I see far too many traders destroy a session through fighting the market. Again and again and again.

Stop fighting the market

You need to break the pattern.

Try implementing this rule:

Two Attempts – Then Reassess!


After two attempts at a trade idea, if it hasn't worked, it's clear that something is not right. You're not in sync with the market.


  • You have misread the situation and you're wrong, or
  • Your timing is out (which still means you're wrong).


Break the pattern!

Two Attempts – Then Reassess!

Confirm your position is flat.

Step away from the charts.

Clear your mind.

Then reassess from first principles.

Try also to see the picture from the perspective of someone who might have the opposite bias to you. What are they seeing? Could they be right?

You may choose to get back in for a further trade (assuming session drawdown limits are not hit).

But you may also have prevented a meltdown; stopping a good trade idea which didn't work from turning into an absolute mess of a session.

Here's a recent trade sequence where I implemented this rule – Two Attempts – Then Reassess!


Two Attempts - Then Reassess!

Two Attempts - Then Reassess!

Two Attempts - Then Reassess!

Two Attempts - Then Reassess!

Two Attempts - Then Reassess!

Two Attempts - Then Reassess!

Two Attempts - Then Reassess!

Two Attempts - Then Reassess!

Two Attempts - Then Reassess!

Two Attempts - Then Reassess!

Two Attempts - Then Reassess!

Two Attempts - Then Reassess!

Two Attempts - Then Reassess!

Two trades were attempted, based upon the idea that the prior day's low resistance level would hold.

While the net result of both was a small profit, rather than loss, the fact remains that I was out of sync with the market.

Either my trade idea was wrong, or my timing was out.

Hindsight proves that this time it was a timing issue. The level did eventually hold. But only after providing some nasty chop around the area.

Regardless of this, the right action was to reassess; STANDING ASIDE until something clearer and easier revealed itself.

You don't have to trade all price sequences. If something is not working, get out of there. Survive to trade later in that session, or even the next day, when your read of the market is more in sync with reality.

Don't keep fighting the market.

Don't let a good trade idea which didn't work, turn into an absolute mess of a session.

Here is your rule:

Two Attempts – Then Reassess!

Happy trading,

Lance Beggs



Similar Posts


  1. Hi Lance,

    on the trading timeframe, scenario I would be an entry “with trend”, i.e. fading weakness in a pullback, whereas scenario J would be a “trend reversal”, i.e. fading the attempt to resume the trend.

    Besides the “2 attempts, then reassess” rule, I have another rule for risk management: if I’m seeking entry in scenario J, my initial stop is tighter than usual, i.e. half as tight.

    The idea is that, in scenario J, we are “betting” that the previous trend is over and will not continue; if we are right, then we expect to see a brief attempt to get back over the level, then a STRONG downward momentum that definitely kills the trend. If there is no strong downward momentum, typically we are going to see some sideways move just below the level, then a rapid resumption of the trend, which will quickly stop us out.

    So, if there is no momentum in my favor in scenario J, I want out ASAP because I know the odds are becoming more and more stacked against my position the longer the initial stall below the level; in scenario I, I can use my regular initial stop because even if price stalls for longer, in scenario I the most likely outcome will be trend continuation – in my favor in that case, so I want to stay in as long as my risk threshold allows.

    Is all the above overthinking? I do have this tendency, unfortunately. :-/


    1. Quick clarification, sorry for the double post!

      The stop is where it is in both cases: that’s the price level beyond which the assumed scenario will be invalidated. In scenario J I will allow myself entry only within half my normal risk threshold from the stop. If I end up missing it, so be it…


    2. Hi Michael,

      I wouldn’t say this is overthinking the thing at all. I quite like your plan there, actually. After two initial attempts which didn’t work, this reduction in risk for a counter-trend move is probably a very wise decision.

      I might have to “borrow” that idea myself. 🙂


  2. Hi Lance,
    this post came on the right time. Had some doubts about standing aside and reasessing from the first principles, and were cleared by this post.

Leave a Reply

Your email address will not be published. Required fields are marked *