Tools of Independent Traders

Trading is hard, and making trading as a profession will not be easy. However, trading can be rewarding in terms of wealth creation and helping a person to stay active mentally with activities, especially those who are retired, and those who have no hobbies to fill their leisure time, as trading can be a hobby.  As for me,  learning and applying the tools of trading and learning from the successes and failures had made my mind more active and alert than before.

One is not likely able to achieve successful trading with consistent profits if trading decisions were purely made by advice from others, or making trading decisions based on the views of others, as there are no gurus that can promise anyone to make consistent profits in trading with their methods or systems. I am sure that every trainer, advisor or investment consultant will only provide their services with a disclaimer that your trading results will be entirely your responsibilities, and you will be accountable for taking the risks of losses, if your trades turn out to be losing money.

I had posted an article about my views on what is an independent trader.   Independent traders are basically  traders who make their own trading decisions without seeking opinion and views from others like their friends, brokers, analysts, or gurus, nor dependent on news and tips to trade.  Independent traders rely on their own knowledge in trade decision making, and systems to plan their trades and trade their plans.

So what are the tools that independent traders may use in assisting in making a trading decision?

There are many technical tools and indicators in a charting software, but it will be impossible to learn all, and traders trying to learn a lot of tools will end up learning nothing, as they would end up knowing too little of many things that they cannot apply even one. I think these basics should be sufficient if a trader can master all.

Again, I repeat for these, trading is not easy, and certainly making money from market is not easy.  You have to acquire and apply effective trading tools to be an independent trader before you are able to make money consistently.  Bloggers could be experienced traders with successful tactics of trading, they may have learnt a lot of knowledge that they cannot tell you in writings, and they are of different investment profile and different personalities that their tactics may not suit you, and they have learnt their lessons by losing a  lot before they became successful.   The success of an experienced trader does not guarantee performance, and therefore it is not advisable to follow even the gurus. 

From my experience, applying the basics will work for trading too to become a competent independent trader. 

"Before you make a trading decision, ask yourself, and follow your own answers"