Email Question: Hey Lance, I have had argument after argument with people about whether it is the right thing to do, to have a daily/weekly profit target where you walk away. I don’t think it’s correct to do, as long as you can maintain focus. I tend to subscribe to Mark Douglas’s way of looking…
I always liked this passage from Street Smarts by Linda Raschke and Larry Connors: “No matter how long you trade, you’ll never do it perfectly. Case in point. A friend of mine is a retired market wizard. This man has made over $100 million trading futures. He told me that his biggest weakness was that…
I was chatting to another trader this morning about exits, and thought it might be time to share my understanding of ‘the basics’ of exit strategy and exit management. It really is an area of trading that gets very little attention compared to the other end of the trade – the entry. Go into any…
In part one of this article, we considered a few questions: Should we use a tight stop loss to cut any losses quickly, or a wide stop loss to allow some room to move? How quickly should we move the stop loss to breakeven? Should we take profits at a target, or should we let…
Welcome back. Based on the information we discussed in parts 1 and 2 of this series; let’s now discuss my personal approach to exit management for short-term intraday trades. The best way to do this is to first consider, what is my goal from trading, how do my chosen markets move, and what psychological needs…
If you’d prefer to read The Importance of Exit Strategy, see the article series here: https://yourtradingcoach.org/trading-process-and-strategy/the-importance-of-exit-strategy-part-1/ https://yourtradingcoach.org/trading-process-and-strategy/the-importance-of-exit-strategy-part-2/ https://yourtradingcoach.org/trading-process-and-strategy/the-importance-of-exit-strategy-part-3/ Or in one PDF download here: https://yourtradingcoach.org/ebooks/ Otherwise… enjoy the videos…
Trader Q&A… Question: Hi Lance, It was by pure chance that I found your site through you tube, but am I glad I did!! Good sound advice which if you take it, works. There is just one thing that always puzzles me and I hope you can help me with this. I have been looking…
Welcome to part 2 of our short article series on Advanced Candlestick Analysis. If you haven’t read part 1, you’ll find a copy posted at this webpage: https://yourtradingcoach.org/trading-process-and-strategy/advanced-candlestick-analysis-part-1-of-2/ In the last article we reviewed some of the key concepts from basic candlestick analysis: The importance of identifying the market context – where the pattern is…
Question: Hi Lance, The exit strategy videos have really been an eye opener for me. Must say it is the best exit strategy tutorial I ever came upon. A big thank you to you. This single aspect has been what I now identify to be the only problem for my trading. I realise that my win/loss ratio…
From time to time I receive a question at www.yourtradingcoach.org asking the winning percentages, or accuracy rates, for each of the individual candlestick patterns. It’s a reasonable question. The trader is hoping that by establishing the probabilities of success or failure, they can then focus more on the higher probability patterns and minimise their exposure to…
