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TFC Commodity Trading Forum

Don't be a Bluegill

The bluegill – a small freshwater sunfish – has such a tiny brain that you can catch the same fish over and over again over the course of a morning's fishing. Because it has such an inefficient memory you can hook the bluegill and throw it back, and go back to fishing and hook the same fish several minutes later!

Many beginning traders have the same tendency when it comes to trading. They have such an attachment to an opinion, or a trading tactic, that they continue to do the same thing over and over again and each time the market hooks them. The way to avoid this is know how to categorize a market’s higher-time-frame trends, which more times than not will give you market direction. Then trade small and be patient. Take advantage of the market taking advantage of everyone else by buying a dip in a market where the daily trend is up, and selling a rally in a market where that same trend is down. It sounds simple but it’s amazing how many of us outsmart ourselves and don’t do the right thing at the right time when we should! Look at almost any currency chart on an hourly basis and the one thing it will do, regardless of the overriding trend, is go up, and go down.

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Don't be a Bluegill