Self-Directed: Make Solitary Trading Work for You

What was it that made you try your hand at solitary trading in the first place? Was it for more freedom, more flexibility, or perhaps the pursuit of financial freedom? Did you soon discover that all the freedom and isolation was not quite as attractive it seemed going in?

Table of Contents

Believe it or not, some of the best traders in the world often struggle with solitary day trading. Let's look at solitude in a different light. Rather than dreading it, let's instead embrace all that's good about solitary trading.

Best Award Winning Brokers

Show Search Filters
  • eToro.com is a reputable trading platform, famous in the social trading industry. In 2018, the brand decided to conquer the US market and launched the local brand there. First, the company functioned solely as a crypto trading broker. Yet, later it added other items to its list of tradeable assets. Therefore, now it offers stocks and ETF trading as well. 

    With a history dating back to 2007, eToro has amassed a large user base across more than 140 countries. When cryptocurrency emerged, the brand used a unique chance to enter the American market.

    One of its key features is CopyTrader, the social trading tool and a proprietary product of the project. It allows novices to repeat trades from top traders with just a few clicks. Thus, the tool offers a fresh approach to this asset class.

    This guide aims to provide a comprehensive eToro review to help traders make informed decisions.

    etoro USA

    eToro offers trading services across many regions worldwide including the USA

  • OANDA (www.oanda.com) boasts of a high level of trust and reliability, as evidenced by its impressive Trust Score of 93 out of 99. While OANDA is not a publicly traded company nor does it operate as a bank, it is subject to regulation by seven Tier-1 regulators, signifying a highly trusted status. Additionally, it is supervised by one Tier-4 regulator, which means that users should utilize a cautious approach to risk management.

    OANDA Corporation is regulated by the CFTC/NFA. OANDA is a member Firm of the NFA (Member ID: 0325821). CFDs are not available to residents in the United States.
  • A standalone copy-trading ecosystem, providing equities, foreign exchange, commodities and cryptocurrencies markets. Provides a global selection of brokerages.

Loneliness Can Cause Problems for Traders

Self-Directed: Make Solitary Trading Work for YouIt is understandable, really, why so many struggle with solitary trading. There is nobody else there to bounce new ideas off of. Nobody else to provide timely validation about existing ideas, or to mandate proper discipline and plan compliance. Consider from the onset that practically each one of these problems caused by solitary trading can be addressed. This does not necessarily mean solved!

Also, in this age of technology, many traders also have chat rooms and virtual meet-ups, or Skype with fellow traders to break the monotony. This can add an element of human interaction they would not normally have while simply trading at home.

Try to Embrace What's Really Great About Solitary Trading

Embrace What's Great About Solitary TradingThose who prefer solitary trading may just need a little pick-me-up every so often when emotional fatigue, frustration, or even boredom creeps in. And needless to say, solitary traders will be left to do this for themselves. But what if it were as simple as embracing any one, or all of the many benefits of solitary trading? The following benefits below are possibilities!

Easy Accountability

Why worry about the potential fallout from your trading decisions when you're the judge and jury, anyway? because you have (and properly enforce) a reward and punishment system of your own. You do not have to answer to board members or angry shareholders every time you suffer a losing trade!

So rather than being hindered by indecision, stay committed to your trading plan. It likely requires only that you act decisively under very specific conditions, and without fearing negative results or consequences.

No Second Guessing from the Outside

Solitary traders may sometimes miss having validation from others before they pull the trigger on new trades. They tend to overlook another force that's decidedly in their favor. This is an outright lack of interference, "noise," or second guessing from outside sources.

Many traders routinely interfere and second guess on their own. Regardless, it is much easier to trade "quietly" and decisively as a solitary trader.

Total Control of the Entire Trading Process

It's all-too-common in most day jobs for new processes and procedures, or some "big new idea" or directive to be sprung on you suddenly. Often it is at the least-opportune time. You may not even have a say in the matter! But solitary traders will never have to encounter such things. Every trade decision that gets made—and not made—is ultimately theirs.

There's pressure there, sure, but that's also empowering, and it means they alone can elect to keep the same procedures in place forever, or change them on a dime, just as long as they have valid reasoning and are prepared to be accountable for the eventual outcome.

Conclusion

In trading, you might say that the good news and bad news are one in the same: It's all up to you. And while the pressure and solitude does weigh on all of us from time to time, try to remember that solitary trading has plenty of unique benefits, too.

And, when taken the right way, solitary trading can be simple, fulfilling, and empowering, for outside influence and interference can often be minimized—or eliminated entirely—at the sole discretion of the trader. So the next time you feel weighed down by the very nature of solitary trading, try escaping it in the most unlikely of ways: By putting the power of solitary trading right back in your favor.

You May Also Like…