Email Question: Hey Lance, I have had argument after argument with people about whether it is the right thing to do, to have a daily/weekly profit target where you walk away. I don't think it's correct to do, as long as you can maintain focus. I tend to subscribe to Mark Douglas's way of looking…
Fact: There is a disconnect in the mind of the novice trader. They know that not every trade will win. But upon entering a trade, they desperately hope that it will win. Hoping your trade will win increases the potential for poor trade management. Hoping to win means difficulty taking a loss. Hoping to…
In a recent article (here) I stated that I was planning to do some research into methods of maintaining good eyesight and reducing eye strain. Well the YTC readers have come to my rescue. From Di: Hi Lance Thanks for the newsletter this week. I noticed on your 'to do' list is a task to…
In our article last week (read it here if you missed it) we discussed the concept of the bad beat. A bad beat occurs when you correctly identify, enter and manage a valid trade setup, but are still left with a loss or missed opportunity. The fickle hand of fate cares little for your high…
The more I involve myself with trader education, the more I realise that a key error on the part of most traders is their failure to truly understand and accept trade loss. I see it all the time in reader emails – "WTF! This trade lost! How could it have lost?" We all understand the…
For intraday traders… the following outlines my expectations for trading the last session before a long weekend. I always expect a narrow-range, low volatility and low liquidity market. I monitor it with an expectation of having no trades, UNLESS the market can prove that it wants to make a strong directional move. Only then will…
