The title of this piece is simply another way of saying ‘self-sufficiency’. Following others has never led to success in any endeavor and trading is certainly no different. In terms of trading, a beginning trader can learn from others, but they should not follow them; that’s what many fall victim to. Many new and/or struggling traders slide into the habit of blindly following another trader because they simply see them succeeding. Unfortunately, what they don’t see is what it took to reach the level of trading success. The countless losses. The countless hours. The countless days. The countless weeks. The countless months. The countless years.
You get the idea.
Trading success is achieved by learning what works and doesn’t work for YOU, then further developing an edge to capitalize on your findings.
The fundamentals of trading remain the same; regardless of your trading style. It’s these fundamentals that should be followed, NOT the style of another trader.
Doing your own thing means cultivating a trading style that suits your personality. Doing your own thing means blocking out the noise. Doing your own thing means not falling for the many market traps designed to play with your emotions.
Doing your own thing, means having a crystal-clear trading process that you follow diligently. But why is that so hard to do for many traders?
This business is perceived as difficult to grasp by most. The fact of the matter is, it’s not the business that is hard to grasp, it’s battling your own psychology to grow in this business that most find difficult to grasp. Thing is, there are very few professions that constantly test your mental strength.
All consistently profitable traders, have gone through the process to reveal their mental strengths and weaknesses. They’ve built on their areas of strength and worked on the areas of weakness; instead of ignoring it like most people do in other professions. That is the key difference between our business and most others.
The market will exploit a trader’s weakness in the form of price manipulation; this happens every single day. Those that fall victim, are those that have chosen to ignore their own weaknesses. This mindset may work in other professions, but it certainly doesn’t work in trading.
Successfully self-sufficient traders have designed a trading process to follow, that aids in the elimination of emotional decision making; however, we are all human. Emotions will always have a seat at the trading table.
That said, the amount of attention one gives to their emotions during a trading session will be determined by the work they’ve done to improve their emotional/mental weaknesses. Ignore these weaknesses and price manipulation will creep into your process, face your weaknesses head-on and you’ll be able to keep your seat at the table for as long as you desire.
This is Doing Your Own Thing – aka – Self-Sufficient Trading.
Members, we’ll be going deeper into this concept on our VLOG.