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/
