I’m about to sign off for the night so after a busy day and while in reflective mood, let me try and share some of the things I’ve learnt over 26 years trading the FX market:
- It’s a young man’s business! Sorry to tell you this, but there’s a reason that banks primarily hire young, risk-taking males to work as FX dealers. When you’re over 45 like me it’s increasingly difficult to give this business the 100% total commitment which is necessary in order to make it big.
- Analysts, economists and strategists make terrible traders! Big banks have been studying markets for decades and developing models which work. They hire plenty of analysts, strategists and economists but they don’t let them trade; trading is done by traders!
- So if a good strategist gets 65% of his/her calls right, why don’t they make money as traders? Simple; its an entirely different skill set. Knowing when to increase risk and when not to is the mark of the great trader.
- There are very very few great traders and you will never hear from them because they have the ability to make $10 or $20 million per annum quite easily just using their own money. They have no need to sell their systems or publicise themselves.
And by the way, all those systems and experts out there who are purporting to sell the next sure-fire 100% definite way to make money in the FX market- they are scam artists! There is no such thing as a perfect system, some work occasionally but you may as well toss a coin. Go and learn how to maximise your profits and then you’ll have some fun trading.
Good night and see you tomorrow.