Hi Lance!

My wife and I really enjoyed your presentation on Thurs. We did want to miss even a minute of it. We both trade the MNQ. We certainly could relate to all that you presented.

Lots of great info that you put in to words. Thanks!

Just noticed when I looked the at the webinar on youtube that the view count was at an "interesting" number. Taming the Beast now looks like the Number of the Beast..if you get my drift. If you saw any of those Omen movies, you'll understand what I am saying. Should I be scared ?

I tried to capture the flip side of this but the views went from 998 to 1002 in about a minute I remember watching The Omen when I was a kid way back in the day, loved those old school kitsch horror flicks LOL, good stuff...

Regardless, doing these webinars, I inevitably have to go back and watch them again so I can focus on the presentation instead of all the stuff that is happening behind the scenes. There is so much here Lance... you lay it all out from the perspective of someone who has been in the trenches and found a way to not only survive, but thrive in one of the most competitive environments in the world.

My hat is off to you sir, much thanks and appreciation.

Watch it again folks, and learn:

Lance, thank you so much for this wonderful webinar. I am focused on trading the NQ, so this was really great for me. A few questions for you: Hi. Thank you for watching my presentation and your nice comment.

1. What order types do you typically use to enter trades? Limit, market? Do you ever use stop buy or stop sell to enter trades? What's your experience with slippage on NQ?
I generally use a limit order or a market order (if price seems like it's moving fast.) I don't use buy stops or sell stops very often although with a chart trader platform, it's not that hard to drag the order over a price area. I don't get too much slippage on NQ because I don't generally jump in while it's spiking up or down too fast. I do have an issue with orders being partially filled on limit orders sometime. For example , if I have two contracts, maybe only 1 gets filled. That's generally because price moves quickly. However, it will often retrace and fill the other order in a few seconds.

2. Even before I watched your webinar, I had settled on a 40 tick stop loss after much observation of the NQ because it seems like enough to withstand the NQ's common whipsaw snapbacks, and at the same time is not too painful a loss to take if you get full stopped. Did you find this to be true in your own experience, or do you feel an even bigger stop loss can be prudent for someone with a larger risk tolerance?
In most morning sessions, 40 ticks seems about right. Again, even with that amount of stop, I still need great timing on my entries. The important thing is to generally have my stop behind a previous swing hing or low so that it doesn't get hit by a quick retest of those price areas. 40 ticks tends to allow me to do that without being excessively large of a stop loss. If someone wants a bigger stop, 50 or 60 is even better. But then , they should at least target 50 or 60 tick targets as well.

3. You have a 1:1 rr ratio for scalping. I have struggled to find the proper stop loss for scalping. When I scalp, I'm typically targeting 7.5pts and I want a positive r/r ratio, but that would require a stop loss of 4-5 pts. Is this realistic, and if not, what do you suggest? 1:1 ratio with 7.5 stop loss? Perhaps I have to accept that I cannot accomplish a positive r/r ratio for scalps?
I don't scalp a whole lot these days unless it's a slower afternoon session that I am trading. The 40 tick targets in the morning are hit very easily and often I go now for 80 ticks. But at slower times, I like to scalp 25 tick targets with a 25 tick stop loss. At these slower paced times, that seems to give enough room but it is still pretty tight. One of my favorite scalp setups (and I kind of forgot to show this in my webinar) is when we have a sudden counter trend move that appears to be breaking through a support and resistance level. You'll recognize the move when you see it because it will tempt you to play the breakout and order flow will seem to indicate it's going to really break out. Then price will pause just as it's broken through the S/R and start reversing. That little bounce after the breakout is sort of a reverse scalp and I get in very quickly and it's usually good for a fast 25 ticks or so. What price does after that doesn't concern me because I just nailed the little bounce. That scalp can even work well during the morning session as well.

Thanks again.

Thank you for the detailed responses -- very helpful. Two more question, if you don't mind:

1. Can I do this using candlestick charts or do I need tick or range bars? I currently use 5 min. chart, which I'm comfortable with. I assume that the letter formation will not be there and the pullback will look different. What do these letter formations look like on candlestick charts, like the 2 min. and 5 min. you watch? Are they simply double top or double bottom retests of the level?

2. How do you know to enter a V instead of waiting for the W, and same for A and M? Isn't V just a single test and W a double test?

@lancelottrader
Thanks for generously sharing your process & ideas. As a on/off trader "trying" to get back into trading (mostly NQ as well) there were bunch of pointers for me.
Looked up the video on page 113 as well & loved the concept of ECM inventory.
I am a huge fan of Meditation & mindfulness (thanks mainly to Robert Koppel & his underrated book The Intuitive Trader)
I use a free app called Insight timer which has meditation courses by a bunch of people that I admire. Feel free to check it out.
Thanks to the moderators for getting @lancelottraderto do this. Hopefully we see more of traders (with scars) like this in webinar format.
Cheers!