Decisiveness. This is by far the greatest personality trait a daytrader can possess. Since day trading often requires split-seconddecisions, the day trader who hesitates is lost. Hesitation canoccur either when placing an order to enter a trade or whenplacing an order to exit a trade. No matter when it occurs, it hasdestructive potential. Therefore, if you are not able to make adecision and act upon it promptly, you would do well to devel-op this trait if you plan to succeed as a day trader.
= Persistence. A day trader must have persistence. The successfulday trader will not allow a string of losses to adversely affect hisor her decisions. Rather, the day trader who wants to succeedwill follow his or her trading system or method undaunted by aseries of losses. We know from system testing and developmentthat even the most potentially profitable trading systems willlose money 5 or even 10 times in a row before a profitable tradeis hit. Day trading is no different. Therefore, the day trader whoseeks success must have the mental discipline to avoid the inse-curity that comes with a series of losses.
= Confidence. Closely related to persistence and decisiveness isconfidence in the trading system or method. The successful daytrader must believe that the system he or she is using will beprofitable if it is applied with consistency and discipline. Whileconfidence in self and system is clearly a quality that all tradersshould possess or develop, it is particularly important for theday trader.
= Imperviousness. To a given extent, a day trader must be able toresist the temptation of news and the opinions of other traders.182
Chapter Fifteen
Day trading is a lonely game. You will need to maintain yourcomposure while all those around you are losing their heads. Inorder to filter out the “noise,” the day trader will need to devel-op a number of procedures—at times mechanical, at times psy-chological—to close off the potentially deleterious impact ofnews and inputs that are extraneous to the system he or she isusing. This would not be the case for day traders who use thenews as their method of trading. None of the methods describedin this book depend on the news for their efficacy or signals.Hence, my advice is that you develop or amplify upon yourability to shut off inputs that may negatively impact your trad-ing. Note that being impervious relates not only to marketinputs but also to personal events in your life that may affectyour trading.
Should you get some distressing news from home, shouldyou have a disagreement with your mate or spouse, or shouldyou have some emotionally evocative news about friends, fami-ly, or business, my advice is either to deal with it after the mar-kets have closed, or if you are unable to shut off the impact ofthe event or events, to immediately exit your day trade posi-tions.
Contrarian attitude. One step beyond being impervious is theability and willingness to be a contrarian. The profitable oppor-tunities in day trading often present themselves when it seemsleast likely that they will work. The profitable day trader mayoften have to buck the prevailing sentiment—selling when itseems that the entire world wants to buy and buying when itseems that the whole world wants to sell. If your trading systemor method signals a buy when the market is plunging, then youmust buy. If your trading system signals a sell when the marketis soaring ever higher, then you must sell. Acting contrary toprevailing public and trader sentiment can only be achieved ifyou adopt and maintain a contrarian attitude to market opin-ions.
Aggressiveness. The marginally successful day trader will need tobe somewhat aggressive, impervious, contrary, confident, anddecisive. Developing these qualities and applying them consis-tently to the markets will likely bring you success if your trad-ing methodologies have merit. However, the truly successful,highly profitable day trader will need to be highly aggressive.By this I do not mean that you will need to bust heads or curseThe Psychology of Day Trading 183
at your broker. It does mean, however, that you will need to do
the following:
= Pursue your broker relentlessly if you are waiting for confir-mation of an order execution.
= Pursue your broker vehemently if an order has been missed,misplaced, or incorrectly executed by the broker, the floortrader, or other employees of the firm.
= Demand honest and reasonable price executions on marketorders.
= Be willing to diversify into several markets, trading all at thesame time if necessary.
= Maximize your results once you have learned to trade andonce you have proof that your systems or methods work. Inorder to maximize your results, you will have to trade largerpositions, thereby taking more risk for more potential profit.
Self-Control. To a given extent, self-control in your trading isvery much a function and a combination of all other qualitiesthat I am discussing in this section. Being decisive and persis-tent, as well as having confidence in oneself and in one’s sys-tem, are highly important in maintaining the self-controlrequired for effective day trading. But I stress here that self-con-trol is very important, since it is this quality that will preventyou from deviating from your system and/or from placingorders willy-nilly based on feelings rather than on facts. Whilefeelings are important in relationships, the lack of feelings isimportant in trading.
