esepich, I hope you realize you have just received about $50,000 worth of advice, considering what all the books, tapes, seminars and coaching to get this much knowledge would cost you. Every single one of the above comments had great, time-tested advice. My advice is do three things. One, step back for a week or so and recover from the shock. Two, come up with a set of four or five rules you follow with great discipline. One rule might be, no position over 5% of account size. Another might be never carry loser overnight. Three, make sure you are picking trades based on a method that has some chance of success. Reading about stocks in the WSJ does not qualify as a good plan. Many great traders blew up in their first forays into the markets. You have learned an important lesson already, namely that the market will hand you your head if you are careless.