Defining normal expected returns would need to be averaged over years for each individual. One of my goals here is to capture that data from other experienced traders. As far as using experience to make the best of open positions, you are correct IF you are a discretionary trader. My trading system is 100% based on black and white rules. In my case my experience is what gives me the confidence to keep to the rules. As far as accumulating all the lessons learned into one formidable trading system. I believe that if a system has any discretion then the most important variable is money management not the actual systems mechanics. But this topic is for another thread.