• Nial Fuller

    NIAL FULLER Nial Fuller
    Professional Trader, Author & Coach

    Are You an Independent or Dependent Trader?

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    By in Forex Trading Blog October 28th, 2016 | 33 Comments

    independentIn life, there are times when we need to rely on other people, and times when it’s better to rely solely on ourselves.

    Trading, is a profession that favours independence, and if you don’t like being alone with your thoughts, trusting your ‘gut’ feeling and tuning out other people’s opinions and ‘noise’, you will not succeed as a trader.

    You’ve got to determine if you’re a dependent or independent trader by understanding the difference between the two. If you think you are a dependent trader and you’ve been losing money in the markets, it may be time to switch sides…

    The dependent trader

    For examples sake, let’s say you have been doing well in your trading recently; you’ve been sticking to your trading method and trading plan with discipline. You see a good trade setup form in the market that agrees with your methodology, and you’re ready to set up the trade.

    However, just before you set it up, something causes you to start browsing the internet for additional ‘clues’ or ‘confirmation’ for your trade; you are seeking some type of ‘reassurance’ that it will work out. But, what you find is not reassuring, in fact, the opinions and opposing views to your trade that you found online, stir up doubt and confusion within you. So, you have convinced yourself not to take the trade for these reasons.

    You come back to your charts the next morning and sure enough that price action trade setup that you were so sure about before you started listening to other opinions on it, has taken off aggressively in your favour, but all you can do is watch from the sidelines, angry and frustrated with yourself for not trading it.

    Does this sound familiar? I bet this or something similar has happened to you at least once, and probably a lot more.

    This is a prime example of why being a DEPENDENT trader is bad, in fact, horrible for your trading.

    Nothing is worse than deviating from your trading plan based on someone’s opinion and then seeing that had you just stayed the course, remained disciplined and NOT LISTENED to them, you would have had a winning trade.

    The independent trader

    independenttraderBeing an independent trader means you trust yourself and you understand that listening to other people and searching for ‘clues’ outside of your trading method is simply a waste of time.

    There’s a lot of talk about ‘sticking to your method’ and having ‘discipline’ in the trading world. But, few sources actually explain what that means or how to do it…

    Being an independent trader means that you are not deviating from your method or trading plan by listening to outside views or seeking outside counsel about your trades.

    I would rather have normal losing trades that are a natural statistical part of my trading edge than losing trades that came because I followed the advice of a fellow trader or some news site.

    No matter how skilled or intelligent you think someone is about trading, you cannot let their advice talk you out of a trade that fits your trading plan criteria. The minute you do that, you are deviating from your trading edge and beginning to trade emotionally.

    Disciplined, independent trading, means that you are simply executing your trading strategy (edge) over and over, when it arises in the market. You are not dependent on news or other traders’ opinions because you know what your trading strategy is, you trust it and you’ve mastered it.

    Your aim, should be independent trading; you should fully trust yourself and have confidence in your trading strategy and your own ability to find, place and manage your trades. Everything else should just be seen as outside noise that is a distraction and detrimental to your trading performance.

    You cannot rely on anyone but yourself when it comes to trading; no one cares more about your money than you do. I pride myself in teaching people simple price action strategies that give them the necessary framework to become self-sufficient, independent and successful traders.

    Don’t hesitate to email me with any questions or concerns you may have, and remember to leave a comment below.

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    Nial Fuller

    About Nial Fuller

    is a Professional Trader, Investor & Author who is considered ‘The Authority’ on Price Action Trading. His blog is read by over 200,000+ followers and he has taught 25,000+ students since 2008. In 2016, Nial won the Million Dollar Trader Competition. Checkout Nial's Professional Trading Course here.
    Nial Fuller Professional Trading Course Preferred broker 2020 v1
    1. Zinnur

      Strong article! Thanks

      Reply
    2. Благодарность

      Excellent article, informative! Thanks Mr. Nial! For your help, you show the way through the deep forest.

      Reply
    3. Wasantha

      After stepping in to Nial’s blog I am becoming a better trader because even only with reading his articles anyone can develop their personal mindset and trading decisions.I really appreciate what Nial is doing.Simply this is a trading university for me.Thnanks.

      Reply
    4. clement

      I am a newbie in the hole thing of trading just want advice of how to kick start.I will apritiate your help.

      Reply
    5. Jude Ujilewhu

      independent trading is finacial freedom, if the 3 M’s: Mind, Money Management And Method have been mastered.

      Reply
    6. Rdrahman

      Nice.. really helps. keep it up posting the good articles.

      Reply
    7. Simon Ata

      Not a trader yet but an undergraduate in Nial’s university. Thanks for the new journal it will help a lot when I entered the world of trading by His grace.

      Reply
    8. michael

      thank you nial for reminding me that everything matters.

