A few people have expressed interest in the YTC program, and a few have even picked up copies of the ebook. I was a little surprised that the number of purchases of the YTC Scalper outnumbered the YTC Price Action Trader. I shouldn't really be *that* surprised considering the latter is $197 (YTC - PAT) and the former (YTC - Scalper) is $97.

So that said I really wanted to be EXPLICIT about each book, who they are for, who they are NOT for.

Let me start by saying that YTC - Scalper is an ADDITION to YTC - Price Action Trader (PAT). Reading the Scalper before the Price Action Trader will most likely cause some confusion.

Here is the description of the Price Action Trader, including Table Of Contents.

Who is YTC - PAT for?

It is for anyone who has spent a reasonable amount of time studying Technical Analysis (TA). You certainly don't need to be a profitable trader with years of experience under your belt, but you will get the most benefit if you've struggled with some of the concepts yourself, and you have a reasonable TA vocabulary. The great thing is that www.yourtradingcoach.com has a plethora of free articles anyway. Spend an hour or two on these articles every day, for a few weeks/months, and you will be ready for the ebook. Also, you will have a very good gauge on Lance's teaching style, and what type of topics he teaches, so you'll know if it's right for you. I've spoken with Lance at length, and both of us really only want to put this book in the hands of people who have an interest, and will benefit. I hate turning my blog into an infomercial, but I have noticed a large amount of poker players interested in trading, and given that a lot of you have lots of free time now (American players anyway), it's something to look in to.



Who is YTC - Scalper for?

First and foremost, YTC - Scalper is for anyone who has read YTC - PAT first. I don't like speaking in absolutes, but the overwhelming majority of people will not find use from YTC - Scalper unless they first read YTC - Price Action Trader. The problem is that being successful with TA is about which trades you DON'T take. That is to say, it's extremely hard to make a mechanical or indicator based system of trading work, without taking into account market structure, timing, news, etc. YTC - Scalper teaches you how to trade on very small timeframes (1 range trading timeframe, 1min mid-big picture, 5 min big big picture) and therefore requires some things to be simplified, due to the speed of those markets. To the novice, they will appear to be mechanical. To the seasoned Technical Analyst, who has spent time with concepts from YTC - PAT, they will understand the difference between a valid setup, and an invalid setup.


So to speak plainly:

1. Look through all the free stuff on www.yourtradingcoach.com. Spend a few hours a day for several weeks/months, until you get a good sense of what's going on. Look around the internet (EXTREMELY CAUTIOUSLY!!!!) for other resources. Try to avoid anyone selling you a "system" or any site that emphasizes indicators. If you take nothing else from this blog, or ytc... please remember that reading a naked price chart effectively is absolutely imperative to succeeding at TA.

2. If you're ready to take the next step and get a very clear, concise ebook that will save you time (Again, just as with poker coaching, this ebook doesn't necessarily teach you anything you can't learn on your own. Hell, Lance had to develop these ideas, so obviously it's possible to do it yourself... however, for 99%+ of us, it will save us LOADS of time, and time = money). Start with YTC Price Action Trader

3. Spend some time sim-trading the concepts learned in YTC - PAT. Do replays or real time trading. Keep track of your results, and take it seriously. One of the beauties of being a poker player, is that along the way to success, we've gained fantastic tools for processing information quickly and efficiently. For many of us, that means we will want faster-paced trading (a.k.a. Scalping)... this simply means trading on lower/faster timeframes. If you want to see how Lance adapted YTC - PAT to the faster timeframes, get the YTC - Scalper add on.

4. Lance just recently started a blog, that I linked to in my last post: http://www.yourtradingcoach.blogspot.com/. He updates nearly every trading day, with trades that highlight the concepts he teaches in his ebooks. For the record, he has moved to a scalping style, so most of his current trades will be based on the YTC - Scalper. Follow the blog, track your results, be disciplined and be honest with yourself! Quite often when a trade goes wrong, there are reasons that can be seen in price, don't ignore them! Learn under which market context your "setup" works, and under which it does not.




So as for my results last week, Wednesday went pretty poorly(?), just as predicted in my blog. The random questionmark stems from the fact that while my results were horrible, I really learned a lot. I learned quite a few areas to avoid in the future, that look good "mechanically" but will be long term losers.

Using my new found knowledge, Thursday went very well, and I was looking forward to Friday to bag a 4 out of 5 day streak of profitability. I ran it up to +18 ticks, and continued to trade. There were a few minor mistakes, a few fills missed by 1 tick, and one blatant error... when I decided to risk 26 ticks on one trade. There's really no excuse for this (was a two part, scaled into, trade). The great part was that I ate my stop, price went 1 tick higher, and immediately bombed to what would have been a nice profit on both trades. It was nice icing on the cake to make me feel foolish about the risk I had taken. Even in sim, it's important to be disciplined and stick to your plan. It was literally the only time I had done such a foolish thing all week, and in hindsight, I'm glad I felt some pain from it... preserve capital!




I'm really looking forward to trading this week, but more exciting things are on the horizon... We went to have our normal weekly prenatal checkup (this late in the pregnancy they check her weekly) only to find the baby is breech (upside down)... so tomorrow they are going to try and turn her, bright and early, so trading will have to wait. Hopefully everythings goes well, but if not, it's c-section time... in any case I don't care how she comes out, so long as she's healthy. There's a risk that we might have to have an emergency c-section tomorrow, if the baby's heartbeat lowers during the attempt to turn her.... and a smaller chance that a successful turn can induce labor.

I just noticed my newest video will be released on Thursday! I'm excited, I really think you guys will like it. To be honest, I've revealed the subject matter to some close friends (very successful HU players) and both were more or less not happy that I was releasing this level of material (because it's very good stuff). I have a clear game-plan for videos 2-4, but I want to hear feedback from you guys before I lock anything in stone. That said, I probably won't get video 2 done as quickly as I had anticipated due to the baby, but it takes 2-4 weeks to get on the schedule anyway.



No fishing to report on, as this weekend was the baby shower, it'll probably be a while until I get back out on the water, but man I can't wait for Salmon Season!!!!!!!!!


Oh and btw, if anyone has any questions on the YTC material, if it's well suited for you, specific questions for those that have purchased it... don't hesitate to PM me.

Best of luck on the charts, tables or water!