With upwards of 15 years in the game, this weeks guest had no shortage of deep trading knowledge to reflect on for our interview.
Let me introduce you to, Lance Beggs – a price action trader who is a little different to most…
While he relies on technicals to a certain degree, his edge comes from the ability to adapt the mindset of other participants and gauge entries based on their fear. Lance refers to this as the metagame, which he breaks down in much greater detail during the interview.
Lance also goes into how he controls tight stops, and uses an aggressive risk management strategy to trade without fear. Plus, this segment includes some great tips on how to nail the re-entry, that many traders struggle with, mainly due to psychology reasons.
Take note:
Lance will be keeping a close eye on the comments – so leave a question you would like him to answer!
“The real damage is often psychological, and not financial.”
“In this game you eat what you kill.”
Lessons learnt in this interview:
- The great challenge Lance dealt with in his early trading days – finding a timeframe that resonated with his personality and lifestyle. And why others should go through the same process of trial and error.
- The results of what can happen when trading with a combination of too much pressure and the wrong mindset. Essentially Lance went through a stage where he was attempting to trade himself out of a hole, and it didn’t end well…
- If you make nothing from trading, can you still survive? Lance gives us something to consider before taking the leap to trade full time, and why it is important to have multiple streams of income.
- Analysing the internal movements of price, and how to factor the people/meta-game aspect into your own decision making.
- How Lance controls tight stops, and an aggressive risk management strategy to trade without fear. Plus, when to re-enter, and when to step aside.
- The key benefits of tracking your trades in small groups, to grasp a realistic understanding of current performance – great exercise!
- The main reasons why most traders never see huge success, and what you should do to avoid them.
- And much, much more…
Links and resources mentioned:
- If you would like to read more into understanding the meta-game Lance speaks of, then check out the Rock, Paper, Scissors article on his website.
- Recommended Reading – On the technical analysis front, Lance suggests The Art & Science of Technical Analysis by Adam Grimes, available on Amazon.
- Lance also recommends One Good Trade by Mike Bellafiore (of SMB Capital), available on Amazon.
- During the interview you would have heard Lance discuss a market journal which he refers to as The Greatest Trading Book (Ever), download his free eBook on how to make this a massive resource of your own.
- To learn more about Lance, I urge you to set some time aside and rummage through his website, yourtradingcoach.com.
- For more info on his extensive Price Action Trader course, visit ytcpriceactiontrader.com.
- Also be sure to catch him on Facebook and Twitter, @LanceBeggs.
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