Independent minded trader

Independent minded trader

Independence of your mind is essential for trading success.
Why you have to be independent? If you`re not independent on your thoughts you`ll feel yourself uncomfortable without approval of your actions, support and confirmation or even disapproval from somebody else. Markets won`t always provide you with confirmation for your decisions. It is difficult to trade in the short term if you wait for confirmation and require a sense of certainty. If you wait for a classic chart pattern to materialize completely, for example, you may be too late. Staying ahead of the masses requires you to think independently. Let’s suppose that you wait for a head and shoulders pattern to develop. It may take some time, and, most of the cases you`ll be late - you may end up selling as everyone else is also trying to sell. There are times when it is vital to anticipate the crowd and try to stay ahead of them.
Today i started buying USD/GBP, got stopped, noticed today is a USD day, went short, closed the position on small profit for today, knowing this pair have 90% probability to hit 1.9912 today. Fear of a trending up of the price won a battle to my independent mind. Fear + the point to not overtrade + something else.
I`m not sad as long as:
1. Good stop placed for first position (USD/GBP long).
2. Without any doubts shorted this pair later according to the plan.
3. Market followed its way and i was there.
4. Closed second position on good profit for today.
5. The price dropped 90 pips more without me, again i`m not sad here ;-).

Conclusion: Independent mind + good entries (long and then short) - fear - patience.