"Bulls make money, bears make money and pigs get slaughtered."
This is an old Wall Street saying that is intended to warn traders against excessive greed and impatience.
So. Which type of trader are you?
Are you a bull? A bear? Or are you just another pig?
If your answer is I don't have a clue, then you're probably trading like a pig and bleeding money in your account as a result.
Of course as a human being, not letting your own greed come into play when you're in a position is much easier said than done.
But don't you want to make money in the markets, rather than be slaughtered by them?
Trade with the Trend
Traders who trade in the direction of the higher time frame trend, put themselves in a better position to make money than those that trade against it.
If the trend is bullish, then take longs. If the trend is bearish, then take shorts. It's a pretty simple concept that keeps you on the right side of market momentum.
If you're trading against the trend, then most likely you're doing it because you're a greedy pig who can't sit on their hands. This is overtrading and you're asking to be slaughtered.
Manage your Expectations
Don't believe that you're going to get rich in the market. You aren't.
If you're trading as a reason to not go to work and think that you can use it as your get rich quick scheme, then you're nothing but a filthy pig who is waiting to be slaughtered by the market.
As I spoke about in my last trading mindset blog on managing your expectations as a trader, you're going to have to adjust your mindset to the fact that taking losses are part of trading.
Better to keep them small and keep taking them often, rather than to let that one big single loss compound because you're too greedy to accept that you were wrong.
Don't Chase a Trade
No matter how good it looks, if your system's trade entry rules have already passed you by, then you need to let it go.
There should be no ifs, no buts, no maybes. The trade is gone and you need to move on. Chasing a trade is the definition of being greedy. And yep, you know it, greed leads to you being slaughtered like a pig.
Your trading strategy is there first and foremost so you manage your risk properly. If you are getting in late to a trade, then your risk management rules have been thrown out the window and if this trade doesn't go your way, then you will be slaughtered.
An outcome that quite frankly you deserve. You have a trading strategy for a reason. Trade it.
Best of probabilities to you.
Peace 🏻.
Instagram: @forexbrokr
Website: www.forexbrokr.com
The ideas shared here apply not just to trading but every aspect of life, every aspect of our business endeavors , even in mundane activities like the fantasy premier league.
These points stood out
Yeah, let it go and wait for the next band wagon to jump on. Not to jump and miss your footing. Packing losses when the profits have been made by those who got on earlier.
Yes sir, be flexible you mean. Like I said, applies to virtually all areas. Strong points you made.
Great read for me.
Pretty cool that you can take these blogs and apply them to more than just trading.
Thanks for the great comment mate!
Not Chasing a trade is the best advice one should get.
Chasing a trade leads to high risks and big losses. Patience is the key to success.
Write that on a post it note and stick it to your wall! 💸
Sure..
As an investor the best TIP I can give you is to see money as monopoly money. I remember the time when I started in school where losing or gaining 5 euro´s had a big impact on my. I had to work an hour for it at my part-time job. You slowly need to build it up. As a value investor you need to be able to live on a 10% down and knowing it is temporary. It is not. As long as you did your research, you know it will get up again.
Great advice Thomas, thank you! 😎
Wow...This post is powerful and quite informative. Yea, in as much as we're expectant, we should also know how to manage our expectations.
Thanks for sharing @forexbrokr
Great job ✌ ✌ ✌ 👌 😎
That’s okay, thank you for taking the time to comment.
How to manage we'r expect
Yeah, or something like that.
the information you convey is very useful for me and maybe for other steemit friends, may you succeed, and pray for me to succeed like you later
Thank you, all the best to you too!
Great Tips.Every Newbee In Trading Should Follow.Thanks For Sharing.
No worries, you’re welcome.
Great info, thanksman
You’re welcome!
My biggest issue is patience, the problem being that I came into crypto investing with the totally unrealistic expectation that I was going to be a millionaire overnight. When this didn't happen I started chopping and changing. Now after a few weeks of reading great articles like this one I've become a buy and Hodler, but am open to selling a few coins when the price is right, and of course buying a few coins when the price is right as well, like in the present down market. Thanks for your blunt advice, most of us need it.
Not a problem bruizer. Glad you can take some value from my writing!
Yes. Greed is synonymous with blindness. It makes us forget ourselves. We fall victim to external incentives. We are truly going to be slaughtered pigs, with the backfiring guaranteed, maybe not immediately but surely eventually. A product of the ego craving the biggest stake in the quickest way, losing sight of any acumen as it has no willpower to let patience reign like the sniper has it who controls the entire situation and unleashes the trigger just in perfect timing..:)
Greed is in fact, not good.