One phrase that you see quite often is “Trader’s discretion”
Well what is discretion exactly?
Is it some sort of mystical intuition?
How does discretion come into play when trading a system?
If you have a set of rules that dictate when to enter/exit a trade and you deviate from those rules: is that discretion or lack of discipline?
I guess that trading a naked chart requires much more discretion than trading a system.
I believe that you need discretion when deciding what are relevant S/R levels. Also, if you draw trend lines, you may need to use your discretion with the highs or lows that you use.
Maybe you need discretion when deciding whether a break out from a range is a fakie or not?
Some may say that they are using discretion when deciding not to enter a trade because the market is ranging. Well no, that’s not discretion if it is one of your rules. Of course it may require discretion to recognize that the market is ranging?
So how do you define discretion?
Well what is discretion exactly?
Is it some sort of mystical intuition?
How does discretion come into play when trading a system?
If you have a set of rules that dictate when to enter/exit a trade and you deviate from those rules: is that discretion or lack of discipline?
I guess that trading a naked chart requires much more discretion than trading a system.
I believe that you need discretion when deciding what are relevant S/R levels. Also, if you draw trend lines, you may need to use your discretion with the highs or lows that you use.
Maybe you need discretion when deciding whether a break out from a range is a fakie or not?
Some may say that they are using discretion when deciding not to enter a trade because the market is ranging. Well no, that’s not discretion if it is one of your rules. Of course it may require discretion to recognize that the market is ranging?
So how do you define discretion?
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