You will lose money – losses are a normal occurrence in trading. It takes considerable time to truly learn to accept this risk of loss. A lesson which can only be learnt through experience in the markets.
It’s impossible to say how long this might take you. It varies from person to person. Typically though, most day-traders take several years. And that’s just the one’s who make it. Given that 95% of people who attempt to trade never actually achieve consistent profitability, then there’s a good chance you’ll never make it. If you want to be part of the 5%, you need to be realistic about the challenges ahead, and prepared to devote several years of your life.
This is no different to mastering any other performance field. How long would it take you to become a professional athlete? How long would it take you to become a chess master? How long would it take you to become a professional poker player?
Here’s another perspective, via a great blog post from by Babak at www.tradersnarrative.com.
How much money can I make as a trader?
There’s actually a higher probability that you’ll lose money, rather than make any. The vast majority of traders consistently lose. The vast majority quit before they ever achieve any degree of consistent profitability. Do NOT get into this business because you need money. Get into it ONLY because you have a passion for the markets and the challenge it offers.
I also like this quote which I was passed by one of my readers, “If you told a student to spend 3-5 years minimum to qualify in a profession (full time incurring debt along the way) and then flip a coin at the end of it to see if he will be paid a salary on passing – that’s trading!”
How can I get started?
The Traders Checklist – Steps to Trading Success, posted here, may be of assistance in guiding you through the various stages of trader development, regardless of whether you learn with a teacher or mentor, or are self-taught. The checklist is provided as a PDF download, so you can save it on your computer and print it out.
The Resources Page lists may also assist, listing the courses and books that I’ve found useful, as well as those recommended by others I trust.
What market should I trade?
This article here, Which Market Should I be Trading , should hopefully help you with some of the factors you need to consider in making this decision. Clicking on the link will open the article in a new window.
What timeframe should I trade?
This article here, Which Market Should I be Trading, addresses timeframe as well as market selection. It should hopefully help you with some of the factors you need to consider in deciding on a timeframe. Clicking on the link will open the article in a new window.
What strategy should I trade?
Should I buy a course or develop my own strategy?
Should I use a mechanical system or a discretionary system?
Which indicators should I use?
Ok, this one I can’t answer. It’s something you’ll develop an understanding for over time. Everyone is different, and every trader discovers their niche market, style, timeframe, strategy and preferred tools over the many years of learning.
The articles and videos on my site may help. Check out the Site Map for links to them.
If you’re interested in a basic ‘system’, check out this article: http://yourtradingcoach.com/trading-process-and-strategy/a-great-beginners-trading-strategy/
Also check out the Resources Page for recommended education providers. Consider reviewing their material and seeing if their style appeals to you.
Which broker should I use?
Which platform should I use?
As I’m not a licensed financial advisor, I cannot recommend a broker. A simple internet search will provide you with more recommendations than you ever need. Some of the key considerations in my opinion are:
- Appropriate licencing and regulation (eg. here in Australia brokers are registered and licenced with the Australian Securities and Investments Commission (ASIC))
- Security of funds (kept separate from business funds and appropriately insured)
- Customer service available immediately by phone (there’s nothing worse than the internet going down, and you needing to speak to your broker to exit a trade, and then having to work through the computer answering machine system only to be placed on hold. Insist on speaking to a person – immediately)
As to the platform, once again it’s largely personal preference. There’s no ‘perfect’ platform, otherwise we’d all use it. You need to find the one that works best for you, with the features you need, at a price that you consider great value. An internet search is once again a reasonable starting point.
The good news is that most platforms these days come with a free demo for at least 14 or 30 days. This gives you ample opportunity to try it out in a simulation environment, without risking your money.
Can you explain the trade markings on your charts?
See the chart images displayed here for an explanation of all the BUY and SELL markers: http://yourtradingcoach.com/other/how-trades-are-displayed-on-ytc-charts/