There are moments in life when we just need to rely on other people, but there are different times when you have to rely on yourself only.
It is important to be independent when you trade on the exchange. If you do not like to stay alone with your thoughts and trust your intuition, abstracting your mind from the other people’s opinions and any information noise, then you will never achieve success in trading.
You will learn from this article what is the difference between independent and dependent traders. It would help you to determine which category out of these two you belong to. If, after reading this article, you draw a conclusion that you are a dependent trader, it means it ‘s high time you thought and changed your attitude towards trading.
In this article:
- Dependent trader.
- Independent trader.
Just imagine that you have demonstrated good trading results recently through the strict observance of the rules of your trading plan. And now, yet again, you find a setup in the market, which is in tune with your methodology, and are about to execute a trade.
However, at some moment, you get stuck and start ‘spasmodically’ to turn the Internet upside down searching for additional ‘hints’ or ‘confirmation’ for your potential trade. You try to get some additional imaginary confidence in making your trading decision. But what you find doesn’t make you confident. Opposite opinions cause your doubts with respect to the correctness of your analysis. As a result, your thoughts are in a mess, you lose confidence and refuse to execute a trade.
Next morning, you launch your trading platform, look at the charts and understand that your forecast turned out to be correct. The price aggressively moved in the forecasted direction but everything you can do now is to simply look at the charts. It is difficult to describe the degree of annoyance and frustration, which a trader experiences at such moments.
Have you ever experienced it? We are sure that many of you experienced something like this, at least, once but, most probably, more often than once.
This bright example shows why a dependent trader is completely inefficient and is inevitably destined to fail.
Never deviate from your trading plan relying on somebody else’s opinion. Stick to yourself and your trading system! The worst thing in trading is a lack of confidence!
Independent traders trust themselves. They clearly understand that it is absolutely stupid and unforgivable to listen to opinions and hints of other people deviating from your method.
The trader community constantly discusses the issue of a danger of not keeping the discipline. However, the reason for this very important problem is not always unfolded.
Independent traders never deviate from their methods or trading plans, relying on somebody else’s subjective opinions. They do not need additional external support when they make trading decisions.
It is more preferable to make losses, which are a natural statistical part of your trading method, than to lose money in the result of accepting advice of other traders or some news web-site.
Independent of how qualified or advanced trader you believe your advisor is, do not allow somebody else’s opinion to tune out your mind and destroy your trading plan. Deviation from the set rules will bring you to emotional and completely unprofessional trading.
The disciplined and independent trading envisages constant observance of the rule of the trading system. Do not be dependent on somebody else’s opinions because you understand your trading system better than anyone else. You’ve mastered it for a long time and become proficient in all its nuances.
Learn to trust yourself and get confidence in your trading strategy and also in your ability to find high-quality signals, correctly post orders and efficiently manage positions. And consider the rest as the external noise which distracts you and has a negative impact on your trading efficiency.
Rely only on yourself when it comes to trading. Nobody will take care of your money better than yourself! We wish you always to stick to your correct way and stay self-sufficient, independent and successful traders!
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