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If a distorted mirror was one of the things that made me as happy, yes it would. But what if you're too feeble to get to the mirror, or too blind to see it, or too senile to understand what you see any more. For me, life beyond that point would only make my doctor happy, but not me. The...

There has to be a hell because I just know that's where lawyers go when they die.

Exactly. Alcohol is one of the things that bring me happiness. Without happiness, what is life?

Medics have for too long confined themselves to the philosophy that they're doing a good job if we live more years. Its easy to measure and very objective. Bollocks to that. I'd rather not make it to 90 if I can't enjoy myself.

My max capital risk is not 2%: 2% is the max capital risk per trade. But when a trade goes 2% into profit and the SL is pushed up to entry price, the risk on that one is 0. All subsequent trades on this chart have a 2% capital risk, and all have a stop that is 2% capital risk behind the latest...

You're just leaving out what we've already talked about previously, but its simple for me to re-capitulate When my Trade 1, with a -2% capital risk, makes +2% of my account, I move the SL to its entry price (so its risk is now 0%), and I open Trade 2 with a -2% risk. When Trade 2 makes another...

It does work for me. So, if the first trade has my maximum capital risk, 2%, I add a second with the same risk when the first has added 2% in unrealised gains, and keep adding new trades every time unrealised gains add another 2%.

Don't you period me mate.

Then that's OK, you won't come to any harm even if you do carry on thinking they're the same thing.

Are you doing it?

I should have also asked, if not the same, why not? Because the lottery's outcome cannot be affected by the application of skills and knowledge. Whereas trading's outcome can.

I mean, the initial position is to my maximum acceptable capital risk. The second and subsequent trades are of the same size. Scaling in to most people means opening a small trade and then adding to it progressively until it reaches full size.

This shows my point. Any enterprise with an uncertain outcome is gambling and if the initiation involves financial commitment and the outcome comprises financial reward, its a bet. But there are gambles and there are gambles. Person A buys a lottery ticket: they're betting they'll win and its...

There is an important distinction that is hidden by lack of precise terms in English for different types of gambling. We're all betting, but only some of us are gambling.........

Good question - very fundamental to successful trading - and toc gave a precise answer. I'd only add that too much trading gets done based on entry patterns rather than a wider perspective. Over-focusing like that can get you into trades against the underlying trend and the implication is you...

Hi Steve - Cheers mate. I've started something I haven't tried on ET before - a private thread between just the two of us. So we should be able to get comfortably into some detail. Hoping to hear from you soon, Tom

I went into cash well before the 20/50 dead cross but, while they are inverted, we're clearly not in a consistent uptrend. Not that I suggest the use of a golden cross of these MA's as a buy signal.

I already held this belief but how do you get this from this clip?

But surely everybody's in cash? Or maybe a few are short.

Just to be clear, I don't scale in and I don't average in. I add additional full-scale trades.