The Dangers of Being Meek
The second-to-last trait discussed above, aggressiveness, is per-haps one of the most important for the day trader. Please under-stand that there is a significant difference between being aggres-sive in the sense of hostility and aggression to your friends, family,or acquaintances, and being assertive in the markets. Although theBible may be right in stating that the “meek shall inherit theearth,” the fact is that the meek will never be profitable daytraders. It is entirely possible that the meek can develop into prof-itable short-term or position traders, but I suspect that they willnever have what it takes to succeed as a day trader. In order tomake day trading a profitable venture, you will need to spot trad-ing opportunities quickly, you will need to identify them as actual184 = Chapter Fifteen
opportunities, you will need to act on them immediately (but onlyif they’re bona fide signals), and you will need to exit thempromptly when your system so indicates.
And I give you another warning here: Be assertive with yourbroker or order-taker. Far too many traders believe that brokersare all-knowing. The fact is that your opinion may be better thanyour broker’s opinion. Remember that the broker is your employ-ee. The broker works for you. The broker is there to take ordersfrom you. You pay the broker’s salary for this service. And thebroker must do as you say unless what you have told the brokerto do is technically incorrect (i.e., placing an order that is inconsis-tent or not permitted). Therefore, you must be assertive with yourbroker when you place an order. Don’t say softly to your broker,“Hi, this is Joe, remember me? Account 44578? Do you thinkyou'd be willing to buy one June S&P contract at the market forme?” Don’t ever do anything like that! Instead, place your orderwith confidence and assertiveness. Say “Joe, for account 44578,put one June S&P at the market.” How you place your order andhow you relate to your broker is a very important part of day trad-ing (and this is true for position trading as well).
Finally, remember that as a day trader you must be immune tothe persuasive powers of your broker. Remember that you aloneare the best person to pass judgment on the validity of a day trade.You are the one who has (hopefully) researched your system. Youalone are the one who has studied your system. And it’s your ownmoney that’s at stake in the markets. Therefore, you must notunder any circumstances allow your broker to talk you into or outof a trade. Too many traders believe that their broker knows moreabout the markets than they do. This may, in fact, be true.However, unless you play your own game and unless you callyour own shots as a day trader, you won’t learn anything aboutthe game.
A Few Thoughts about Self-Control
Underlying all of the above is the very important quality of self-control. As I noted earlier, self-control is mediated and shaped byall of the qualities I’ve cited above. But self-control is not onlyimportant in placing orders and in following a trading strategy orsystem, it is also important in resisting the urge to overtrade.Some traders confuse overtrading with self-confidence and/orThe Psychology of Day Trading 185
assertiveness. The fact is that trading too many positions and/ortrading too large a position can undo you as quickly as can a lackof consistency or self-confidence. In order to preserve your self-control as a trader, I suggest that you regularly ask yourself thefollowing questions:
® Am I trading only based on signals from my system(s)?
= Am I getting into trades based on actual signals or upon myanticipation of signals?
= Am I trading too large a position?
= Am I trading too many markets at the same time?
= Am I adding to my positions without systems signals?
= Am] reacting to news rather than to signals from my system?
Some Additional ThoughtsAbout Day Trader Psychology
Clearly, the task of the day trader is more demanding than thetask of the position trader. There is risk in all types of futures trad-ing. The main difference is that everything that occurs within thetime frame of a day is more intense than what takes place over aperiod of many days. Because decisions must be made on aninstantaneous basis, the pressure on the day trader is greater thanthe pressure on the position trader. Therefore, if you plan to daytrade, be certain that you are prepared for the increased pressuresand the increased level of intensity.
Perhaps the single most important aspect of any tradingmethodology, whether for the long-term, intermediate-term, short-term, or day trade, is the psychology of the trader. My work withtrader psychology dates back to the first trade I ever made in 1968.Having been trained as a clinical psychologist, and having prac-ticed as such for quite a few years, I am very familiar with the lim-itations of the trader and with the psychological roadblocks thattraders constantly throw in their own paths.
My book The Investor’s Quotient (Wiley, New York, 1980) hascontinued to be a best-seller through the years, indicating not nec-essarily that my writing skills are tremendous, but rather thattraders realize their limitations and seek to know more about howto overcome them. There are those who will disagree with me, butI feel strongly that this chapter is possibly the most important one186 = Chapter Fifteen
in the entire book. While many of you may choose to either ignorewhat I have said in this chapter or skip it entirely, I do sincerelybelieve that to do so would be the worst mistake you can make.Although it is impossible to completely discuss in one chapterwhat takes several books to explain thoroughly, I will do my bestto acquaint you with the pitfalls that await you as a day trader.
