OPERATOR Your example of a gap opening has nothing to do concerning leverage. Risk management is what your example relates to. Any person that desires to carry an overnight in ES surely knows the globex trades during the night from the git-go and gaps are only going to be a concern if you carry overnight unhedged. Correct? Myself i am 100% daytrader and NEVER carry overnight so gaps are meaningless to my game plan. Leverage is when you have a wonderful wife and you can not keep your zipper up when confronting a bimbo that has nothing to lose. It is then your choice to make the wise move and flake the bimbo off or leverage a happy marriage for a romp in some low rent roach infested motel for a quickie.