Coaching webinar: Mechanical vs Discretionary trading - The impact of individuality

Summary

Jack Inman will lead a special coaching session on FXStreet, that includes an short exercise with volunteers in the room called "beat the EA"! The coaching will consist of a session where we look at the two main types of trading, mechanical and discretionary trading giving users a description of what the two different systems are, their advantages and disadvantages and why in general most traders accept discretionary systems as being the difference between being a profitable and highly profitable trader. The coaching will also focus on highlighting to users the impact that using discretion can have on the individual trader’s results when applied correctly. It will highlight areas where flexibility can lead to increased performance and give certain examples of things that can be used to help improve performance such as flexibility with stop loss and profit target placement, entry and trade management. As well as this the session will show a real life situation where discretionary testing has been tested against mechanical trading before culminating in an short exercise/competition called ‘’beat the EA’’, complete with a prize should the participants win. The exercise will focus on why with the same system some traders are more profitable than others – and show the issues that face traders psychologically, highlighting why some traders, despite using the same system have different results