In today’s episode, we are going to be speaking about the importance of thinking for yourself as a trader!
A lot of people that enter this industry look to copy other people’s trades, or worse yet, sign up for signal services in the hopes of changing around their circumstances overnight!
What they might not be aware of is that the trading industry favors independence and if you have a tough time trusting your gut and tuning out the noise of other people’s opinions, you will have a tough time trying to succeed.
Imagine this scenario for a quick moment; You sign up for trading signals and start to generate profits every month – before long you are ready to quit your day job and enjoy true financial freedom – no boss and no stress.
Best of all – you don’t have to do any additional work other than pulling the buy or sell trigger when an alert comes in – sounds like a dream life right?
Now, what happens if the service suddenly shuts its doors?
You are basically SOL – you’ve lost a potential stream of income AND you have not built up any skills or confidence to trade independently.
We are completely against trading signals here at TRADEPRO Academy because we are of the firm belief that it is more valuable for someone to “learn how to fish” versus “being given a fish”.
Let’s take a quick moment to discuss the points of the journey when traders tend to gravitate towards signal services:
- At the beginning of the trading journey
A lot of new traders believe the fastest way to make money in the markets is to copy the same trades or take trading signals from somebody that markets themselves as a consistently profitable trader. They convince themselves that if they sign up for the trade signals, they could almost eliminate the learning curve and start earning profits right away.
- At the very end of the trading journey
Traders that have been stuck in a cycle of self-sabotage and constant drawdown will often seek signals as a last-ditch effort to convince themselves that making money trading the markets is actually possible. They are searching for the holy grail and not looking inward at the operator.
Whether it’s at the beginning or towards the end of the journey, the reality is that you have no chance of succeeding in this industry by following somebody’s else signals.
You need skill to execute signals and by the time you actually have that skill and confidence in yourself, you won’t ever want to execute anyone else’s signals.
If a computer can execute 12,800,000 trades before YOU blink a single time…. What is a signal really worth? And why would you expect to succeed with it?
Now let’s dive into the five reasons why it’s important to think for yourself as a trader:
#1. Accountability – Living at Cause vs Effect
#2. Copying Somebody Else’s Signals/Trades is not a Strategy
#3. Professional Traders Dislike Knowing Where Others Are Positioned
#4. Finding Your Niche and Building Confidence in Your Process
#5. Finding a Good Mentor That Wants To See You Succeed
Some Things We Discuss in Today’s Show:
- Why we don’t endorse signal services or signal providers 01:50
- The real reasons why traders look for trading signals 05:20
- What is a trading signal really worth to you? 07:10
- How accountability defines how you trade 10:03
- Copying somebody else’s signals is not a strategy 14:55
- The differences between dependent and independent traders 21:35
- Finding your niche and building confidence in your process 29:26
- What’s the point of finding a mentor? 36:45
- If you’re going to be a high-performance athlete, you need a coach 41:32
- The most important information in this business we don’t have yet 46:22
- Connect with our community online: Trade Pro Academy
- Catch up with our earlier episodes: Mind Over Markets Podcast
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