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Lance Beggs - ArticlesWould you like to learn more about how I trade the forex and equity index markets? Check out the articles, videos and trading resources on my website right now at www.YourTradingCoach.com Transitioning From Part-Time to Full-Time Daytrading: Ensuring Sufficient IncomeOne 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... A Trading Psychology Lesson From a Nine Year OldI was driving in my car the other night with my twin daughters when the conversation somehow turned to what they wanted to do when they grow up.
Naturally, being only nine years old, they had many ideas. There were those that I was very happy with - an astronomer, a... Trading Risk Management - Tight Stop LossesHere's an extract from a great email conversation with one of the YourTradingCoach readers, in which he discusses the use of tight stops:
"I adopted this approach in the beginning, but got stopped out of the market so many times I started to widen them. I've had on too many occasions... Three Trading Losses in a RowThree losses in a row are tough. That's about the most consecutive losses that novice traders are psychologically prepared to accept before they feel compelled to take action and 'correct' the situation.
If you're anything but a total newbie, I'm sure you'll recognize the symptoms:
Frustration - Why me? I've worked... Trading Risk Management - Rule of ThreeWould 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... Support and Resistance - The Greatest Trading ToolDespite all the hype from the internet marketers who try to sell you the latest trading 'secrets', the fact is there are NO secrets.
* Identify setups which provide the potential for lower risk and/or higher probability trades.
* Enter and manage those trades in a consistent and disciplined manner.
* Minimize risk.
*... Trading - A Common Indicator MistakeI love it when I read forum entries from people suggesting trading strategies along the lines of:
- Enter long when the RSI(14) is above 50, the stochastic (14,5,3) has crossed positive, and the Williams %R(14) is rising from the oversold area
- Enter short when the RSI(14) is below 50, the... Why Price Moves - An IntroductionYou'll find in many trading books, websites or courses a statement to the effect that 'price rises because there are more buyers than sellers', or 'price falls because there are more sellers than buyers'.
While I understand what the author is trying to say, it's not quite correct.
There are not more... Trading Timeframe SelectionWell, I've had a frustrating week. No opportunity to trade until Friday, and no opportunity to work on my website and newsletter service. NOT HAPPY!!!
But then, that happens to us all from time to time. Life has a habit of failing to consult with us, prior to messing with our... Stop Losses - My Biggest DownfallOne of the common email questions I get through my website relates to difficulties in sticking with stop losses.
Some traders don't place one in the market at all, promising that they'll get out when price hits a certain level. Of course, when price gets to that level there's no shortage...
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