Happy trading,
Lance Beggs
Similar Posts
Mindset – You vs Me
Your mindset is either working for you or against you. To some degree, you get to choose. NOTE: An essential ingredient in operating with a mindset of wonder is a pre-acceptance of risk. We discussed this recently here. Before any trade you must pause to confirm that: A full loss on this trade will…
A Small Hack which has GREATLY Improved Consistency
For years now, I have been trading with a 5-minute countdown timer. When it counts down to zero it sets off a buzzer before resetting and starting again. This served two purposes. (1) It brings my focus back to the markets, in the event that it's slipped away (not unusual given that I trade…
My Biphasic Sleep Experiment
Life… the stuff that gets in the way of your trading! I know that everyone has difficulty at times fitting their trading in and around the rest of their life. Especially if you’re still working a full-time job and raising kids at the same time. But seriously, I can’t imagine a much worse time-zone for…
Recognise when it’s not working – and ADAPT
The plan was simple. Catch the opening drive. And bask in the glory of a winning start to the new session! Three failures… compulsory time-out! Note that this doesn't necessarily mean three losses. The first two were small wins. The last was a small loss. I'm still in front. And now have some important…
“But it’s scary!” “What if it fails?”
I received some interesting comments about a trade in a recent article – https://yourtradingcoach.com/trading-business/the-good-the-bad-and-the-ugly/ Here's an image from the article, showing the entry SHORT against a single wide-range bullish candle. Review the original article if you want to see the context behind the trade. For now though, I want to discuss some concerns that…
Situational Awareness for Traders – An Introduction
The following is a series of 24 image posts sent out via social media, from 19th August 2019 to 11th September 2019. They're repeated here in full, for the benefit of readers of both the YTC newsletter and blog. Regards, Lance Beggs
Hello Lance,
I was going through your website.
Here is the problem I am facing.
I am swing trader who does one or two trades a week and mostly trade on daily charts.
The problem/confusion is with daily/30 min/ 60 min charts.
Daily chart will look good for buying, If I drill down 60 min, it might hitting some resistance. When 60 min charts looks good, it might be hitting resistance in 5 min charts.
For every trade, I see one chart(daily) which will ask me to buy and other chart(30 or 60 or 5 min) which will ask me to short.
Because of this, I don’t have confidence on my trades.
Do you have any suggestions
Thanks
Hi Kars,
If you’re trading the daily timeframe, then why are you looking at the 5 minute chart?
Have a look at the daily chart right now. Identify one of the swings in the historical data that you should have targeted. Note the entry area. And the target area. Now… the price move inbetween the entry and the exit probably contains dozens of 5-min chart levels. And quite likely none of them matter one bit to the movement.
Trade your timeframe. Ignore the others.
Or your timeframe combination if you use multiple timeframes. Ignore others.
Your comment though suggests a serious lack of clarity with regards to your strategy, and/or belief in that strategy.
Step away from the charts and re-examine your approach to the markets, from very first principles.
What is price? How does price move? How can we profit from that?
Does your strategy provide an edge? How can you know for sure?
Get clear about what you’re trying to achieve. Until you have that clarity and belief, you’re wasting your time and money.
Best of luck,
Lance.
Thanks Lance for your valuable response.
I am trying to digest it and reviewing my failures based on your inputs.
Once again, thanks for your help.
“Pre accept the loss”
Excellent psycho approach.