Before you learn how to trade Forex in this article, I would like to share a little about myself. I’m someone who likes the dusty style such as Harley Davidson motors, etc. It’s quite the opposite between my career and my blog interface.
I like to collect soldier’s stuff, mostly American soldiers when participating in the Vietnam War. Souvenirs that retain perfect freshness are hard to come by. And they’re also quite expensive. For example, a new Field M65 shirt, or an aluminum buckle dated back in 1968 worths for more than 10 million or almost nearly 20 million. However, it is very hard to find one. They are very durable as well as looking healthy and manly when wearing, and importantly rare.
In war action films, soldiers always make me feel excited to watch these films over again many times. Regarding the topic of “sniper”, there are a lot of good movies. You can visit this link to see the 10 best movies about snipers.
In today’s article, I want to talk about a sniper on the battlefield and recommend trading in the same way that snipers fight. Sounds quite interesting, right?
How to trade like a sniper in Forex
A sniper is always a real fear of his (or her) enemy. They, the special soldiers, have tremendous patience and control over their weapons. They can control the brain and body for hours, even days in a state of intense stress and concentration. And you may have noticed by now that those qualities are the perfect match for your forex market trading.
The foreign exchange market that you and I are participating in, is like a giant battlefield. You need a good trading method (weapon). You need to master it, understand it, control it, and maintain maximum discipline when practicing it. Today’s trading is extremely stressful and not much different from war, there are two things that you have to control: your mind and your body.
Traders should patiently choose the time of entry, discipline, and following that order to the end. Just like a sniper, these traders will be successful with forex trading in the long run. On the contrary, there are traders who prefer to trade like a crazy machine gunman (rushing at every target he sees). They trade too much and see opportunities wherever they are. These traders will quickly lose money (ammunition) and not fulfill the target set on the market.
Let’s find out how you can trade like a sniper instead of shooting everywhere and every time like a machine gun and run out of bullets.
Understand and accept “less is better” in Forex trading
One of the things we learn from this soldier is carefully choosing an important goal. Less will always be better. The same is true for the forex market. However, the mentality often found in newcomers and inexperienced people in the market is “more is better”.
They feel more secure with many technical indicators, although they are not really knowledgeable about them. They feel the more orders, the better the ability to make money faster and more, or the more robots, the better it will be, etc. These are not how you should trade in Forex.
Because what is the result or the consequence of that thought? They are in too much of trading, much like a machine gunman rushing with bullets. They scatter bullets (money) at every glimpse of the target and at any time, anywhere. Then, they quickly fell into a state of empty ammo (money).
So the first thing you need to do if you want to learn from snipers and become more successful with Forex is to keep in mind that less is better. Think of the camouflaged sniper, lying down for hours or even days waiting for his target to appear or enter a spot. You also need to be patient and do the same with each of your trading decisions. Daily charts will be your best battleground, keep an eye on it.
Choose larger time frames
As I mentioned in the previous line, the daily chart is the best place for you to “prey”. Because daily charts show you which goals (opportunities) have the highest value. It is the best compared to any other time frame. A weekly chart is also very good and highly reliable, but it gives us too few opportunities and choices when a month has only 4 weeks.
The higher the time frame is, the greater the reliability becomes, and the less the availability offers. The bigger the time frame you trade, the greater your chances of success with the market will be.
A sniper can change the situation of a battlefield with an accurate shot that kills important enemies. A winning order (carefully selected and patiently waited with the discipline to achieve your profit goals) can significantly increase your balance. It helps you earn money to do what you like.
Trading like a machine gunman will make you quickly run out of bullets (money), much faster than you think. In my opinion, the time frames lower than the 1H almost do not offer anything. Stay away from them and observe at higher time frames. It is best to arrange the daily chart in the first position followed by H4 and W1 charts, and finally the H1 chart.
Patience, patience, and patience
What every sniper is sure to have is patience. You cannot become a soldier without “incredible” patience. And you cannot become a successful trader in the long run without this virtue. Newcomers to the market have little or no patience, and thus most lose money.
Impatience in trading is something like human nature. This also leads us to one of the things that make your account dead the most – greed. Impatient, greedy, that is, you can not control your mind and body. Your head is thinking of money-money, and your hands are just waiting to click on the placing order button. If you let this happen, you can’t be a sniper, nor a successful trader.
Practice patience and live simply to reduce greed. If you can spare a few minutes and a few times a day, meditation is also extremely good for health and better control of yourself. I love Buddhism and the Buddha Dharma philosophy.
Master your trading method/strategy
Snipers take years to control the gun, calculate the wind, humidity, distance, etc. to produce a perfect shot. And when all the necessary elements have converged, they would not hesitate for a second. Similarly, as a trader, you need to have a good strategy/method. You need to understand it, master it, and know exactly what you are looking for on the chart.
Mastering a method begins with inquiries, learning, education, and continuous improvement. You have to spend time, money, and concentration, etc., to learn it. No one can learn for you.
Be realistic with this: it will take much time, for sure. Becoming a master in any field takes a lot of time. Start learning and cultivating wisely today.
Develop your mind like a sniper in forex trading
It is confidence and discipline. The more you try to trade like a sniper, not a machine gunman, the more confidence and discipline you have. You will definitely be rewarded for your patience. And when the rewards begin to come, you will want to maintain discipline and other good virtues more and more. And soon, they will turn into your habit.
Most traders do not understand and are not clearly aware of the power of patience and discipline. They often tend to prefer being a machine gunman because the “feeling” of it is spectacular. They think they could control it all. They don’t want to be like a quiet sniper soldier nobody knew. The problem here is you can’t control/manipulate the market. The only thing you can control is yourself.
Thank you for taking the time to read up to here.
I wish you soon join the team of snipers and successful traders with forex trading.
Goodbye and see you again in the next article.