Trading with an Independent Mind and an Independent Spirit
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The general masses appear have a great deal of power in determining the market, and the influence that the masses can offer is pretty significant. But the average trader who is simply following the next average trader is only going to produce one thing. Average. When we ultimately give up our independent thought and go about our daily business with the intent of following the crowd, we give up more than just the opportunity to hone our independent skills. We also give up the potential for a great deal of success. If we aren’t willing to think for ourselves and make decisions that might be unpopular, cause others to feel uncomfortable and concerned, and create opportunities to reel in more significant profits on a more regular basis, we aren’t willing to reach our full potential as a trader.
When we opt for independence we are opting for our own path. We are creating our own destiny. When we follow the crowd we really don’t have the opportunity to carve out our own success. The crowd is made up of average traders doing their basically average trades. Sometimes their profit margin is significant and sometimes it isn’t there at all. But considering this theory of average, why would you want to leave your future success in the hands of many, many average traders?
Of course, average can feel very safe to many of us. If we are doing what everyone else is doing, we believe that we are creating a trading environment that is safer. Yet would you allow the average people in your life to choose your house for you or to go buy you a used car in your stead? Of course not. So why then, do we believe it is safer to allow the masses to determine our level of financial success?
Independence is not a function of going against the crowd just to stand out or to do something uniquely different. What independence really means is that you aren’t making decisions based on what others are doing. It requires a great deal of self trust and an spirit of loving the trading game for what it is, not just for what it can do for your financial picture.
It is natural to check ourselves against the crowd and still consider ourselves independent. For example, you make your decisions without considering what everyone else is probably doing and then before you execute the trade, you do a quick “check in” to determine what the masses are deciding. While this is absolutely a strong step toward total and complete independence, don’t fool yourself. The instant you allow the actions of others to determine your actions you have then simply taken the long way around to following the crowd.
True independence comes from within. It comes from a place of knowing without a doubt that whether you are trading, or making other life decisions, that you are the only one who knows what is best for you and what you are honestly comfortable with. It doesn’t always mean doing something totally opposite or different from everyone else, it just means that you are making the decision without concerning yourself with everyone else.
As a totally independent trader, there will be plenty of times that your decisions will match the masses and there will be plenty of times when you are branching out on your own. Doing something for the sole purpose of being different than everyone else is still dependence. Doing something because it is the decision that you arrived to on your own without worrying about the influence or judgments of others it complete independence.
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