Discretionary versus systematic: what's your split?

Systematic trading follows fixed rules; discretionary trading applies judgement within a framework. Most traders are blends, and the blend drifts under pressure — usually towards more discretion in losing streaks.

What's yours?

• the parts of your trading that are fixed versus judged
• how you keep the discretion bounded
• the drift you've caught in yourself

The expectancy guide measures the drift's cost.