Hi everyone
I was reading a book and in there the author wrote that she doesn’t use mechanical systems as if it was a case of finding the right set of rules to produce consistent profits there would be more super rich traders and a lot more success with trading forex. I get what she is saying but again I’m seeing people say that they trade using mechanical systems and get good results.
Would be good to know what others opinion on this is.
I see what she is trying to say but its not as simple as what she saying. There are other variables at play. She’s forgotten that in most traders risk management and trading psychology play a massive part in whether theyre successful or not. Shes also forgotten about the turtle traders who exclusively took serious rules and were very successful.
Getting a profitable strategy is half the journey. The other half requires you to follow that strategy regardless of outcome. And this is where traders get stuck as they might not be able to cope with the drawdown. Also the strategy might not fit their personality or lifestyle. Also you might not have enough capital or the return might not be enough for you. For eg I give you a strategy where you are in front of a screen day in day out and at the end of the month you make 4%. Now someone with a 1k account might not be able to follow it because the return is too small for them. Someone with a large account could follow it, another with a large account has kids so they cant follow it either. So there are loads of other variables.
Both mechanical and discretionary strategies can work. The important part is finding a strategy that fit your personality and lifestyle.
Thank you for your reply, that’s answered my question perfectly
Totally agree. 
Cheers
Blackduck