Hello all, I learned very early on that trading successfully requires a strategy and a plan so that the trader knows what he/she is doing at all times. The market is capable of doing anything, and so the trader must have a plan before going into battle. This got me thinking about what it means to be a discretionary trader. I'm the type of guy who likes only black/white scenarios, no gray. Only hard and fast lines, no overlap. The market obviously does not act in this manner however. I'm at a point now where I have the foundation of a strategy. I've just begun sim-trading in order to test my strategy and eventually refine it until I get a legitimate profitable edge. While doing this, a question popped into my head: For those of you ETers who call yourselves "Discretionary Traders," what part of your trading do you leave to your discretion? Is it merely the fact that you haven't automated your strategy yet? Or is it something like your targets and stops change depending on the market's volatility? Does anyone exit trades if their intuition doesn't feel right? Or do you consider discretionary trading to be more along the lines of ignoring trend-signals in a trading range? Just curious to see how various traders trade. For myself, I don't want to take any action unless I have a rule that allows me to or a signal for a trade setup. I suppose the discretionary part of my trading would be my initial stop loss size. It may change depending on how far away the pivot high or low is from entry, but it won't get larger than what my maximum risk on a trade allows, potentially forcing a setup to be ignored. -Chris.