Trade Forex like a Sniper and Hit the Bull’s Eye
A sniper has limited number of bullets. He has a limited number of targets. His intentions are limited. The ramifications are extraordinary. Replace the sniper with a foreign exchange trader, and you get the smartest bloke on Wall Street. Many traders have entered into the market with a lot of ammunition and skill, but have left very soon, unable to cope with the pace of the market or maintain the standards set.
More often than not, the average Machine-Gun Joe in the foreign exchange market exhausts himself and his opportunities within no time and is left hanging. And that is exactly why a trained marksman with a prime target and a good aim, calculated steps and limited goals and opportunities can serve a long term purpose and be the kingpin in the market.
I'll Have Two Glasses of Patience Please¦The sniper never gets a kill in the first few minutes of his setup. He can take a few hours, a few days, sometimes weeks or even a whole month before the target finally becomes visible and can be hit. There is a need for an extraordinary amount of patience in trying to keep yourself alert for the right time. If a trader can duplicate even 50% of the level of patience as seen in a sniper, the trader will have in him the inherent ability to see it long and end up owning the market in a few years. Foreign exchanges don't respond to changes in the market with the speed and accuracy of shares and stocks of companies. The number of internal and external factors affecting it are of such great proportions that the changes often are extremely minute and may not be visible. But that is where a trader's patience will help in tracking that change and bring in the artillery.
Getting Into The Skin Of The CharacterThe sniper has a very simple set of ideologies and principles to stand by. Be patient, be in command and be specific. The patience was explained earlier. The command concept is such that the sniper feels that he commands every decision and the circumstances of the decision. He believes that he is in control and that he will dictate the terms of the situation. A trader in forex must think exactly in the same manner. When in control, the confidence of the trader is such that he tends to make sure of his control be scouring the markets correctly and find patterns and tapping into it and what not. That is the true essence of the trader being in command.
He must also be specific with straightforward goals that should be achievable and tangible. The measurement of success depends entirely on the rate of return. But the need for a specific goal makes it easy for the trader to see things through. He now knows which instrument to choose and when. This can only be taught with experience in achieving specific goals.