Happy trading,
Lance Beggs
Happy trading,
Lance Beggs
I shared the following post via social media recently: Without doubt, this is one of the key lessons we must learn on the way to becoming a professional trader. And so I was incredibly pleased to get the following reply: Brilliant! Thanks A.H. This is exactly the right approach to the presence of the…
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…
Here's something for the short timeframe swing traders and scalpers to try, in an attempt to improve your ability to sustain your focus and attention and to ensure that you do not miss critical information at the most important times within your trading routine. Consider where your attention needs to be during key time segments…
I once heard a statement by Rebecca Fine of www.scienceofgettingrich.net that says something along the lines of “If what you’re thinking about isn’t something that you want to have happen in the next three minutes… get rid of the thought and think something else.” While that’s a great way to live your whole life, and…
We all know this scenario… And this one, which happens even more frequently… I’ve certainly experienced this a LOT. And I know many of you have as well. Because it leads to one of the most common questions I receive. “Where did I go wrong?” Where you went wrong is failure to have a plan…
You might recall this previous article which talks about the fact that the real source of my edge is not my strategy, but rather it’s me. The knowledge, the skill and the attitude which I bring to the market each day. I’d like to touch on a part of this edge today and then again…
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.