on top of that what one will actually trade, which method? the nonexistent one? that's the reason real money trades for most people carry such a wight - they unconsciously know their method is half backed
If 'your mind changes completely' then you weren't paper-trading -- you were pharting around. In any other simulation environment (armed forces, aeronautics, firefighting, surgical theater), pharting around will get you eviscerated by whomever is in charge. Large dollars, lives, are at stake. Yyyyyyep!
When a team of top SEALs were training to kill Osama bin Laden, do you think they were thinking of this is fake and simulated? We can just do whatever we want. It's no big deal. We will get him. No way! They built an entire replica of the compound where he was staying in Pakistan. They rehearsed the attack sequences and what can go wrong for weeks. Then went it for the kill. People take trading too lightly. They casually look at a chart and say maybe I should buy here or sell here. They don't plan or practice. The more you practice and train for every possible scenarios the better equipped you will be. "He will win who, prepared himself, waits to take the enemy unprepared. " Sun Tzu Art of War
Whether "discretionary" or automated, a trade plan must have rules and defined criteria and the trader has to follow them. You can elect to not take a signal but the signal has to be defined regardless.
imho all signals must be taken discretionary trading is not about deciding to take a signal or not , its imho about deciding how to properly apply the definition of the signal to current situation (same as with grammar rules - not all situations are a clear cut, so the user must figure out how to apply the rule (or combination of rules) to the best of his knowledge, but apply it nevertheless)
the problem is that some situations are quite complicated so the trader can make a mistake deciding that there is a signal (based on his definitions) where there is none, or missing a signal (again based on his own rules) where there is one... the situation where the signal is ignored, or entry/exit is based on some feelings, some new (untested) rules, "developed" on the spot, is not a mistake it's a blasphemy
I usually do take em all. at 11:18 EST, I had a long signal on the ES. I elected not to take it because of very sluggish PA with strong overhead resistance. It turned out to be the correct decision or it could have worked anyway. And yes, if your plan has positive expectancy, the more valid signals you take the more money you make...over time.
_eug_, Good questions: I am working full time job and trading paper on the side. I take 1-3 trades per day. AND I am not ready to risk real money. I am not sure I understand your comment or question here. Please rephrase I been paper trading for nearly 5 months and its no difference then trading real money. I have a goal to reach before trading real money. That goal keeps me honest, focus and discipline. If I don't reach reach goal, I don't risk real money. Keep it simple. I am not sure I understand your comment or question here. Please rephrase. Paper trading skills versus real trading skills is all mental and varies per person. Keep it simple.
_eug_, I respect your comment, but I disagree. I don't see any difference from when I was making and losing money with live trades vs paper trades. Of course, besides my capital going down because I do not know how to trade and making bad trades.