The Universal Principles of Successful Trading – Essential Knowledge for All Traders in All Markets : [PDF Download]

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“The TEST procedure applies to both discretionary and mechanical traders. If you’re a mechanical trader, you should not mistake a smooth historical equity curve as validation for your system. It only shows that you have been successful in managing to fit your methodology to historical data.

Looking backward is cheating; going forward is what counts. Some discretionary traders may believe it’s impossible to email a complete order to their trading partner. They may say they don’t know what they’re going to do before the market opens because they want to watch it first.

They may argue that although they’re in a position, they’re not yet sure when or how they’ll take their profits. If this is the case, those traders do not have a clearly defined trade plan. Although you may prefer to wait for the market’s opening, you should already know what to look for before you enter.

If you know what you’re looking for, you should be able to articulate it in your order to your trading partner.”

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