An independent trader is a trader who makes trading decisions based on his/her own trading knowledge, rather than relying on the ideas and tips of others. An independent trader knows the path to successful trading, and follows that path. An independent trader has his/her own trading system, and stick to the system with discipline, without being influenced by anyone else, including "gurus" and experts.
In order to be successful independent traders, they must first learnt to acquire the very basics of trading know-how, look into themselves to assess their strengths and weaknesses to discover their own personalities, develop a trading system that suits their personalities. The trading systems should be tested to work for them consistently, and they must have the discipline to follow the system continuously in trading. In order not to be influenced by the views of experts and gurus, independent traders will use these views to help them learn what they may have missed out, help to review their own systems, rather than making decisions based on those views.
In short, those who are aspiring to be independent traders, they
must not make decision based on news and tips from the trading community, or
asking for views of experts or advisors, but rather focus on their own tested
systems in trading consistently for profits.
To be an independent trader, one has to go through the process of learning the tools, setting up the trading system, developing trading plans and money management system, experiencing the actual trade to test the systems, and having the discipline to execute the trading plan without being influenced by other external factors. Even an experienced trader cannot be considered an independent trader if the trader does not follow his/her system to execute trading plans.
"If you ever have to ask someone else's opinion on a trade,
you shouldn't be in it."
- Linda Bradford Raschke
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