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74.3% of all statistics are made up.

How do you know that? The Dow could 15k in 6 months or 5k, who knows. If you do have some method of really knowing then great, we can all sell OTM options and grow rich on the premium.:confused:

Is winning at golf a random event? Just about everyone can get a stick and hit a ball but there is only one Tiger Woods. You could debate until judgement day the whys and wherefores of it, but in the mean time the results speak for themselves. IMO there is a difference between something that...

:D :D :D :D :D :D :D :D :D ROFL

don't forget the jobs report which will be used as an excuse to hype it up or down or whatever suits.

Notwithstanding my other thread about quitting daytrading, my long term position account is going to get some additions tomorrow. Whether we go by 9/11 low or not there is a counter trend rally coming, IMO, and it will be just as fast and furious as the others. One thing we can all agree on...

Thanks for the reply. Just a small correction, I'm not seeking a direction from outside sources, I know what to do and I know why I got to where I did. My curiosity was how everyone else manages their break point, indeed if they even have one, so I'm using my example to throw open the...

This is what I find. Daytrading and working (even though I have the benefit of 5 hours time difference (UK)) puts intolerable demands on you over time. My judgment degrades after a month of working 16 hrs a day. Anyway, I too made money by position trading so I will go back to that for now...

Good advice and consider it done. You are 100% right in the last sentence. When I follow my rules I make money, when I don't follow em I lose money. So I'm going to re-group and try and understand why I don't follow my own rules. Pride comes before a fall. Cheers Mike

I've been daytrading for c. 3 months. I know exactly what the cause of the drawdown is, position sizing. So that's what I'm going to evaluate. My question though is do you (or any of you) have a break point. A level that you get to and then step aside or even quit? Cheers and thanks for...

Sorry guys I should clarify, 5k was the amount I set to lose out of a capital base of 20k (actually I am back above that now!). All of the advice is really good and thanks for the encouragment, it is obvious to me that I'm setting a too unrealistic loss amount for daytrading. I gather from...

Actually my decision is stop daytrading and go back to position trading which I am relativley succesful at. My risk capital was set aside for a particular style. I'm sure I'll come back to it. My point is, regardless of $$s, % or whatever, how do you all set a break point and do you stick to...

Nowhere near, it was 5k. Interesting thought though.

Thanks Lundy, Actually I do have a job and daytrade part time and the risk money I set aside is not money that I actually need. My decision is made but just opened up the discussion because I'm wondering what full time traders use as their uncle point. It's got to be a tough call if you...

Here's an interesting one for everyone. When I re-started trading earlier in the year I set total amount of risk dollars that I would expose and if I dipped below that then I'd quit and find something else to do. Now I have just dipped below that amount so if I have the discipline to...

Anyone know how to unsubscribe from a thread so that I don't keep getting e-mails every time there is another post? Cheers:mad:

but then with a stop limit order if it blows right through your price you might not get filled. Is that right? Cheers Mike

I know what it was, I put in an order for a 100 QQQ's mkt GTC. Looks like they ran the futures up on my massive buying. Sorry all.:D

whatever it was it woke me up.