by the way discretionary doesn't mean high emotion as mechanical doesn't mean lowered emotions..mechanical means following the preset rules.......discretionary means i think this will happen...one depends on proven and tested signals.....the other requires him to think.......the thinker loses in the end........... futures discretionary traders seldom make profit for long term......others love their money.......cheung and radschke ...proved that........
1) i don't trade the "eminis" (a CME term). i trade the YM 2) do u understand what a 'setup' is? apparently not. like i said, i can wait weeks for SOME setups to occur, others occur several times a day. it depends. i respond to what the market is doing, not how i want it to be 3) there is a critical difference between the stock and futures market. stocks are not zero sum. there can be (and has beenin the longterm) net winners in the stock market. that is impossible in the futures market. 4) do what works for you. i do what works for me. my manual keeps me disciplined and it helps me keep track of what setups are working, what their positive expectancy isetc.
"by the way discretionary doesn't mean high emotion as mechanical doesn't mean lowered emotions..mechanical means following the preset rules......." correct. and i am discretionary cause i have the option NOT to enter a trade, even if the setup occurs. i also have some discretion with setting up targets (but never with stops) based on my interpretation of market internals, market development (i use a fair amount of market profile), etc. "discretionary means i think this will happen...one depends on proven and tested signals.....the other requires him to think......." both depend on proven and tested setups. the difference with my methodology is that i allow myself discretion vis a vis market internals, and some aspects of market development. i allow myself no discretion in terms of risk management, or the basic parameters for the setups. "the thinker loses in the end........... futures discretionary traders seldom make profit for long term......" true. so what? most small businesses fail too. the point is that i (and others) can and do succeed as futures traders. i am not saying my way is the only way. there are many many ways to skin the market cat. "others love their money.......cheung and radschke ...proved that........" imo, don't concentrate on the money. concentrate on your trading mechanics and your setups. then, the money takes care of itself.