I just finished reading Fooled by Randomness and also read one of Taleb's papers titled, "Bleed or Blowup? Why Do We Prefer Assymetric Payoffs?" His key argument is that most people bet dollars in order to make a steady stream of pennies rather than pennies in order to make dollars less frequently. He takes the example of LTCM who produced steady returns for several years only to give it all back - along with its entire capital base - in a single observation. This is not new information. So, my question is this... Behind all my trading is my firm belief that the ONLY thing that separates successful from unsuccessful traders is that the former allow themselves to get lucky. When I get into a position, I'm holding it until it either looks like it's going to reverse or surprises the hell out of me with how far into the money it went. And I'm hitting out of losers immediately and getting back in when the risk/reward again looks favorable. My question for scalpers is this: How can you hope for long-term success if you are betting dollars to make pennies and cutting off your upside by negating the opportunity to get lucky?