Would you like to discover a quick and simple risk management strategy that is easy to apply to any trading plan, and has the potential to vastly improve results? Excellent! I’m not talking about the placement of stop losses, which is what most people consider as ‘risk management’. Rather, this is a simple tool for…
Question: Hi Lance, I read from another resource that in order to detach your emotion in every trade you need to have a set of written specific rules about your entry, your position size, your exit and any other possibility that might happen in that trade and you need to follow it with “marine discipline 
Right now as I sit and write this article, it’s coming up to the end of 2008 and I’ll be shortly taking a well-deserved break from the markets and my website. Of course, as an admission that I’m addicted to trading, this won’t be a total break. I have some trading books to read and…
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…
One of the greatest processes you have at your disposal, for maximizing your learning and fast-tracking your development as a trader, is your review process. Let’s have a look at how I recommend you carry out this often-neglected part of your daily trading routine… For too many traders, the review process is simply entering their…
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 We discussed the pre-session routine in a previous article – https://yourtradingcoach.org/trading-business/my-pre-session-routine/ In this article, I’d like to discuss my…
When we talk trading risk, most people only ever think about individual trade losses. They rarely ever put any consideration to external risks, that can be just as damaging to your trading business profit & loss. The following is a great email I’ve received from YTC reader Adam, who kindly gave permission to share his…
“Simplicity is the ultimate sophistication.â€â€¦Leonardo da Vinci How detailed should your trading plan be? There is of course no right answer apart from whatever works best for you. Some people need detail – lots of it. Others will never need more than a single page, with anything longer simply gathering electronic dust as it sits…
As we come to the end of year you’re all hopefully spending some time to review the prior year and plan the upcoming year. Maybe you’ll even make some New Years trading resolutions! The following five steps will assist in making better plans and resolutions; hopefully allowing you to stick to them beyond the 2nd…
Reviewing Old Charts (AKA… “I can’t believe I held the trade past that stop loss”) I highly recommend keeping ALL your old trading charts and journal notes. They’re great to review each now and then. Not only do they offer educational value but they also offer a source of motivation in allowing you to see the…
