Mike wrote this comment in response to a question from David (see comments on the last post):
"David, one thing I have learned from X and others is to only take the best setups. My spin on this is as follows:
1.) Try to disqualify setups - eliminate them if they do not fall into my definition of "textbook".
2.) Of those that remain, rank them (usually a pros vs. cons for each setup) and take the top ranked setups.
This may seem like a time consuming task, but I can literally size up a setup in a few seconds. That is where the practice comes in - you have to train yourself to scroll through your watchlist, throw out the bad, rank the remaining, and make your trades. If you practice you can do that in a short time (seconds to minutes).
X wrote once that the job of a trader is to weed through the setups every day and throw out the bad ones, and then pick the best from the remaining good ones. Or something like that. Once you subscribe to that mindset, you start making better trades. Hope that helps."
I could not have said it better myself. And, here is the post that Mike referred to above.
Trading 27-April-2016 (+ $66)
22 hours ago