should i use my discretion when trading?
okay so, i created this thread to discuss my struggle with sticking to my trading strategy. Many times, i am tempted to use my discretion when trading and this means deviating from my strategy. Sometimes it works & sometimes it doesn't so can we discuss our experiences; do you think discretion should not be used when trading?
The discretionary vs non-discretionary trading debate has been going on for a while, but i think following your discretion often leads to emotional trading so for me i try to stick to my strategy only.
Discretionary traders act, then wait for the market to react which is risky. Non-discretionary traders wait for the market to act before they react based on their strategy; and this is safer.
I try not to trade with my discretion because I don't have the relevant experience to base my discretion on. I prefer to lose money while following on my strategy because then I won't feel so bad. But if i lose money based on not following my strategy & using discretion, it's really going to hurt tbh.
if you have already opened a trade & then there is sudden breaking news which causes the market to start moving against you, it makes sense to use discretion to close the trade and cut your losses. So, in such rare cases i will use my discretion but otherwise i just stick to my strategy.
Discretion is for expert traders, if you are not an expert you should just follow your strategy mechanically.