The end result of being independent differs for every individual. And that can be a circuitous path, generally ending with the trader using a simpler set of procedures than he probably expected. The neophyte often looks for the key indicator, simple or complex, in the erroneous belief that there is the one indicator out there that can handle all trading situations, from ranges to trends, picking the bottoms and the tops. Finally losing faith in that belief, the novice trader moves on to looking for more complex approaches, thinking that maybe, just maybe, a group of indicators can give the trader a signal to end all signals. Ultimately, though, the trader settles on something that is both comfortable and effective, his dreams of a Holy Grail indicator or system dissipating in the harsh light of day.
Many market participants think that profitability is the only important aspect of trading.
Along the lines of becoming a comfortable trader, our interview this month with traders' coach Van K. Tharp of the International Institute of Trading Mastery touches on some of these issues. Tharp is best known for his work in trading psychology and the modeling of successful traders. Tharp points out that the search for the Holy Grail is really a process that brings you back to look inside yourself. You are as much of the equation as the system and the market. So keep a close eye on yourself as you travel down the path and we'll continue to offer as much variety as we can.