Day traders are in the unique position of having a very short-term relationship with the market. For many years day trading hasbeen considered to be the most speculative of speculative tradingactivities. I believe that this is a market myth that has been perpet-uated by those who are unable to day trade or who are afraid to doso. The fact is that the day trader is in an advantageous position.The true day trader understands the limitations of what can beachieved within the day time frame. The day trader is, therefore,the sharpshooter of futures trading. The day trader is interested infinding the most promising target, taking aim at it, pulling the trig-ger, and bagging the prey. That’s what day trading is all about.
The day trader must be consistent, efficient, adaptable, and per-sistent. These are the most important qualities that a day tradercan develop. Because day trading is unique among the many dif-ferent avenues that are open to futures traders, day trading has itsunique brand of psychology. In this chapter I will attempt toacquaint you with the major issues that face the day trader and,moreover, to suggest to you methods that may be used to over-come your limitations and to maximize your strong points.
A Successful Day TraderNeeds Discipline
Before we examine the psychological and behavioral issues thatlimit success in day trading, let’s examine the qualities that facili-tate or enhance day-trading results. The first among these is disci-pline. Certainly by now you've heard the word discipline hundredsif not thousands of times. It is probably one of the most worn outterms in all futures trading. The problem is that merely saying theword is one thing; understanding its true definition operationallyor on a behavioral level is far more important.
You can see, therefore, that discipline consists of many differentthings. Discipline is not any one particular skill. Perhaps the bestway to understand trading discipline is to examine some of itscomponent behaviors. Let’s look at a few of these.Persistence
The Psychology of Day Trading 187
This is, perhaps, the single most important of all qualities that atrader can possess. Day trading, and for that matter all futurestrading, is an endeavor that requires the ability to continue trad-ing even when results have not been good. Because of the natureof markets and trading systems, bad times are frequently followedby good times, and good times are frequently followed by bad.Some of a trader's greatest successes will occur following a string of loss-es. This is why it is extremely important for traders to be persistentin applying their trading methods and to continue using them fora reasonable period.
Those who quit too soon will not be in the markets when theirsystems begin to work; those who quit too late will run out oftrading capital. Therefore, while persistence is important, it is alsoimportant to know when a trader has been too patient when it istime to quit and not play any longer using the system that youhave been using.
If persistence is so important, then how does the trader developit? The answer is simple, but the implementation is not.Persistence is developed by being persistent. Although this maysound to you like a circular answer, it is truly not. The only way tobe persistent is to force yourself initially to do everything thatmust be done according to the dictates of your systems or method.Try this, if you’re having difficulty: Make a commitment to a trad-ing system or method. Follow through with that approach for aspecific amount of time, taking every trade according to the rulesor, if the system is subjective, attempting to trade the system withas much consistency as possible.
If you have been consistent in applying your rules, then youwill find that, in most cases, your consistency will have paid off,and you will have profits to show for your efforts. Even if yourtrading was not successful, you will have learned a great deal. Youwill have learned that you can follow a system or method, thatyou can trade in a disciplined fashion, and, moreover, that theonly way to do so is to be persistent by following as many of thetrades and rules as possible.
Compare this to the ignorance and confusion that comes fromhaphazard trading or by applying trading rules inconsistently.Think back to your experiences as a trader. Remember your worstlosing trades. You will find that those losses that have been takenaccording to a system or method are easier to accept psychologically,188 = Chapter Fifteen
whereas those that have not been accepted according to the rules haveoften turned into terrible monsters, ultimately costing you much, muchmore than they should have, financially as well as psychologically. If youwould like to master the skill of persistence, then you will need topractice it. Make the commitment and I think you will see somewonderful results, even over the short term.
Willingness to Accept Losses
Here is yet another important quality that the effective day tradermust either possess, acquire, or develop. Perhaps the single great-est downfall of all traders is the inability to take a loss when itshould be taken. Losses have a nasty habit of becoming worserather than better. Unless they are taken when they should be, theresults will not be to your liking.
Although it is easier for the day trader to take a loss than it is forthe position trader (since a loss must be accepted by the end of thetrading day), it is still the downfall of many a day trader who isunwilling to accept the loss when it is a reasonable one. The goodday trader must have the ability to take a loss when the time totake that loss is right. What’s right is dictated by the particulartrading system or risk management technique that is being used. Iwould venture to say from my experience and observations thatperhaps 75 percent or more of all large losses occur because losses werenot taken when they were small or relatively small or when they shouldhave been taken.
