One of the toughest times of my life – that threatened my own psychological wellbeing as well as the potential safety and security of my family – was in early 2004, when I first made the leap from part-time to full-time trading. I had the required knowledge. I had the required skills. I was a…
When I receive two questions on the same topic within one week, I know that there is a topic I’ve neglected to discuss in sufficient detail (or at all). So it’s time to address the issue of trading a small account with one contract. Question from NJ: Quick question: Can you touch upon the…
In a previous article we discussed the various levels you need to pass through on the way to achieving your long-term trading goals: See here if you wish to explore this path in greater detail – https://yourtradingcoach.org/trading-business/its-time-to-fight-to-get-to-the-next-level/ And we also discussed the process required to drive your development through each of these levels: This has…
Before you even think about strategy… Reduce the risk of single trade catastrophic failure. Stop losses are essential. If you think you can operate without them, leave my site now. Unsubscribe. Professional traders respect the risk within the market. If your platform does not allow for automatic submission of stop loss orders when your entry…
Let’s start by assuming that you are tracking your trade results and compiling stats to drive further growth and development. (See here if you’re not!) What do you do when you discover one part of your trading plan consistently underperforming? It might be one particular setup. It might be one particular type of market…
I receive a LOT of requests to review people’s trades. Rarely winning trades. Almost always a trade which either lost or was scratched at or near breakeven. “Was this a good trade?” “Was I right to take this trade?” “Should I have (entered earlier / entered later)?” Or any other variation of these type of…
Excerpt from an email from J.L. Finally, do you have any articles that could be helpful going from sim to live? Let’s write one now… Do NOT rush. The markets will always be there, ready and waiting for when YOU are ready. The journey takes as long as it takes. And the psychological…
Part One is here if you missed it – https://yourtradingcoach.org/trading-business/my-go-to-method-for-solving-trading-problems/ In that article I presented a three question framework which I use to seek solutions to any of my trading problems. Can I avoid the problem? Can I reduce the frequency? Can I reduce the consequences? Or in simpler English: Is there something I can do…
I make it a practice to never recommend any particular market as being suitable for your trading. It’s none of my business what you choose to trade. I don’t offer financial advise and to do so would be completely irresponsible as I have no insight into your individual needs or circumstances. (For more, see…
What a way to start the week! But we didn’t necessarily know this at the open… so let’s step back to 09:30 and trade. The obvious conversation that will follow… “But Lance, I can see quite a few trades there. If you look at….(indecipherable as I’ve stopped listening at this point)†“Ok, thanks. But I…
