I've been trading for approx. 2 years. I've traded EDAT & with a regular broker. I've read all the popular books about daytrading & have tried most of the recommended strategies. I'm usually a real conservative trader, not looking for a home run. I've been profitable both years, but not enough to make it a full time job. I'm writing this, so new traders can learn from my mistakes & avoid the problems I've run into. During my learning curve I found myself getting stopped out alot, because of the whipsaw action of the markets. I noticed that approx. 90-95% of the time the stock that I was stopped out of, went higher, usually for nice size gains. So in my infinite wisdom I said to myself that if I find a "good/ well known" stock that has been crushed, just because of this bear market, I'm going to buy "when I think it has bottomed" & not use the stop loss strategy. This worked great, win after win. I would watch a stock that I bought, move down pass my stop out point, then later come back up & go on to nice gains. I was hooked, to hell with the stops. Well it worked great until last week. Yeah I bought in what looked like a great stock that had been crushed, only to see it erode day by day. I'm down big now & moved to the category of long term investor vs daytrader. This is a tough business especially when you trade 500-1000 shares a pop. My recommendation (if you are a new trader) in a market enviroment such as this, would be to buy or short only 100-200 shares of each stock, use a stop loss on yesterdays high or low, & trail the stop. Oh & don't forget that the market is trending DOWN. Good luck & may the trading gods be with you!