Lance Beggs: popularizer of the Price Action trading style
Exchange trading has a variety of styles and strategies. Some of them are based on candlestick patterns, others – on technical indicators. And each method has its own characteristics, strengths, and weaknesses. Among them, the Price Action strategy is quite interesting and noteworthy. Its promoter is trader Lance Beggs, thanks to whom a large number of people learned about this style.
Beggs was born in 1980, and before he got involved in trading, he was a military pilot. According to the trader, the service helped him to gain skills, indispensable in the market. Lance had a good understanding of psychology and understood how people behave in this or that situation. He also analyzes and notices the details and is able to react quickly to market trends. Beggs demonstrates by his own example that the Price Action strategy works perfectly. He managed to make a large fortune on the exchange, working with oil futures and indices. This strategy is based on the complete rejection of technical indicators, and the main trader’s tool is the base price chart. Lance and other followers of Price Action believe that the naked chart contains all the necessary factors to analyze the trend in the market. Beggs has gone much further and developed his own course where he teaches beginners how to work with Price Action. It includes the trader’s personal experience, advice, and recommendations on how to organize the process to minimize losses and increase income. Following Beggs’ recommendations, even a beginner can quickly grasp all the nuances and soon be in the black.
Lance believes that the market is first of all a process of interaction of people with each other, and only after that, there are quotations and figures. That’s why a trader should build his activity on psychology, and only after that apply mathematical models and analysis. It is important to react fast to price changes, to watch every movement on the chart, and then you can make forecasts about how the market will behave.
In his course, Lance Beggs pays special attention to the basic concepts of trading. He explains the characteristics of candlestick patterns, the significance of support and resistance levels, price movement, and its strength. In addition, the trader helps to analyze the price movement, to look for the reasons for a particular trend.
The Price Action strategy that Beggs uses is slightly different from the classic approach. While other fans of this style of trading believe that it is only effective for long timeframes, Lance does not limit himself to this option and boldly uses the approach for short and medium timeframes.
According to Beggs, Price Action enables the trader to act ahead of trends. To use it, it is not necessary to memorize the deciphering of indicators, what is important is to be able to read the price chart, which gives full information about the processes in the market.