[cooter]

Oh, ok. Guess I was being a bit obtuse... :rolleyes:

So you're saying, plan your trade, and trade your plan.

Simple enough, I suppose. Having the discipline to do so, while not deviating from your trading parameters - assuming the setups and plan are valid to begin with - is what separates the 80% losers from the 20% winners in this arena.

But here's where I question your argument:

Say I have a setup that is valid, but I don't take it - that is, I don't enter the market. What's wrong with that?

I should think the issue would be taking the setup to enter the market, but not exiting the market as per the plan. That's what your first scenario with the blackjack entails - no?