Lance Beggs
Or… Seek a Better Market
Lance Beggs
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Winning Through Losing Better (2 of 2)
Last week we examined losing trades from a mindset perspective (see here for article 1). This week, let's examine a different aspect of "winning through losing better" – using losing trades as a source of improvement. Wherever you currently sit on the P&L scale, whether consistently in drawdown, stuck at breakeven, or achieving some degree…
A Strategy Implementation Plan
Do not jump straight into live trading! Success with any trading strategy should follow a graduated implementation plan, to allow you to increase risk ONLY as you have proven sufficient knowledge and skill at each risk level. YTC PAT Vol 5 discusses deliberate practice and provides a detailed example of a graduated learning plan. YTC…
Trading Counter-Trend Against Market Bias
The following is a great question I received in a recent email: QUESTION: Hi Lance, I have a hypothetical question: Assume you are trading 6E (EUR/USD) on a 3/5 min timeframe. Current price is halfway between support and resistance on a 30min timeframe. The trend is up and your premise is for price action to…
Success Depends upon How Well You Manage the Crap
I promise you this… Not every trade will go according to plan. Not every trading session will go according to plan. You will have to deal with a LOT of crap outcomes in this business. And your success DEPENDS upon how well you manage that crap. The market is opening… and I REALLY LIKE…
Good Losses
This trade lost… and I'm completely ok with that. I'll explain why below. But first, let's look at the trade. Looking at the left first (daily chart) we see that today's session (A) has broken below the prior day (B) and is closing in on yearly lows (C). The chart on the right (60…
Rock Paper Scissors – A Trading Analogy!
Yeah… I'm serious! Rock Paper Scissors! I know all the other trading educators are talking about poker and the lessons it provides in position sizing and trader psychology. I'd love to sound really cool as well and talk about No-Limit Hold 'em, or Aces over Kings, or all manner of other great-sounding terms. But the…