Find out if you’re considered to be an independent trader or a dependent trader. Being an independent trader means you trust yourself and your trade plan. That you have enough independent knowledge to make an advised decision. Being a dependent trader means allowing outside factors or new information to influence you to deviate from your trade plan.
- Trading is a profession that favors independence.
- Dependent traders tend to deviate from their trading plan based on other people’s opinion.
- Independent traders trust themselves and do not deviate from their trading plan by listening to outside views or seeking outside counsel about their trades.
“You see a good trade setup form in the market that agrees with your methodology, and you’re ready to set up the trade.”