No fanny packs in Forex!

Just drove back from Miami to New York, 1200 miles, 2.5 days.  Escaping New York winter in Miami Beach is spectacular, all the while doing my usual day trading and spending the rest of the time on the beach.  The beach can sure be relaxing, but there were certainly plenty of tourists down there blocking my sun, with their sunburned noses and white socks under sandals, oversized hats, tshirts, and fanny packs bulging, screaming to the world, “yeah, I’m a tourist!”  Kinda reminds me of the retail foreign exchange market.  More and more people keep hearing about the fantastic profits that Mr. so-and-so made last month and more and more new traders keep diving into the market with little or no training, no knowledge, and praying for profits.  Tons of tourists with their fanny packs bulging with little or no strategies, too many technical indicators, too little knowledge of money management, diving into this market, the most volatile market there is.  Before they know it they have lost their life savings and must bid farewell to the party way too early, another forex tourist bites the dust.  DO NOT BE A FOREX TOURIST!  Take the time to really learn how to trade this roller coaster ride, pick your trading strategy wisely and stick with it, use a daily trading journal to track all your trades, follow your rules for every trade entry and exit,  and be consistent.  Learn from your wins and your losses. Being a profitable forex trader requires diligence and patience; never cut corners, because it will make you a forex tourist faster than you can say “I don’t need sunscreen!”.

I am so glad to be back in New York..