[Nonpiker]

The bottom line is that hope is not a viable investment vehicle. The sooner newbie traders learn this the better off they will be. I always put a position on knowing where my exit will be on both the top side and down. When I take a position, I have a premise of what will occur, if this does not happen then I exit. This will somtimes cost you P&L when you watch a long run higher however, when an adverse move occurs this action will allow me to be around to play tomorrow. Discipline (money management) is by far the hardest aspect to master but it is truly what seperates the best from everyone else. What good is it if you pick great entries and bank a big figure when you let your losers run two. Good traders can pick winners but the best traders know when to take a loss.