ThePipsHunter Meaning

Where Is It From?


In many books related to Forex trades, we often see authors linking the market to the animals. Why not? Traders are using animal names, such as bulls and bears, hawks and pigeons, wolves and sharks every day. The market may be unpredictable, ruthless, and dangerous. Finally, surviving and conquering the market in the Forex market requires knowledge, skills and courage.


This may be why traders like to call themselves modern hunters. Some people say that they are like cheetahs, capturing prey at an absolute speed, while others think they are crocodiles, lurking for big prey.


Let's take a look at the basic steps taken by the best hunters (animals and humans) to succeed:


1. Know Your Target

When a lion wants to eat a buffalo, it does not attack the first buffalo that is seen. Instead, it studies and analyzes the behavior patterns of the group and looks for potential weaknesses. When the lion is ready to attack, it already knows what makes the herd move, where to attack, and how to get the fattest buffalo with the least effort.


Just like a lion, it is crucial that traders collect data before they are shot. For example, before you short the EUR/USD, you must first know which factors can influence its price action and which levels have the highest risk return.

 

Ask yourself some questions, such as "Which economic reports does the currency pair usually respond to? When does the currency pair move the most? What factors can change the current trend of the currency pair?" Collect data and turn it into probability.


2. Waiting For Best Time 

Once you have collected information about your prey, use it to capture the best opportunities. After all, hunters usually only have one chance. You don't want to waste all your research on capturing the smallest prey?


Maximize revenue and minimize effort and risk. The difference between a normal hunter and a skilled hunter is that the latter will wait until the probability is very favorable. In the first possible transaction, attack, don't waste opportunities. Sensitive to market signals, waiting for the most probable transaction.

3. Perform as Planned

When the crocodile catches the prey, it will not hesitate to jump out of the water. It is just an execution plan. For traders, everything is about doing what needs to be done.


Be quick, positive, accurate and confident in the trading process. Don't let fear and greed hinder your performance. Of course, if you have tested your trading strategy over and over again, and you believe that these numbers will eventually add up, this will help.


4. Monitoring and Adjustment

On any given day, the leopard may encounter very tough gazelle, or something similar that might change its outcome. Should the leopard use a different method? Or should I give up the plan and wait for another chance? As I said above, the market may be capricious and ruthless.


The Australian dollar has been negatively responsive to the RBA’s interest rate cuts, but that doesn’t mean it will. If the actual trading situation is different from what you originally thought, then it is time to make adjustments. The first step is to review the records and see other strategies you may have written or executed before. Then, measure the results of your choice.


Should you stop loss or let the profit continue to run? Should you add or close another position after waiting for a position? Regardless of your decision, remember to choose the path with the least risk and the most profit.


5. Learn to Win

The best hunters are those who have learned the most from past experiences. In the jungle, you have food for hunting. If the hunters is not successful every time, it will starve to death. As in the jungle, traders who continue to be profitable are not the ones who trade the most, but those who learn from experience and constantly improve their skills in every transaction.


One way to speed up the learning process is to practice deliberately. The process of recording and reviewing transactions translates an experience into multiple experiences, making it easier to correct errors. 


Surviving in the Forex world does not require expensive tools or fancy trading processes. Sometimes, it just requires a simple process, as described above, repeated day after day to be continuously profitable.