Early in my career I worked with an old and seasoned commodity and forex trader who was for many years my mentor. He was always so proud of the fact that he was an “above average” trader because he knew that he was merely “average”. Now that struck me as a very bizarre thing to say given that he was one of the most successful traders that the bank ever had! But after a while it all started to make sense. Forces and interrelationships at work within the market were too complex for him ever to fully understand or comprehend. So instead of trying to essentially outguess the market and holding opinions as to what he thought was going to happen, he turned to listening to what the market was telling him (or to use his language what “tune the canaries were singing”), i.e. what was actually happening. This “listening to the birds” philosophy made him not just an above average trader but an exceptional one.
So instead of trying to sound intelligent to others and yourself, take time out to listen to the market’s canaries! What are these four proverbial canaries in the mine shaft” telling us?
The canaries are chirping real loud now!
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