Hey Phil, don't you have anything else to do but suck up our time? I've received at least 5 ET updates for seperate threads and all of them are your postings w/ a stupid face on them...
if you can't trade without getting into positions, insisting you are right, then refusing to cut them off at your stops, you will fail. i take many trades in a day on between 1000-4000 shares. any one of these could be dangerous if I see that it is becoming a problem, don't trade it aggressively and allow the loss to get worse. it is hard to remove yourself from your ego/ need to be right but you have to to succeed. ask yourself- what is more important- being right or making money???? The #1 reason that traders fail is for lack of discipline. Not following stops shows poor discipline.
I don't have a lot of experience at this. I have only gone completely broke 3 times. Everytime was the same. Started with a small loss, became a big loss, became an obsession, became a depression, liquidated all winning positions to meet margin on big losing position. Coincidence? I don't know. I don't have enough money to thoroughly test the relationship between hanging on and going broke. In the rest of this lifetime, I will have to be content with just taking small losses, and merely wonder about how great I could be if I never took a loss.