I have been trading spread for near a month. I have tried many different combinations e.g. DAX/Stoxx50, Stoxx50/emini SP, emini SP/Dow, Bund/T-Notes, QQQ/DIA, Gold/Silver ... The funny thing is all my trades were profitable!!!!!! But the trick is I DID NOT use stop loss. Those trades that were profitable I closed them before the end of the day. Some trades were very profitable e.g. the Bund/T-notes trade gave me 500 euro within an hour. Those trades that were not profitable I would wait. Even the worst case it would return to profitable within 3 or 4 days. I have been trading outright for few years, I am sure this method would never work. Many stocks or futures would never return to the entry price. But it seems in trading spread, it is OK to wait a few days without using stops. It seems too good to be true! Am I playing fire? I remember LTCM had something similar. Have anyone got any experience in this area?