When we think about the true definition of a sniper a few key points come to mind.
An elite sniper is one who has complete control over both physical and psychological states in high stress situations, highly proficient and skilled with their weapons system, tactful and selective in their approach, and their heightened state of awareness and edge over the enemy.
As traders we can draw many parallels that apply directly to our day to day routine that fall closely in line with that of a sniper, likely most notably is having a trading edge. As a day trader we need to possess a trading edge and master it with consistency while being brought face to face with an amalgam of temptations including emotionally fueled revenge trading and over leveraging of positions; all while having to remain focused and disciplined.
The majority of successful traders who have succeeded will tell you they have learned to select their trades in a carefully and calculated manner while the losing traders tend to attempt and machine gun, or trading everything that moves, their way through the market and ultimately end up running short on firepower and drain their trading account prior to understanding what is causing their slow defeat.
Let’s take a closer look at the contributing factors to the Sniper Approach
The most obvious quality of a sniper is their innate skill of patience. Patience in trading is the “secret ingredient” that allows a trader, as well as a sniper, to become a master of their skill. Most beginning traders are nothing but impatient, or in other words greedy, and want to jump at anything that moves often forcing trades that have not yet given a signal.
When money is at stake it is simply human nature to become impatient so it understandably can be a fortuitous psychological hurdle to overcome. Developing the skill of patience is vital if you wish to become a successful day trader utilizing a sniper mentality.
Less Is More
One of the most common misconceptions of new traders is that more trades equals more money. This is a deadly belief that ultimately devastates a novice’s account due to their aggressive over-trading. More scanners, more indicators, more news feeds, more chat rooms, more more & more does not equal more success. Just as a sniper sits patiently waiting for their target to come into view, you too as a trader needs to sit tight until your “go to” setup presents itself and only then should you pull the trigger and execute a trade.
As with any sniper training can be quite intense, lengthy, and even monotonous at times but it is what is required to reach peak performance. In trading, the same is true and the long hours spent pouring over thousands of charts is necessary to develop sniper like precision with your trade selection.
Developing and mastering your “go to” strategy is vital to remaining consistent in the markets and consistency is what traders rely on to become successful. Anything less of mastering your strategy and you will fall short of reaching your sniper status as a trader.
Education is paramount and the foundation for being able to achieve the sniper mentality, but, again you must dedicate your full attention to it as you will only get out what you put in. The root of what makes a sniper successful, patience and discipline, will also translate into success at trading!