I'd like to thank everyone for their responses....somewhere in the mix i've developed a good sense of where i want to take my trading personally, with regard to position sizing, at least for the next six months. frankly, i'm not worried about stop losses.....exits and entries come down to whether or not you have an edge -- if you do have an edge, great, and if you don't, position sizing only dictates how quickly you go bankrupt. in my personal trading, an improvement in my ability to choose good entries would probably better benefit me above an improvement in position sizing. however, changing my position size to be "more safe" is easier and quicker for me to do while i continue to improve my entry/exit fundamentals. lastly, i still believe that the same position sizing rules that apply to position trading should apply to intraday trading. Its all probabilities, and trading more frequently shouldn't require different position sizing, it should only speed up the variances in drawdown and profitability. that said, there is the issue of human emotion and the ability to withstand large losses in very short time periods (even if they are no problem in the statistical scheme of things). Personally, at the moment, i want my daily max loss to be no larger than an amount that I won't "sweat" in the slightest. If i were to go with 2% per trade, clearly i could far exceed my "sweat" level. So, i will limit my max daily loss to 3%, and to be able to trade flexibly within that constraint, i will use a .5% risk size for the foreseeable future. This probably is inefficient from a capital perspective, but will keep my losses "stomachable." Thanks again everyone for your thoughts on this...
Hey Blotto, Sorry it took me so long to get back to you on this. I have actually considered going prop and have talked to a few. I've opted out of doing it (however) at this time, because (as you know), I've automated against IB's API and writing my system against a new back-end would take some effort. Probably several months of development and testing. Jason