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.

Here are a few of the many advantages a sniper in the forex market exercises over a regular machine gunner.

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 Character

The 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.

The Highest Honors To The Best

Notice how a sniper is the primary choice of any force to target high value individuals with the high levels of probability to change the course of events. A machine gunner on the other hand, has only one job. To cut the enemy thin by scattering a few bullets around so as to either hurt them or scare them. The forex market works in the same manner. Working a short time from for short term gains in a long term market is perhaps the worst way to start trading. It is wise to always think small and try to make big, but time is a value which is not quantifiable and unpredictable to the extent that you are better off if you don't bet yourself against it. The forex market works on the concept of time and the bearing of fruit of various instruments over a period. That is exactly when the trader must tap a market.

Can I Have Some More?

Until and unless the trader realizes that less is more in foreign exchange trading, it is going to be hard for him / her to last long in the market. In a sniper's opinion, the lesser the number of the targets, the greater the opportunity, challenge and reward. Similarly, the lesser number of news feeds, analytics, trendsetters, market predictors and polls, the better it is for the trader. If trading in lesser number of instruments such as stocks and shares in the mid-cap can account to something, it sure can assure that the risk and reward of the trader acceptable to the extent that the risk is limited and the reward is still worthy. One cannot specify how important the concept of less is more in Forex trading really is.

The Trader's Two Cents

This is a comprehensive analysis of how good a trader can really get and make it big in the market. Follow the axioms and you will be a better trader than you are, for sure. But if you can't see yourself being patient or taking in less, then allow a professional like Corner Trader to do the needful and look after your investments like a baby.
By Luke
Luke Peters is an avid reader of various books related to trading, finance and financial management, and is also an active forex trader on Cornertrader. He has also written several articles across various blogs and websites related to finance, trading, marketing etc.

Copyrighted 2016. Content published with author's permission.

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