Happy trading,
Lance Beggs
Happy trading,
Lance Beggs
Here's a great question I received recently from another trader. Let's start by defining the terms, as it's obvious that any decision to enter must be a reaction to some "decision making input". But that is not what was meant. The question is asking: Do I anticipate every setup, meaning that it's pre-considered and…
I find it fascinating chatting with new traders in this industry. Typically when they come to me they've moved beyond the Holy Grail indicator and systems dream and have come to recognise that it's time to develop some skill instead. Skill in real-time reading of price action and market sentiment. What amazes me though,…
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…
If there is one thing I want people to take away from all these years of writing about markets, it’s an acceptance of the fact that you do NOT have to get every trade right. New traders have this incredible need to be right. I know because I was there myself once. And because I…
I was asked during the week by a reader (MB) why I don't show more losing trades in my newsletter articles. This is a great question. The reasons are of course less than perfect – all typically ego related – so I won't go there. 🙁 However MB has a good point. There is great…
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…
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.