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Thanks Elit! I agree with you. I've been sticking with 200 shares because of all the order entry errors I was making. Will likely size up soon here!

And if you put it in an air mattress you have the risk of deflation :D

Big time, $200K as a day trade, over a million if held a couple weeks. On the other hand, would've blown my account if it moved just $1 against me, so not the kind of mistake you want to make!

I got this book from the library when I started trading last year and immediately bought it from Amazon. I've recommended this book to many people on ET since then and it's on my list of best trading books. His opening chapters on risk management and position size are priceless.

This reminds me of the day I went to buy calls on a stock I'd been trading in 1000 share lots for quite some time and just before I sent the order through I noticed the 1000 in the qty field. (And I'd turned off my order confirmation feature about a month prior to this). The commish alone...

+$154 Still 200 shares.

+$154 Offered 23.24 STEC after it pulled back from that opening high, and patiently waited for the retest, lifted .06 cents from the top. Patience pays off! Covered @ 22.97, pivot from just below round number: +$52 It didn’t stage a strong rebound at all and I was just about to re-short...

I think someone started posting charts around here: http://www.elitetrader.com/vb/showthread.php?s=&threadid=148752&perpage=6&pagenumber=162

Here's a solid-as-a-rock highly disciplined trader who proves that if you plan the trade and trade the plan your losers can outnumber your winners and you can be up almost 40% on the year. He calls his trades live on his journal...

Tip: Check short interest and also how far from 52-week highs the stock is when it gaps up. High short interest means short squeeze could go on for quite a while; stocks that are still trading at a decent discount to their 52-week highs when they gap up also tend to continue the move up for...

Common mistake made by many, I'm sure. Next time you end a year with a gain, put your estimated tax liability in a CD till April. This has been my problem as well, but I just thought of an idea: Make up a budget that's 10x what you need a month and post it where you can see it at all times...

Summer in Tucson! This lady always wears her shorts :D

+ $201 My “one thing” for today was STEC long. Yesterday near the close I actually had a bid at 18.00 because the stock was hugely oversold on the daily and had found support around 18.00, then I pulled it, the devil over my shoulder saying, “Don’t hold overnights, trade it in the...

+ $201 Mr. R.W., be sure to give Mrs. R.W. some of that so she can support the economic growth of our country. :D

I trade whatever stock winks at me from across the room and says "Let's dance, honey." However, I think it's time for me to settle down and make a commitment. Just applied for my futures account this afternoon.

Reviewing my trades in IB, I realized I also had 2 HANS long trades closed for b/e (-$3). Another case of scratching a couple trades, and moving on, thereby missing the actual trade that went somewhere! OK, tomorrow I'm gonna do my best to trade ONE THING. It seems that works out best for me.

Indeed, Geez, impeccable trading today, great setups off oversold conditions.

- $65 Followed too many different scents like a beagle on crack today. E*Trade contacted market maker for SPNG who had some useless story about how millions of shares of orders were lined up and I didn’t keep my order active long enough Friday to get filled. Well, duh, when the price...

- $65 Prop, I'm with you today, churn and shake, didn't give myself enough breathing room, chased a few fizzlers, didn't chase a few runners, blah blah blah :D I did get a $60 consolation prize for the failure of MM to lift any of my marketable SPNG orders Friday! XXXOOO NoDoji...

Although I look for specific setups, I also get to know certain stocks over time, get an eye-to-brain feel for them and will often violate all my setup signals and put on a trade. A good example was Friday when I shorted a very strong up trending stock even though it already fell a full dollar...