I operate my trading business in accordance with my Procedures Manual, which documents the procedural steps I will carry out in order to complete: My pre-session routine My during-session routine My post-session routine My contingency management procedures Let’s discuss my pre-session routine. Feel free to use whatever parts you find useful for documenting your own…
In the absence of a curriculum for trader training, and of a mentor who can provide daily guidance, oversight and correction, we are largely left on our own to both chart and navigate our path forward from novice to (hopefully) becoming a professional and consistently profitable trader. All too often though, the way forward is…
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…
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…
Last week we discussed my thoughts on trading a small account with one contract. See here if you missed the article – https://yourtradingcoach.org/trading-business/trading-a-small-account-with-one-contract-part-one/ We finished up by stating the following: It doesn’t matter which management style you choose; a higher probability smaller win target (like my “part oneâ€) or a lower probability larger win target…
Last Sunday I shared the following image on YTC Facebook and Twitter. It’s such a beautiful example of the benefits of journaling, I just had to expand upon this in a newsletter article. Here’s the thing… Ok, I know! The markets don’t always back up the very next day with a repeat of key price sequences. The real…
I’ve long been an advocate of the importance of a Market Structure and Price Action Journal. There is no shortage of material on this topic if you want to search the YTC article archives. The best place to start might be with anything tagged “journals”, which you’ll find here. So I’m pleased to have received this email…
Feedback from a recent article has been so incredibly positive, with a number of emails coming through saying that this was EXACTLY what these people needed to hear right now. It seems one of the most popular articles of the last 12 months. Check it out here if you missed it – Are You Closer To…
Last week we added some structure to our growth and development as a trader, exploring how we could use our review process to drive our progress along the development pathway. Check it out here if you missed it – https://yourtradingcoach.org/trading-business/its-time-to-fight-to-get-to-the-next-level/ The summary version of the plan was as follows: (1) Find where you currently reside…
Here is another way to track and review trades… with a classification system that makes it a little bit of fun! During your post-session review you classify them into one of three categories: The Good – Trade ideas which DID have edge and were well managed. The Bad – Trade ideas which DID have edge but…