      Reply
    9. Edubliss

      self reliance in trading is as a result of been trained properly using the right strategies. Thats exactly wats you teach Nial. my trading has greatly improved after i came across your knowledge. tanks Nial

      Reply
    10. KRISTOFA OKENTA

      Price Action methodology is certainly the only trading ‘tool’ that can make one become independent. In all my getting, I get the mastery of price action above other methods.
      Thanks to you Nial.

      Reply
    11. Khesiwe

      This is a very good article Nial .being dependent is one of the things that I’m trying hard to fight if could win this battle I know I’m going to make lot of money in the market thanks.

      Reply
    12. Jovita Mbah

      Great article. no one can become long time consistent trader relying on another trader.

      Reply
    13. Imran Shareef

      totally agreed.An awesome article Nial

      Reply
    14. Richard

      Nial,

      This post is like all the others—–
      Concise
      To the point
      Truthful
      Honest
      Simple
      Educational

      Reply
    15. Sthembiso

      I have been calling myself a trader since 2010, at a later stage I became demotivated because i didn`t have a solid strategy I could say i follow. Up until this mid year 2016 when I came across this site. After reading articles on it, I told myself that I am new to the markets because that was the only way I could master real trading through the teachings by you, Nial. Now I`m proud to say I even sleep peacefully at night knowing that I am a trader because now I know what I`m looking for when opening the chart, and I`m very strict to myself about discipline money management, trading plan. I thank Nial, may you live longer.

      Reply
    16. Daniel

      The independent, patient journeyman, waiting for the right train to depart…

      Reply
    17. Mohamed Khaled

      As always as we got a lot of benefits from Our Friend Nial Fuller’s Articles, we read them, study them, keep them& study them again and so on !

      Reply
    18. Tebogo

      NAIL no one gives valuable trading lessons like you. You are simply the best and always on point. You are the best trader and mentor ever

      Reply
    19. sifiso

      hi nial since I have been using price action I became better and better everyday . iam happy profitable trader.

      Reply
    20. Oghenemaro Paul

      Nail, this article was meant for me. Thank you so much. You are doing a great job

      Reply
    21. SS

      So true what you say Nial, independence is the way to go. There are times when signal providers’ adverts look really good especially when I’m losing, but at the end of the day I know (from painful personal experience) that I am better off independent than dependent.

      Great article!

      Reply
    22. Norman Mukhumeni

      Good advice Nial. I recently deviated from my wining edge & try other peoples setups guess what?? I lost money big time. lesson : discipline is very prudent in forex..

      Reply
    23. Moinul Islam

      Nial, your trading style is really impressive and has guided me a lot..After 3/4 years, now I am feeling like, I am making consistent money..But, I never do good in contests..Would you please write an article on how to trade in contests..

      I guess this will help thousands of traders who are interested to do well in contests.

      Tx

      Moinul Islam
      Dhaka, Bangladesg

      Reply
    24. Emmanuel Udom

      You are very correct.

      I had a friend that will always call me for direction confirmation and i also calls him, later i noticed that i was not doing well neither was he. I decided to stop approving market direction for him and i stop confirming from him. Right now am doing Very well. Thanks for sharing this information.

      Reply
    25. Erdal

      Wise man uses his mind, wiser man uses the others minds as well. Thanks for your kind efforts to convey your experience to us.

      Reply
    26. Adebayo

      You not only know the right thing to make one succeed but you as well have the right words to convey it.

      Thanks always Nial.

      Reply
    27. mafus

      Now I’m a millionaire trader only use ur technic

      Reply
      • Tebogo

        Woooooooooooow

        Reply
    28. Ken

      Spot on.

      Reply
    29. ellis rusell

      I think I have a good strategy, Nial, but I don’t think I am disciplined enough to wait until the strategy sets up properly. I think if I could get over this hurdle, my trading would improve dramatically. So why can’t I wait?
      You are doing such a good job Nial

      Reply
    30. Mohammad Haghshenas

      Dear Mr. Nial,

      I have pleased your thoughts so much because price action includes all marketing and exactly express real movements of markets. Your paper expresses my challenges in steering me in maze of trading.

      Best regards

      Reply
    31. Khyati verdhan

      You are 100% right. If we stick to rules and even market move against us, then also it is far more better than making freaky mind decisions and end up with frustration.

      Reply
    32. Neo

      IT ONCE HAPPENED TO ME NIAL. I WASN’T SURE OF MY METHODOLOGY, DOUBTING IT AND LOOKING FOR CLUES FROM OTHER EXPERIENCED TRADERS. ITS NOT GREAT FEELING NIAL, TRUST ME. SINCE I’VE LEARNT PRICE ACTION, I’VE LEARNT TO BE INDEPENDENT IN MY TRADES AND RELIED ON MY GUT

      Reply

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