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YTC Price Action Trader (www.ytcpriceactiontrader.com)
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YTC Price Action Trader (www.ytcpriceactiontrader.com)

  #71 (permalink)
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Iíve been learning to trade and trading for the past 2.5 years (on and off). I read at least 30 trading books, you name it, I probably read it.

I started with indicators and then realized that price action was the way to go (for me). I spent considerable time (at least 6 months) reading Al Brooksí new books and trying to make sense of them. I liked them (clearly the guy knows what he is writing about) but I have been overwhelmed by the amount of detail he provides in his 3 volumes, yet lack of concrete steps of how to implement what he teaches.

What I have been trying to find, unsuccessfully, is a book that brings together everything and provides me with a STRUCTURE and a detailed plan of what to do, and not simply teaches me technical analysis or price action or psychology stuff.

I have been trading without a clear set of procedures and as a result could not become consistently profitable. I did not have a clear manual of what I do in a specific situation (I did have a trading plan but it did not cover all the situations that can happen, like recovery after a significant loss, step by step, what you do to get back to normal). I was even thinking of writing procedures down myself but didnít have enough creativity.

Then I stumbled upon Lance Beggs and his e-book: YTC Price Action Trader. What a great piece of work!!! His 5 strategies are simple to follow and yet they are described in enough detail, but much easier to understand that Brooksí books.

By the way, thank you Adamus for letting me know about Lance Beggs (I actually learned about him here on this thread)

What was priceless to me is the detailed trading plan (template with suggestions) and set of procedures/routines pretty much for every situation you can imagine. He was a helicopter pilot in the past, so following a detailed checklist is in his nature. He developed detailed checklists for trading and shared them in his book.

I am surprised his books are not more popular on trading websites/forums. His name is known but not well-known, which is a pity for all beginners-traders and struggling trades who lack a clear pathway. And no, I am not affiliated with him in any way.

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  #72 (permalink)
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Hi @anituchka,

As you, I have an excellent opinion about Lance Beggs' YTC Price Action Trader. I think that it is a very good introduction to price action, but also to trader's organization.

Do not feel forced to answer, but have you succeeded in trading YTC PAT methods and setups profitably, or do you use them as "background information" for other trading methods?

Thanks,

Nicolas

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  #73 (permalink)
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anituchka View Post
I am surprised his books are not more popular on trading websites/forums. His name is known but not well-known, which is a pity for all beginners-traders and struggling trades who lack a clear pathway. And no, I am not affiliated with him in any way.

I can't explain either why he's not more popular. I guess a lot of people don't need the systematic approach - or think they don't need it.

By the way after months of trying, I'm still struggling with trading - YTC PAT is not the silver bullet. It's great and it gives you the framework to build on, but it doesn't stop you (or better said, me) from making mistakes in the development process as a trader.

You can discover what your enemy fears most by observing the means he uses to frighten you.
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  #74 (permalink)
Market Wizard
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I am glad to see some positive comments about Lance Beggs' material. I bought his YTC PAT's methodology a few months ago and was agreeably surprised by the quality and depth of his material. I was a bit sceptic at the beginning as i knew learning a system or approach from a book is quite a feat but he succeeds to convey his ideas and principles in a clear and concise manner. I use a lot of his ideas in my own trading and have mixed it with the principles of auction theory i had learned over the years.

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  #75 (permalink)
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I am doing sim-trading now, market-replay and simple bar-by-bar "trading" (just clicking bar by bar, and putting entries and exits). I am not in a rush to start live trading this time

I can see big improvement since I started to use his strategies. At least my backtesting gives me positive results month-after-month.

Right now I am in the process of actually writing a detailed trading plan and procedures manual. This is where his material is priceless to me. I tend to get too emotional and after a couple of losses can go on tilt so I do need to have a very clear structure of what I can do and what is not to be done.


Nicolas11 View Post
Hi @anituchka,

As you, I have an excellent opinion about Lance Beggs' YTC Price Action Trader. I think that it is a very good introduction to price action, but also to trader's organization.

Do not feel forced to answer, but have you succeeded in trading YTC PAT methods and setups profitably, or do you use them as "background information" for other trading methods?

Thanks,

Nicolas


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  #76 (permalink)
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I find myself getting emotional after only one trade - whether it's a winner or loser. Losing leads to risk-avoidance, and winning leads to over-confidence. OK, over-confidence isn't one single emotion, it's more difficult to nail down than that. In fact emotions generally difficult to nail down and recognise. Generally if i can recognise it, I can compensate for it alright - recognising it before I make a stupid decision is the difficult bit.

In YTC PAT I don't think Mr Beggs offers anything directly to help, but he puts us in the position where we're very likely to find way to deal with it, i.e. with his structure, his emphasis on review and so on.

You can discover what your enemy fears most by observing the means he uses to frighten you.
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  #77 (permalink)
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Nice thread, keep up the good work


cheers

toucan

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  #78 (permalink)
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anyone trading his scalping technique... which is what he indicates he trades now....

PAT is still the foundation of the method - its the foundation of it all in my opinion

the scalping approach uses a very low range with a minute based HTF

see the setup formation in the HTF

take the trades on the lower time frame

concept is that price is within a price channel and he has come up with a measure/gauge of the channel

basically you buy low and sell high where the sides of the channel indicates the extreme limits.

if you look at any price channel you start to see where pull backs tend to form before they continue with trend

and you see where reversals form and swing the other way

after some research you see where the high probability trades are....

As with most Beggs things, easy to understand, implement, and follow.

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  #79 (permalink)
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Tulanch.... I think indextrader7 uses beggs scalping technique, but i'm not positive given that I have only read through beggs website and not read the scalping book.


one other in big mikes trading forum, not sure of the name, has been studying the scalping but not trading live.


cheers

toucan

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  #80 (permalink)
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As far as I can tell no one is profitably running this system on futures.io (formerly BMT) - is this accurate?

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