Happy trading,
Lance Beggs
Happy trading,
Lance Beggs
Performance psychology plays a VITAL part in my daily trading routines and processes, as I’ve outlined in the image below. Have you established your own tools, methods and strategies to ensure peak performance? If not, why not? Your trading strategy may contain a tested and proven edge, and yet all too often we see traders…
Here’s a great question from one of the www.YourTradingCoach.com subscribers. I thought it would be good to share this one as there are some great lessons here: Question: Hi Lance: I’m really lost on this issue of stops….. I know you have a very different viewpoint on it – I’ve seen your video on…
Not every session trades as you wish it would have traded. Not every opportunity will be caught. Not every trade will work. But remain patient. Sometimes all it takes is one trade to make a session. Let's look at one session that with hindsight MASSIVELY underperforms what was available; but still provided a positive…
Some of my better trades lately seem to occur after a string of marginal trades which either stop out or seriously underperform. Mostly because of my rule which says that after two poor trades I need to step aside, clear my mind and reassess the situation. Time out! Reassess! It prevents a downward spiral of…
Yes, sometimes you do want to smash the damn keyboard! But while it might feel good for a short while, that kind of mindset does little to help your trading. So let's talk mindset. And specifically, one little tip that can help you quickly get back in the right frame of mind. Focused and…
Nothing annoys me more than a good trade which was not entered due to hesitation. So let me show you a good trade setup which I missed last night and share a little strategy that I SHOULD have used to help me pull the trigger. I generally don’t like to use the word should, as…
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.