Pigs get fat… Hogs get slaughtered
It’s all about making money
When it comes to making money quickly, the Forex market rules. It’s vast, fast, and never stops. More players trade currencies around the world than any other market. So how do you get your share of this worldwide pie?
Like other markets, there is also a lot of noise surrounding the Forex market. If you spend any time at all online looking for rumors, you’ll find them. Like other markets, the Forex is made up of people who all have their own agenda and who all seek to make their trading easier and more consistent. You’ll find conflicting information and conflicting predictions which will confound and confuse if you give in to this mental and emotional barrage.
Your job is to stop all this noise from affecting your efforts as a trader. The best way to do this is found in three steps:
- Find, test and have confidence in a trading system that works for you and with your unique personality before you get too serious.
- Stay the course when the system breaks down (don’t expect it to be right 100% of the time).
- Find, get familiar with, lean on the market’s best charting tool, SmartTrader, which offers many tools to give you a bigger edge in your trading.
As you get going with your trading, you’ll be tempted to tweak your system to get in a little faster (closer to the bottom) and to get out a little faster (closer to the top). This is natural and every trader deals with this early in their trading. The real test of your success will be whether or not you can be content with the “fat middle” of a move which is most obvious and likely.
It’s important that you resist any temptation to squeeze more profits out of a trade. Try to remember that “pigs get fat, but hogs get slaughtered.”
“One of the most helpful things that anybody can learn is to give up trying to catch the last eighth… or the first. These two are the most expensive eighths in the world.” – Jesse Livermore, famous early 20th-century trader
Be patient before the trade and wait for the setup your system gives. Then be patient during the trade until your system provides the signal to get out. You won’t win every trade (that’s why you should always trade with stop losses) and you won’t get the entire move… but you’ll be more consistently profitable over time and that’s really what it’s all about.