You can set the level of trust of a particular key by selecting that key and
choosing the option Set Owner Trust from Key Management, or from Key
Properties itself.
You alone decide which level of trust to assign to a key, and the trust is
assigned only locally. This is considered private information: it is not included
with the key when it is exported, and is stored in a separate place from your
keyring.
You should set the trust level of your own key pair to the maximum (I trust
ultimately).
7.7.3. Criteria for key validity
The trust level is used to calculate the validity of a key. Being the trust level
only locally significant, as a consequence the calculated validity of a key is only
relative to your local installation of OpenPGP. That is, a key you consider valid
might be considered invalid by someone else.
A key is considered valid if it has been signed by a fully trusted key, or by at
least 3 marginally trusted keys. In addition to that, the path leading from that
key back from your own key must be 5 steps or shorter.
Note that, as a consequence, keys signed personally by your own key are
always considered valid.
Ultimate trust bypasses any restrictions on how many fully trusted signatures
are needed to make a key valid: any key signed by an ultimately trusted key is
always valid. You can set ultimate trust to a particular key you want to allow to
make trust decisions for you.
You can see the calculated validity and trust value in the Key Management or
Key Properties window, in the fields Key validity and Owner trust.
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