watch this video by Lorraine McKay (who I just adore!) … it really helped me to watch someone trim fondant with a paring knife. she shows this trick of scraping the fondant off the knife periodically with the excess fondant.
http://www.youtube.com/user/aine2#p/u/3/mp1pOvCvjmM
http://cakeoricandothat.blogspot.com