Hear Others But Listen To Yourself

Hear others but listen to yourself. The idea from this quote came from an experience I had trading today.  In this profession you would think that multiple sets of eyes and opinions are better than one, but this is often not the case. As a trader than uses technical analysis I like to think of the the market as a piece of art.  I say this because when looking at art, what you see is undebatable. However what you interpret will vary from person to person. Today I saw an excellent pattern forming on a trade. I went through all my necessary steps to evaluate the setup and make sure it was in confluence with all of my rules. I was pretty excited because I analysed this trade a good hour or so before it would have been triggered. However, when talking to another source (with more trading experience than my self) they informed me that they were already in the trade going the opposite direction of what I would have been going. Because of this I decided to hang tight and not get involved. A few hours later while evaluating my different charts I noticed that the trade would have been a winner. In fact the trade had moved up to my profit position, then reversed and came back down to put the other trader in the black as well. 

I look at this instance and realize that it is a confidence issue.  When people are in a position with more experience than you, it is good to use them as role models and hear what they have to say. However, if you don't make your own decisions then you are simple putting yourself in the "Rat Race" (from Rich Dad, Poor Dad).  The funny thing is that if I were to tell the other trader what I did today he would have yelled at me for giving up on what I thought was right to follow him.  Taking advice is fine, but at the end of the day you must make your own choices and decisions.