Quoting Trader1580Dislikedyou're right. Strategy is on the very bottom of my trading principles. I put, risk management, money management, emotion/physcological management way before strategy. Strategies come and go such like markets change.
You're right, in the end, no two trades are a like, and one does not have to know what's going to happen next to put on a trade. One has to be emotionally stable and rational, and that itself is, I believe, where the 5% are skilled to the point they are fluent with the flow of the market.
A great trader trades like a new trader, carefree and emotionally free.
Along with risk management, money management, PHYSCHOLOGICAL management is HUGE too.
One has to remember that just because no two trades are the same does not mean you will automatically neglect and stop researching and reading fundamentals and technicals. You just have to accept confidently and understand entirely that you can't EXPECT anything and anything can happen. You can make educated projections but you can't EXPECT them to happen.
This is a great discussion as I believe the psychological management is way undervalued in trading.Ignored
One of the reasons that I like to automate my mechanical systems is to reduce the effect of emotions. I usually let my system run 24 hours a day and I check out the results not more than twice a day. The reason that I visit my trading platform is just to make sure everything is up and running. This helps me to be less involved with emotions and be more focused on developing new ideas and enhance my trading methods.
There are many people who do not beleive in automated trading. That's fine with me. However, I should indicate that a complete automated trading system is the one that considers money management and risk management techniques along with a proper entry/exit strategy.