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Just to add one final thought to this point:
m>> Even if you execute a full 99% of your system's recommendations,
m>> and avoid only 1%, you have forfeited the right to say that you
m>> are using a trading system.
You have a system, and it says go long intraday today, with an exit
in three bars.
One hour after entry, Air Force One with the president on board is
blown out of the sky with a shoulder fired missile, and
simultaneously a truck bomb of massive proportion takes out one wing
of the US capitol while it was in full session.
You see the futures dropping like there is no tomorrow. Now, tell me
you are going to hold that trade just because you are a pure system
trader. Or better, tell me that you will dump it on the planned
exit, when it may be hitting a low that won't be seen again for a
decade.
I don't think so.
Extreme example of course, but then extremes happen, and that's the
whole point. One doesn't turn one's life and fortune over to an
unthinking rule set, without any possibility of exception, unless one
is rather foolish, IMO.
Yuki
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