"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 🏻.
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