Lance Beggs is a price trader with over 15 years of experience and has lot of dep trading knowledge.
He does rely on technicals but his edge is from his ability to adapt the mindset of other traders and gauge entries based on their fears. He refers to his technique as the metagame, which he breaks down in detail step by step during the interview.
Lance also dives into how he controls tight stops, and trades without fear using an aggressive risk management strategy. He also gives listeners some great tips on how to nail the re-entry that many traders struggle with, most likely because of psychology reasons.
What’s Covered in This Interview:
- Some of the challenges Lance had to deal with during his early trading days, which was finding a timeframe that worked with his lifestyle and personality. Lance also has suggestions on why other traders should do the same thing.
- What can happen when traders have the wrong mindset and putting too much pressure on something. Basically, Lance went through this, and it didn’t end well when he was trying to trade himself out of a hole.
- Can traders still survive if they don’t make anything from trading? Lance tells listeners something they need to consider before going full time and why traders should have multiple sources of income.
- How to analyze internal price movements and how traders can factor the meta-game/people aspect in their decision making process.
- The method Lance uses to control tight stops and how he uses an aggressive risk management strategy so he can trade without fear.
- Why it’s beneficial to track trades in small groups so traders can gain a realistic understanding of their current performance.
- Why most traders can never be successful and what you can do to avoid these people.
Links and Resources:
- Rock, Paper, Scissors – Check out this article Lance wrote about understanding the meta-game.
- Lance suggests The Art & Science of Technical Analysis which is available on Amazon.
- eBook – Download Lance’s free ebook to use as a resource in your journey.
- yourtradingcoach.com – Lance’s website where you can learn more about his methods.
- ytcpriceactiontrader.com – Lance’s Price Action Trader course
- Follow Lance on Facebook
- @LanceBeggs – Follow Lance on Twitter.