If you have been around Forex Trading for a day, you have heard the popular truisms "Cut Losses short", "Let Your profits run"," Never Add to a loser"," Always use stops", and "Go with the trend". These are some of the popular ones. I will show you how to apply these truisms. The traders who state these, without explaining the proper principle behind them will cause a novice to lose their capital. You have to remember that no single rule (or truism) will spell the difference between Profit and Loss. It is with the use of a system and money management that you will come to understand these truisms. In the following paragraphs I will give you the tools.
My Personal Truisms:
My mentor Aldo told me all the time that: in his words "Tom it is better to live your life one day as a lion, then 100 years as a lamb. You will never get rich in trading by following the crowd."
My second favorite:
He also always said to me "Tom you have to be in the train before it moves. Have the courage to sell when everyone is buying. Have the balls to buy when there is blood in the streets. "
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