Independent Trader – The Good, The Bad and The Ugly

By | August 22, 2014

Independent Trader – The Good, The Bad and The Ugly

I always try to encourage people that are thinking of going into this business for themselves. I tell them: “Think that you might become more successful than you ever dreamed, because that’s what happened to me.” I have the freedom I always wanted, both financially and structurally. I can go on vacation at any moment. – Marty Schwartz interview in Market Wizards

Let’s start with the good things first:

  • As an independent trader, you are your own boss. Other people’s opinions of you don’t affect your bottom line. It’s just between you and the market.
  • You have a personal freedom that isn’t present in many jobs. The only person you have to ask for permission to take time off is yourself.
  • You’re not tied down to a specific place. You can trade from almost anywhere in the world.
  • There is no commute or dress code. If that doesn’t sound important, consider that you get at least one extra hour every day to do what you love.
  • You don’t have to waste time with staff meetings or business meetings.
  • Unlike most other ‘traditional’ jobs, you get the chance to do what you really like.
  • It’s never boring. As Jesse Livermore said it in his book, speculation is the most uniformly fascinating game in the world.

So far it may sound that to be an independent trader is an easy way to get rich with no real effort. That’s a big misconception, propagated by some shady characters who sell trading services and products. The truth is that trading is a challenging career choice which won’t be  suitable for  everyone.

The bad things:

  • Your success will be in direct ratio to your own efforts. No one is going to pay you for just coasting from 9 till 5.
  • Few will respect or understand what you’re doing. To add insult to the injury, the truly foolish people will say that they could also be independent traders if they decided so. That’s like saying to a doctor that  you could start operating next week, if you’d put your mind to it.
  • Working in isolation
  • Depending on how active the markets you trade are, there will be very long work days and odd hours.

The ugly things:

  • You need money to make money. If you think you can be an independent trader with a $500 account, you’re just deluding yourself
  • Not knowing what you’re doing is fatal. There’s no one to blame for that losing trade left open which wiped your account.
  • You don’t have a regular monthly income. The 80/20 principle applies, so you’ll make most of your income in 20% of your time.

I hope this offers a perspective on the pros and cons of being an independent trader.

81 thoughts on “Independent Trader – The Good, The Bad and The Ugly

  1. Chong Colbeck

    A person essentially help to make seriously articles I would state. This is the first time I frequented your web page and thus far? I surprised with the research you made to create this particular publish amazing. Wonderful job!

  2. Fatimah

    Thank you for another informative website. The place else could I get that type of info written in such a

  3. Adria

    There may be noticeably a bundle to know about this. I assume you made certain good points in features also.

  4. click here

    What would be There?s noticeably a bundle to find out about this. I assume you made certain good points in features also.

  5. hamptonbaylight

    This blog is without a doubt interesting and informative. I have picked up many handy things out of this blog. I ad love to go back again soon. Thanks a lot!

  6. Villa Concierge Bali

    I’а†ve read several excellent stuff here. Certainly value bookmarking for revisiting. I surprise how so much attempt you set to make one of these fantastic informative web site.

  7. official site

    I will right away clutch your rss as I can at to find your e-mail subscription link or e-newsletter service. Do you have any? Please permit me recognise so that I could subscribe. Thanks.

  8. scarymazegamenew

    It’а†s really a nice and helpful piece of info. I am happy that you just shared this helpful info with us. Please keep us up to date like this. Thank you for sharing.

  9. to learn more

    You completed a number of first rate points near. I appeared by the internet for the problem and found the majority folks will go along with along with your website.

  10. Online Marketing Tools

    Its like you learn my mind! You appear to know a lot approximately this, such as you wrote the ebook in it or something. I believe that you simply can do with some to force the message home a bit, but other than that, that is magnificent blog. An excellent read. I will certainly be back.

  11. best oil pen

    Just a smiling visitant here to share the love (:, btw great design and style. Everything should be made as simple as possible, but not one bit simpler. by Albert Einstein.

  12. best vape pen

    I think other web site proprietors should take this web site as an model, very clean and magnificent user genial style and design, let alone the content. You are an expert in this topic!

  13. discreet vape pen

    Im no professional, but I believe you just made a very good point point. You clearly know what youre talking about, and I can seriously get behind that. Thanks for being so upfront and so genuine.

  14. visit

    It as nearly impossible to find experienced people for this topic, but you sound like you know what you are talking about! Thanks

  15. roof painting melbourne

    Thank you, I ave just been looking for info about this topic for ages and yours is the best I have discovered till now. But, what about the conclusion? Are you sure about the source?

  16. Two Movies

    Very nice article and straight to the point. I am not sure if this is in fact the best place to ask but do you folks have any ideea where to get some professional writers? Thx

  17. visit

    I’ve learn a few just right stuff here. Certainly worth bookmarking for revisiting. I surprise how much effort you set to create this sort of magnificent informative site.

  18. to get more information

    Wow, awesome weblog structure! How long have you ever been running a blog for? you make running a blog look easy. The total look of your website is excellent, let alone the content!

  19. website

    Some truly wonderful info , Gladiola I noticed this. “Purchase not friends by gifts when thou ceasest to give, such will cease to love.” by Thomas Fuller.

  20. link

    I was looking through some of your blog posts on this website and I conceive this site is rattling instructive! Keep posting.

  21. customized shirts

    Wow! This could be one particular of the most helpful blogs We ave ever arrive across on this subject. Basically Fantastic. I am also a specialist in this topic so I can understand your effort.

  22. lightning nodes

    Whoa! This blog looks just like my old one! It as on a entirely different subject but it has pretty much the same page layout and design. Wonderful choice of colors!

  23. Power Efficiency Guide

    Usually I do not learn post on blogs, but I would like to say that this write-up very pressured me to try and do so! Your writing taste has been amazed me. Thank you, very nice article.

  24. Tech In Expert

    When I originally commented I clicked the -Notify me when new comments are added- checkbox and now every time a remark is added I get four emails with the same comment. Is there any way you may take away me from that service? Thanks!

  25. Marielle Cleere

    There are those who engage in this type of trading without sufficient knowledge; however, there are day traders who make a successful living despite, or perhaps because of, the risks.

  26. 2019 jamb runz

    I am not sure where you’re getting your info, but good topic. I needs to spend some time learning more or understanding more. Thanks for excellent information I was looking for this information for my mission.

  27. InventHelp Store

    Its wonderful as your other content : D, regards for posting. “The real hero is always a hero by mistake he dreams of being an honest coward like everybody else.” by Umberto Eco.


Leave a Reply

Your email address will not be published. Required fields are marked *