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Sunday, 26 October 2014

Learn patience -part 1 :Trade Like a Sniper…Not a Machine Gunner

      Impatience has become the basic character of the generation(me too). We need everything to be instant
like Instant messaging, instant information, and of course instant food. We want everything and we want it now.
    
      We have no time to learn the method. We have no time to wait for good setups and we have no time to wait for the trade to play out.  impatience is a derivative of fear and greed, the cardinal sins of trading.

      We jump on to a mediocre trade and lose. Then hesitate to take the next best opportunity. Fear of missing out sets in and   impatiently  enters another trade and get stopped out. This cycle goes on.....

       A sniper in the military has an edge over his or her enemy; their edge is unwavering patience, mastery of their weapon, and the ability to remain consciously in control of their mind and body for long periods of time in high-stress situations. We can apply these same concepts to trading and life.

       Now, trading is as war, but it still requires conscious control of mind and body.
 
       Those traders who learn to pick and choose their trades wisely, trading like a  “sniper”, are typically the ones who succeed long-term, whereas those traders who act like machine-gun traders by shooting at everything they see (trading too much), tend to run out of ammo (money) very quickly and fail to accomplish their goals in the market.
   
       A sniper will train for years to sharpen and perfect his or her shooting skills, and a sniper knows exactly what their target looks like and pulls the trigger without hesitation.Similarly, you will need to “train” with the particular trading strategy you choose to employ in the markets so that you know exactly what you are looking for every time you open your charts. However, you will need to do more than that;  you will need to truly master the trading strategy that you choose, because if you don’t master it, you will never achieve your full potential as a trading sniper.
   
      Sometimes we may need to wait for long time without a trade opporthunity as per our method, if you are not losing money by not taking up trade as per your method then logically,
 "Not losing money is gaining money".



Crocodiles are a trader’s best role model:  (continued in Learn patience part 2)