Discretionary Trading and Statistics

[kidPWRtrader]

I know there are discretionary traders out there who keep stats to make themselves more mechanical.

If any if you here is primarily a pattern trader or price action, without the use of any indicators, how do you keep track of your setups?

I have been taking screenshots and largely categorizing my setups for a few months now, but I'm still often wondering if perhaps someone out there is doing something better/different.

Would appreciate any advice from those of you who call yourself at least partially discretionary and still keep track of stats for setups.

 

[kidPWRtrader]

Bump...

 

[naked1]

most people use some sort of indicator, custom made or not

not per se as signaling but for decision making overall

I sure hope you are not asking to see my setups

 

[kidPWRtrader]

Quote from naked1:

most people use some sort of indicator, custom made or not

not per se as signaling but for decision making overall

I sure hope you are not asking to see my setups

Could you give an example of this.

No I am not asking to see your setups...

 

[robbie380]

way back when i was still trying to learn trading i would just simply keep notes and stats of the setups. are you just looking for something easier than that? i don't really think there is anything easier. it just takes work.

 

[NihabaAshi]

Quote from kidPWRtrader:

I know there are discretionary traders out there who keep stats to make themselves more mechanical.

If any if you here is primarily a pattern trader or price action, without the use of any indicators, how do you keep track of your setups?

I have been taking screenshots and largely categorizing my setups for a few months now, but I'm still often wondering if perhaps someone out there is doing something better/different.

Would appreciate any advice from those of you who call yourself at least partially discretionary and still keep track of stats for setups.

I use price action only on the charts without any traditional indicators (e.g. cci, stoc, macd, volume, moving averages et cetera).

However, I don't use stats to help me be more mechanical.

Instead, I use a rule based methodology.

I then categorize my trading into three main groups:

* Trades via the rule based methodology

* Intuition trades outside my rule based methodolgy

* Trade Errors

Then when I do my stats...it's for each of the above categories.

Also, if you are implying that anyone that doesn't use a mechanical trading system are then a discretionary trader...

Based upon that info...I'm a discretionary trader.

Mark

 

[kidPWRtrader]

Robbie... thanks for reinforcement.

I didn't think there was a better way, but of course, I was thinking I might get some examples of how to make it less discretionary I guess. I'm in the same boat... taking notes on everything I see after it lights a bulb in my head.


Nihaba: Exactly what I was looking for. I am not interested in describing what is considered mechanical or discretionary trading though. I just threw that as a label, but didn't really mean anything by it. Thanks.