Are You an Independent or Dependent Trader?

In life, there are times when we need to rely on other people, and times when it’s better to rely solely on ourselves.

Trading, is a profession that favors independence, and if you don’t like being alone with your thoughts, trusting your ‘gut’ feeling and tuning out other people’s opinions and ‘noise’, you will not succeed as a trader.

You’ve got to determine if you’re a dependent or independent trader by understanding the difference between the two. If you think you are a dependent trader and you’ve been losing money in the markets, it may be time to switch sides.

The dependent trader

For examples sake, let’s say you have been doing well in your trading recently; you’ve been sticking to your trading method and trading plan with discipline. You see a good trade setup form in the market that agrees with your methodology, and you’re ready to set up the trade.

However, just before you set it up, something causes you to start browsing the internet for additional ‘clues’ or ‘confirmation’ for your trade; you are seeking some type of ‘reassurance’ that it will work out. But, what you find is not reassuring, in fact, the opinions and opposing views to your trade that you found online, stir up doubt and confusion within you. So, you have convinced yourself not to take the trade for these reasons.

You come back to your charts the next morning and sure enough that price action trade setup that you were so sure about before you started listening to other opinions on it, has taken off aggressively in your favour, but all you can do is watch from the sidelines, angry and frustrated with yourself for not trading it.

Does this sound familiar? I bet this or something similar has happened to you at least once, and probably a lot more.

This is a prime example of why being a DEPENDENT trader is bad, in fact, horrible for your trading.

Nothing is worse than deviating from your trading plan based on someone’s opinion and then seeing that had you just stayed the course, remained disciplined and NOT LISTENED to them, you would have had a winning trade.

The independent trader

Being an independent trader means you trust yourself and you understand that listening to other people and searching for ‘clues’ outside of your trading method is simply a waste of time.

There’s a lot of talk about ‘sticking to your method’ and having ‘discipline’ in the trading world. But, few sources actually explain what that means or how to do it…

Being an independent trader means that you are not deviating from your method or trading plan by listening to outside views or seeking outside counsel about your trades.

I would rather have normal losing trades that are a natural statistical part of my trading edge than losing trades that came because I followed the advice of a fellow trader or some news site.

No matter how skilled or intelligent you think someone is about trading, you cannot let their advice talk you out of a trade that fits your trading plan criteria. The minute you do that, you are deviating from your trading edge and beginning to trade emotionally.

Disciplined, independent trading, means that you are simply executing your trading strategy (edge) over and over, when it arises in the market. You are not dependent on news or other traders’ opinions because you know what your trading strategy is, you trust it and you’ve mastered it.

Your aim, should be independent trading; you should fully trust yourself and have confidence in your trading strategy and your own ability to find, place and manage your trades. Everything else should just be seen as outside noise that is a distraction and detrimental to your trading performance.

You cannot rely on anyone but yourself when it comes to trading; no one cares more about your money than you do. I pride myself in teaching people simple price action strategies that give them the necessary framework to become self-sufficient, independent and successful traders.

#Independent #Dependent #Trader

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