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Discretionary Trading for all pairs.

  • #1
  • First Post: Edited Dec 11, 2023 4:32pm Jun 27, 2008 10:07am | Edited Dec 11, 2023 4:32pm
I love trading.I don't have alot of experience but the far that i have gone i have come to one conclusion.No matter how much we'd like to follow a system,at the end of the day,we have to be discretionary to some point.For example,even though my system has the ability of making 120 pips per week,i have to set the much i want and put a fullstop there.

At times i enter the market and exit with no signal and most of the time i do that i get 20 pips or so.I can't explain but usually happens.I guess its getting the hang of the market.
Personal Journal...https://www.forexfactory.com/thread/1260265-the-journal
  • #3
  • Jun 27, 2008 11:56am Jun 27, 2008 11:56am
Quoting CTGUY
Can you share your system that makes 1,200 a week with us.

Thanks
My

system makes 1200 a month not a week.And i will be sharing it here very soon.But for now lets discuss this issue.Can you explain how far discretionary trading can take you.
Personal Journal...https://www.forexfactory.com/thread/1260265-the-journal
  • #4
  • Jun 27, 2008 12:04pm Jun 27, 2008 12:04pm
Bill Williams would describe what you're experiencing as "trading with the right-hemisphere of your brain." It's like "being in the zone," an experience which masters across all disciplines share, from athletics to acting to sales to research to trading ... etc.

The market is an organic entity, because it consists of millions of organic participants. You win when you want what the market wants (quoting Williams).
Dave
  • #6
  • Jun 27, 2008 5:19pm Jun 27, 2008 5:19pm
Don't mean to be rude but it Sounds like luck.

If you just enter the market on a feeling with no definable reason then it can only be luck. Unless you do follow a set of rules but you just don't know it, or can't explain them.

I am looking forward to you giving more info on your technique.
There have been some good posts by some senior members regarding whether a trading method can be discretionary or not on this thread i started last week.

Here http://www.forexfactory.com/showthread.php?t=92593

What you are talking about, i believe, is a question that if answered will help anyone understand not only how to trade better but understand more about what kind of a trader they may be.

My personal belief is that discretion = guessing and if you are successful with this then it is only luck. That luck may last for a while but eventually it will run out.

I am trying to develop a method that defines all its rules 100%, and then trade these to give me an edge of probability.

Even then, any success could be down to luck, but hopefully you can have a good bite of the cherry before it runs out.

I think you only need to be successful for a short while in this game.

Regards Paul.
  • #7
  • Jun 28, 2008 2:55pm Jun 28, 2008 2:55pm
System traders tend to achieve more consistent results, but the best and most successful traders use the discretionary approach.
  • #8
  • Jun 29, 2008 12:27pm Jun 29, 2008 12:27pm
Quoting lesaurus
Don't mean to be rude but it Sounds like luck.

If you just enter the market on a feeling with no definable reason then it can only be luck. Unless you do follow a set of rules but you just don't know it, or can't explain them.

I am looking forward to you giving more info on your technique.
There have been some good posts by some senior members regarding whether a trading method can be discretionary or not on this thread i started last week.

Here http://www.forexfactory.com/showthread.php?t=92593

What you are talking about, i believe, is a question that if answered will help anyone understand not only how to trade better but understand more about what kind of a trader they may be.

My personal belief is that discretion = guessing and if you are successful with this then it is only luck. That luck may last for a while but eventually it will run out.

I am trying to develop a method that defines all its rules 100%, and then trade these to give me an edge of probability.

Even then, any success could be down to luck, but hopefully you can have a good bite of the cherry before it runs out.

I think you only need to be successful for a short while in this game.

Regards Paul.
On the contrary,i don't believe it is luck.Like someone said its most probable one is usually following a certain set of rules only they don't know which.I guess it all comes down to seeing the market behave in such a manner so many times that subconsciously one gets the instincts to enter a trade.Furthermore,can you explain 100% how your system captures the market moves.I guess not.More often that not your system uses other minute details to capture a market move that you don't know.Thats why you lose sometime.Because you can't explain your system 100% which subsequently means you don't understand your system 100%.Not understanding your system 100% and still using it brings in an aspect of luck too don't you think?
Personal Journal...https://www.forexfactory.com/thread/1260265-the-journal
  • #9
  • Jun 29, 2008 12:30pm Jun 29, 2008 12:30pm
Quoting goldbug
System traders tend to achieve more consistent results, but the best and most successful traders use the discretionary approach.
That is very true.But is there an explanation.Do you think discretionary traders understand what they are doing anymore than their system counterparts?
Personal Journal...https://www.forexfactory.com/thread/1260265-the-journal
  • #10
  • Jun 29, 2008 12:32pm Jun 29, 2008 12:32pm
Dave,could you give us a link to access this theory?
Personal Journal...https://www.forexfactory.com/thread/1260265-the-journal
  • #11
  • Jun 29, 2008 12:53pm Jun 29, 2008 12:53pm
Quoting Iansco
Dave,could you give us a link to access this theory?
Hi Iansco,

Sure thing. Bill Williams wrote 3 books so far, and this perspective pervades all of them.
His latest is the 2nd edition Trading Chaos (same in spirit as the 1st ed, but w/ new technical tools).

Here's a Google-Books link with a preview of the first few chapters in Trading Chaos (2nd ed), where he writes about his "right-hemisphere-trading" ideas. All his books are worth reading.
Dave
  • #12
  • Last Post: Jul 1, 2008 3:05am Jul 1, 2008 3:05am
Thanks dave will check it out
Personal Journal...https://www.forexfactory.com/thread/1260265-the-journal
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