What Should a Trader be: Dependent or Independent?

In the forex trading industry in Vietnam, there are many styles for traders to adopt. They can choose to trade short-term or long-term, swing or scalp, trends or technical. Despite all this, success is not a common find. Consistently successful forex traders in the industry are far and few in between. Why is this so? It all boils down to how one approaches their trading and what their attitude is.

Attitude, while forex trading in Vietnam, is a make or break factor. Not all traders have the right attitude for succeeding in the industry.

Let us Examine This in Two Cases:

Situation 1:

A trader who has been in the industry for a while has been tasting success recently. He’s developed a trading plan and followed it up consistently to the point that it has to succeed in raking in good revenues. On his new trade, he decides to get experimental. He finds a new trade set up, it convinces him, and he decides to open a position on it. However, just before opening the position, he decides to scout online to know more and see if he is on the right track. This stirs up doubts, and he ends up not making the position. The trend, however, holds up and posts gains. This is a dependent trader in the market. He has a good plan and goes by his trading strategy, but suddenly develops doubt and misses out on a good opportunity.

Situation 2:

A trader who has some years of experience behind him has recorded both success and failures. He has a trading plan which he has carefully put together from scratch. He always trades on the basis of his plans. A real stickler for discipline, he charters his forex trading strategies meticulously and never deviates from them. Even when heavy predictions from the news or industry insiders come, he still does not panic and goes by what rules he has in place. He is an independent trader in the online trading market and he has a high chance of succeeding in his positions.

The two situations show that traders who tend to react to every piece of information they receive and trade on the basis of the information are likely to face a lot of failures. It is wiser for traders to stick to their plans and follow them with discipline if they intend to taste consistent success in the long run. However, for traders who doubt their trading decisions from time to time, it is wise to take a counsel from reputed forex brokers who can assist them in developing better strategies. Online brokers in Vietnam like WesternFX are of immense help in such situations.

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