Your Trading Coach

I've had many people asking when the next video will be released. So I can imagine there must be even more people wondering this same question, who haven't got around to asking yet.

It's been something like two months since the last video... far too long in my opinion. And so, since I'm clearly lacking in motivation to be able to fit this in around my current trading, I've realised the only way I'll get this done is to create some external motivation. So... no trading for me until I get the next video done. I hate it when I don't trade. From Monday onwards... it'll be long hours smashing out this video. Hopefully it'll only take a day or two and I can be trading by mid-week. But whatever it takes, I fully expect the S/R video should be published in the next newsletter.

In the meantime, I hope you enjoy this weeks articles!

Happy trading,

Lance Beggs.

Trading with the Right Expectations

One of the most common themes I see in emails is a tendency for traders to focus too much on the individual trade.

Every day... "I can't believe this trade lost. Can you tell me what I did wrong?"

Never do I get the following... "Looking at my longer term stats as they relate to my last 20 trades, I see my win:loss size ratio down quite a bit compared to the average across all samples of 20 trades. I have assessed the following probable causes and solutions. I'd love to know your thoughts!"

This is not a game of individual trades.

This is a game of longer term results.

We've touched on this theme a little in recent weeks.

Expect 50/50... profit from good trade management over the longer term: http://www.yourtradingcoach.com/Articles-Trader-Performance/Stop-Hoping-Your-Trade-Will-Win.html
Repeat the process... again and again and again... profiting over a series of trades (see step 6): http://www.yourtradingcoach.com/Articles-General/Its-a-Process-2.html
Individual trade results do NOT matter. Win, lose or draw... it's totally irrelevant. What matters is the combination of your win% and win/loss size ratio, over a longer-term sample of trades: http://www.yourtradingcoach.com/Articles-Psychology/OMG-One-of-My-Trades-Lost-Money.html

But the emails continue... so let's examine the idea one more time in a slightly different way.

I don't remember when and where I first heard the following. But it really stuck with me as a great way to develop a longer-term mindset. A great way to trade with the right expectations.

Expect your trades to comprise many breakeven results, many small wins and small losses that largely cancel each other out and slowly grind out a profit. Plus the occasional large winner that really gives a boost to your equity curve. But work to ensure you never get a large loss.

Your last trade might have lost. That's fine. Learn from it if you could have done better.

But as long as you didn't let the loss get out of hand, it's nothing unexpected.

Expect breakeven trades... it's just part of the game!

expect breakeven trades

Expect many small losses... it's just part of the game!

expect small losing trades

Expect many small wins... it's just part of the game!

expect small win trades

And while we're at it, expect many missed trades... it's just part of the game!

expect missed trades

Aim for these misses, scratches, small wins and small losses to overall cancel each other out, cover costs, and ideally grind out a small rising equity curve.

And expect the occasional larger win which gives a real boost to your equity curve.

expect occasional larger winning trades

But under no circumstances should you allow your losses to become larger than their initial 1R risk.

Expect scratches, small losses, small wins and the occasional big win. But... NO BIG LOSSES.

Profit over the long term over a series of trades.

Lance Beggs

YTC Price Action Trader - Feedback

Some more feedback from readers of the YTC Price Action Trader.

I don’t know you, you don’t know me; however, I’d like the opportunity of communicating with your “List,” if I may?

I have to tell you and everyone how impressed I am with this material! I can't believe the time and effort you must have put into this project. I am amazed that you can break this material down so well for those who don’t have the skills and knowledge, of a pilot – nor the math that must be involved to fly, to understand the movement of the market.

I am not quite a trader yet, I haven’t had a profitable month yet. (I’m down less than one percent but that isn’t profitable.) Do you know why? I couldn’t and didn’t understand the traders behind the candles. If the candles display an accurate representation of traders, those other (candles) traders were leaving me behind and I was guessing. I had no idea of how to view the candles and therefore the market. I couldn’t really make sense of the structure of the buyers and sellers as compared to the size of the candles, the swing or thrust of them or the order flow, or how to find the thoughts or fears of the opponent. Now, I can say I understand the information; it makes perfect sense with your descriptions. I’m not saying that after two days and two evenings I can ‘wear’ the information or react to it as if it is a part of me yet. Man! I'm so impressed!! You’ve made these charts and pages into people with fear, greed, feelings and provided an over-view of how to out-think (maybe just have more knowledge) or out-smart your opponent (maybe have more understanding) if you want to win. Unbelievable information; all compiled so nicely together that it makes sense. I believe this is the only information that anyone would ever need to read and understand, the market, to trade profitably. I believe this is what I have been missing. I have been at this learning curve about eighteen months (and I have spent money each month – some months wisely, some not so much). I haven’t taken any of the learning lightly. Seems to me that educators don’t seem to get into this type of information; you know, the kind that makes everything else fall into place and make sense.

Your list has no idea how much information is between only the pages of 100 and 200 (those are the pages I zeroed in on). Those hundred pages are worth five times what you are selling the ‘books’, ‘course,’ ‘information’ for.

Market structure, whatever one is looking for, or needing to understand, you have provided it all.

I horsed around for a while, maybe yes, maybe no, finally, what the heck? I'm so glad that I did purchase this series.

I hope others will see the value in it that I have seen in such a short time. You have given me more understanding of the big picture than I ever expected, and in a very short time.

Thank you!!

I wish you the best.

Sincerely,

Marian B.

Get more information on the YTC Price Action Trader here!

See here for more testimonials.

For E-Mini S&P Traders (or those who want to be)

For traders of the ES, Mike Reed's education and strategy is one of the very few I've been recommending over the last five years.

Once or twice a year Mike holds an online hotcomm-based Trading Camp to provide more intensive training to a small group of eight people.

