After losing money I always check to see what went wrong. Years ago when I first began trading I was dutifully following William O'Neill's strategy of 5% stop losses, which he later moved to 8% as the market makers caught on to the 5% level and routinely gunned the markets to 5.1% past the logical stop to bounce you out. At the time I couldn't time entrys very well and took tons of losses. I began using points instead, but will be returning to the good ol 5% pronto. This would have not only kept me in my winners of the last month but also kept me from getting stopped out of yesterday's move as well. Losing a little is part of the game, but losing when I'm right is intolerable...
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