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Russian roulette has great odds, you win 5 out of 6 times. But the downside of losing is it knocks you out of the game. Risking a large % of your account to try to win big is dumb if you plan to do this long term. Capital preservation should always be goal number one.

Trade Your Way to Financial Freedom by Van Tharp and Trading In the Zone by Michael Douglas are the two I recommend. Anything daytrading specific is likely to be out of date by the time it's published. I haven't read a trading book in about seven years so I don't know what's good that might...

If you're going to go that route then you better have: 3. Good luck. Positive edge + betting big sounds like the path to riches until you get more consecutive losing trades than you bargained for.

I'm not going to write a book on how I trade, or make this a question and answer thread. I'll try to shed some light on these, but please don't be offended if I don't answer your questions. Thanks GG for organizing them. One question. You mentioned you don't really use stops. But you must...

You can submit an order any time before the stock is open, including after 9:30. It has nothing to do with any posted imbalance or indication. They cannot trade through your price, but if the stock opens AT your price you might be skipped or only get a partial fill.

Done early early today. Heading out of town for the weekend and only traded the first hour. Another very good week. +$32,000 gross 618,000 shares traded. Theme of the week was avoiding anything too nasty, no losing days. HIG's guidance tuesday pre-market set up some nice insurance shorts...

I should spread it around better than I do, I tend to just keep excess cash in my retail account. I have some real estate and have invested in a non-trading related business. It's a part of my big picture plan that I have been kind of slacking on.

No. There are some sectors I don't like trading for certain strategies though.

Can't pinpoint a specific moment, but it was from constantly reviewing my stats and re-affirming that my system actually was working as long as I kept following the plan. Keeping good records and reviewing them often has been a help to me for sure.

Never been an issue for me, I actually prefer working on my own. No distractions, come and go as a please, can pick my nose whenever I want. I am also fortunate to be in a private chat room with 10 or 12 solid guys. We don't do much calling out trades and such, but it's nice to have someone...

The thing that's helped me get to another level is to truly not care about money when trading. That sounds counter intuitive, but I mean if you can train yourself to not care about your p/l, and only focus on executing, you will be better off. Every trader has been in a situation where they...

It happens when there is an across the board rapid change in market sentiment. Usually sparked by some economic or political event. These events also create the best win days, but you don't know which way it's going to go until it's too late. Gotta take the bad with the good.

I'm not going to debate futures vs. stocks, that's been done to death on this site. I am happy for all the people making a lot of money trading futures. You got your scalability, your efficient and fair markets, 24 hour access. That's great for you guys, have at 'er. It's just not my thing...

Ever hear of Bre-X Minerals? Look it up, it's quite a story. Anyway I knew a few guys who started buying it at about 70 cents. It ran up to over $200/shr and was eventually found to be a fraud and went all the way back to zero. One of these guys never sold a share and actually added as it...

I read them all and really enjoy them. Keep 'em coming.

I trade with Echotrade. I've been very fortunate to work on system development with some good trader friends who were also programmers or have a programmer working for them. I bring forward a strategy, we work on refining it and they code it up and we test it and share what we're learning...

Repeating myself already... "I don't really run black box auto systems. I have one that is 100% auto, but it only trades the first 15 minutes of the day. The rest of my stuff is more grey box, where the system flags a set up and I have to decide to enter or not. I also use automation to manage...

Can't really say since I don't have a predetermined risk and don't use stops. I try to give a trade time to work and will usually just take the pain and follow the plan unless something is obviously going on which I don't understand. Most of my trading has always been during the first 90...

Number of trades is usually directly proportional to volatility. The last few months it's been a bit of a dud and I might have only one or two dozen trades. Other times it could be 100+. Most of those are not put on or managed manually though. I don't use risk:reward ratios at all, so I...

Thanks for the kudos. Geez, you guys have high expectations, I hope you can get something useful out of it. Nice to hear from you again Mk... hope you are still ripping it up and enjoying life. Like I said, I don't want to turn this into a question and answer on strategy specifics...