I've been informed that the next camp is scheduled for June 9th to 15th. And as of writing this there are currently only three spots left.

If you trade ES and you've followed Mike's daily updates for a while, check out the camp opportunity at RBI Trading Camp. Click on the link at the bottom left that says, "Trading Boot Camp" to get further info. (Note: there are no refunds for this so please make sure the dates fit your schedule.) (Oh... and if you don't mind an affiliate commission coming my way then let them know I sent you in the comment section. If that worries you though, just leave it out.)

If you trade ES and you're not familiar with Mike, have a look at the material on his site and sign up for his daily market updates. See here and click on "Free Trading Articles & Videos" at the top left. If you like the look of his daily updates, you may want to explore his teachings further and get in line for the next camp!

Mike is the real deal. His strategy is based on solid price action and S/R based principles. His trade management philosophy has been instrumental in helping me with the evolution of my own active trade management approach.

I recommend very few people. For ES traders, Mike is top of my list.

Lance Beggs

Entry Before Breakout - Example

This example comes courtesy of some email Q&A, from a reader of the YTC Price Action Trader:

Email:

Hi Lance,

Check out this potential awesome entry before the breakout...

Many greets,

Image: (* Click on the image to open a larger copy in your browser)

Reply:

Chart attached with my notes. There's actually not much more I could add. Great trade.

Image: (* Click on the image to open a larger copy in your browser)

Lance Beggs

Breakout Pause - Feeling the Stress Levels Rise

The above email exchange continued, with a response to my comment, "That's when you know you've got a good setup. When you can feel the stress levels rising for someone caught in a trap."

Email:

Hi Lance,

Thanx!!! I love the way you explain.... in general!!!

Every time you give me an extra detail to think about...:)

Learn from Lance....apply what you have learned...and profit. :)

"That's when you know you've got a good setup. When you can feel the stress levels rising for someone caught in a trap" ...I have a appointment next week in a tattoo shop to immortalize this quote ;)

Here we go...along with the previous example this could make a nice newsletter...

Greets,

Image: (* Click on the image to open a larger copy in your browser)

Lance Beggs

http://www.YourTradingCoach.com

http://www.YourTradingCoach.blogspot.com

http://www.YTCPriceActionTrader.com

http://www.youtube.com/YourTradingCoach

'Because You'd Rather Be Trading For A Living...'

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The YTC Newsletter is published by:

LB68 Publishing Trust

PO Box 4097

Kirwan QLD 4817

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email: Contact LB68 Publishing Trust

All material in this newsletter is subject to copyright, either by the contributing author (as annotated with each article), or by Lance Beggs of www.YourTradingCoach.com, as per the copyright notice below.

DISCLAIMER:

Trading the financial markets WILL expose you to risk, and the potential loss of your money. Trading is difficult, and can take many years to master. In fact most people never master trading, quitting through frustration or loss of funds well before they achieve success.

If you are not yet achieving consistent profits, then we encourage you to continue educating yourself on the business aspects of trading, risk management, money management and trading psychology. And NEVER RISK MONEY THAT YOU CANNOT AFFORD TO LOSE.

The information available on our website and any of our products is GENERAL COMMENT ONLY, for the purposes of information and education. We don't know you so any information we provide does not take into account your individual circumstances, and should NOT be considered advice. Before investing or trading on the basis of our material, we encourage you to first SEEK PROFESSIONAL ADVICE with regard to whether or not it is appropriate to your own particular financial circumstances, needs and objectives.

We believe the information we provide is correct. However we are not liable for any loss, claims, or damage incurred by any person, due to any errors or omissions, or as a consequence of the use or reliance on our website or products, or any information contained within.

All charting and analysis platforms referred to or used in our articles and videos have been chosen because of compatibility with our screen capture software. These charting and analysis platforms are being used to demonstrate and explain a trading concept, for the purposes of information and education only. They are not necessarily used by us in our live trading, and are in no way recommended as being suitable for your trading purposes.

All chart layouts (including timeframes, indicators and parameters) within our articles and videos are being used to demonstrate and explain a trading concept, for the purposes of information and education only. These chart layouts are not necessarily used by us in our live trading, and are in no way recommended as being suitable for your trading purposes.

Unless specifically stated otherwise, all trade setups and trades shown within our articles and videos are to be considered hypothetical, selected after the fact in order to demonstrate a trading concept for the purposes of information and education only.

Third Party Material:

Any web links, or URLs, within this document are included as professional courtesy to link to material which we believe offers great educational value, at the time of publication of this document. We are not responsible for any changes to the content of these third party sites. As such, we are in no way providing an endorsement of the author's website, newsletter, courses, or any other materiel. In addition, we are not liable for any loss, claims, or damage incurred by any person, due to any errors or omissions, or as a consequence of the use or reliance on any third-party website or products, or any information contained within.

Affiliate / Referral Commission Disclosure:

You should always assume that the owner of this website and newsletter has an affiliate relationship, or some other form of referral relationship, with the providers of goods or services mentioned or linked to within our material, and may be compensated when you register with these providers or purchase their goods or services. You should conduct due diligence of all products or services before making any purchase decisions, to ensure that they meet your personal needs and that you understand and are satisfied with any terms and conditions and refund policy. We are not liable for any loss, claims, or damage incurred by any person, due to any errors or omissions, or as a consequence of the use or reliance on any third-party website or products, or any information contained within.

Testimonials:

All testimonials provided on our primary website (plus other related blogs, websites and products) are real. File copies have been retained by the publisher. It is important to note that individual results may vary. A testimonial provided by one client may not be representative of all client experiences. Past performance does not guarantee future performance.

U.S. Government Required Disclaimer:

Commodity Futures Trading and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.

CFTC RULE 4.41 - HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN

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