Reader Question: “What are your thoughts on stopping each day at a daily profit target?“ Firstly, can I be a little harsh and say that this should not be a question. Test the idea on your own data. Look back at the last several months of trading and ask, “How would the equity curve change…
I’ve shared this idea a few times now over almost a decade and a half of writing YTC articles. Surprisingly, it’s not something I’ve heard discussed by other educators. I doubt I’m the only one who thinks this way. But perhaps that is what you get when you question common advice. And you should always…
My planned article is on hold, hopefully scheduled for next week. Horrific developments yesterday, with Russia invading Ukraine, have led to extremes of volatility. And a desire to share a different message. One for new and developing traders. One that you may not want to hear. But one that is necessary. My desire is to…
What a way to start the week! But we didn’t necessarily know this at the open… so let’s step back to 09:30 and trade. The obvious conversation that will follow… “But Lance, I can see quite a few trades there. If you look at….(indecipherable as I’ve stopped listening at this point)” “Ok, thanks. But I…
From time to time I get asked how I add to positions. That is, entering a new trade while the prior trade is still open. So I thought it might be a good idea to outline my response here. Then I can just link straight to the article in future. (Time management WINNER!) The…
We have been blessed with some absolutely amazing markets lately. Incredible daily ranges. Incredible opportunity. And incredible risk, if not played wisely. So while it’s tempting to use today’s article as an ego-boosting review of a couple of winning trades, that’s not really what motivates me with my YTC writing. I’m more concerned about your…
I make it a practice to never recommend any particular market as being suitable for your trading. It's none of my business what you choose to trade. I don't offer financial advise and to do so would be completely irresponsible as I have no insight into your individual needs or circumstances. (For more, see…
Lesson 1: When two trade ideas fail to work, consider a break. When three trade ideas fail to work, force a break. Lesson 2: When the pullback is deeper and stronger than expected, let it roll over. Get in on the other side. Lesson 3: An exit is not necessarily final. Remain focused and consider…
I will NEVER take a trade without having pre-accepted the potential for trade loss. Because the fact is that MANY will lose. Pre-acceptance of trade risk means that I am comfortable with taking the loss and will do so immediately without hesitation. Pre-acceptance of trade risk means that I'm not overly concerned with the monetary…
I seem to average an order entry error maybe once every two months. That's not too bad considering entry is via a single click. But it's something I will continue to work at improving. In the meantime, it's an opportunity to again present my ideas on how to best manage those times when you…