I can certainly speak from experience when I say that my largestloss ever resulted from the fact that I refused to take the loss whenthe time was right. I allowed a $500 loss to turn into a $5000 loss.Fortunately, that was the first and last time I was guilty of thatserious a transgression. Unfortunately, many traders, a great manytraders in fact, refuse to take losses when the time is right.Fortunately, the day trader has two opportunities to take a loss.The first one is at the stop loss point as determined by a system or at thepredetermined dollar risk stop. The second point is at the end of the day.A day trader is, therefore, fortunate inasmuch as he or she isforced to liquidate all positions at the end of the day. This willkeep losses smaller than they would be if losing positions werecarried overnight.
Here are some suggestions as to how you may improve yourability to take losses when they should be taken: 
The Psychology of Day Trading 188
1. Formulate your stop loss rules very specifically. Do this whethethey relate to systems or dollar risk amount, and type or writeyour rules in large print. Place the hard copy close to your quo-tation equipment, the computer that you use for trading, or thetelephone from which you place your orders. If you do not usea computer or quotation system for your trades, then pleasekeep your rule handy on an index card and refer to it frequentlyduring the day.
2. Make the commitment to accept your next 10 losses completely as dictated by your system. Once you have done this, the behavior wilbecome habitual and losses will be easier to accept.
3. If you trade with a full-service broker or a trading partner, make you:broker or partner aware of where your stop loss will be. Have thenremind you that you must exit your position accordingly. Youmay wish to give them the authority to do so for you, assumingof course, that your relationship with them is sufficiently closeto allow for such a procedure.
4. Place your stop loss. A much more simple procedure, althoughdo not necessarily recommend it at all times because of thenature of day trading, is to actually place your stop loss as sooras your entry order has been filled.
These suggestions will, I feel, help you master the ability to tak«losses in a timely and rational fashion.
The Ability to Avoid
Overtrading
Too many day traders feel that they must trade every day. Let’:face it, some traders are addicted to trading. A day without a trad:for them is like a day without a meal. The fact is that there arrsome days that offer few if any trading opportunities. The day trader who wishes to preserve capital and avoid losses as well as unnecessaricommission charges should understand that day trading is not an everyday event. There will be days when no trades are indicated. Believ:me when I tell you that things are better that way.
_ One of the telltale signs of the day trader about to go astray i: -the searching-for-a-good-trade syndrome. Have you ever founcyourself sitting at the computer or quotation screen, borecbecause there have been no trades that day? Have you ever founc190 Chapter Fifteen
your fingers idly rambling over the keyboard, searching chartafter chart looking for markets to trade? Yes, my friend, this is thefirst sign of trouble. Should you ever find yourself in this position,do yourself a favor and stop looking. Good day-trading opportunitieswithin the parameters I have set forth in this book are plentiful,but they do not occur every day. Consequently, set yourself stan-dards as to which markets you will day trade, and if there are noday trades in these markets, do not allow yourself to endlesslywander about the keyboard looking for day trades in such thingsas orange juice or palladium. They may work for you from time totime, but the odds of success are very slim. Take my word for it,the successful day trader will specialize in only a handful of mar-kets and will do well at these. Do not attempt to spread yourselftoo thin by looking for trading opportunities where in fact they donot exist. And this brings me to my next point.
The Ability to Specialize
Successful day trading is a time-consuming undertaking thatrequires close attention. In many cases it require diligence, follow-through, and persistence. Although some day-trading techniques Ihave discussed in this book, specifically the gap methods, lendthemselves to strictly mechanical trading, many do not. It will bepossible for you to enter orders for gap trades without watching themarkets closely. However, the vast majority of techniques requireclose attention. Therefore, it is unfeasible for most day traders to beinvolved in too many markets at one time. I suggest that day trad-ing three markets is sufficient for the majority of traders. In fact, fornew day traders, I would recommend specializing in only one mar-ket, attending to this market thoroughly and carefully in order todevelop your skills and to increase your overall profits.
What should the new day trader trade? Naturally, the answer tothis question will change as a function of market conditions. Somemarkets historically have lent themselves well to day trading—thecurrencies, S&P futures, and Treasury bonds.
However, some markets such as silver, soybeans, the petroleumcomplex markets, and other currencies make good day-tradingvehicles as well under certain market conditions. Consequently, Iwould pay attention to these as well when they become sufficient-ly active and volatile. In terms of gap trades, there are many mar-kets that are good day-trading vehicles inasmuch as entry will beon inaprt cnanhnetieninenninsgee sree mie <a
eens embetter Anganadint
The Psychology of Day Trading 191
on a specifically defined buy or sell stop with exit usually on theclose of trading. Since gap trades do not in many cases requireclose attention, many markets may be day traded in this fashionFor the newcomer, however, I would recommend a very limitecportfolio of trades until techniques have been mastered and self.confidence has been achieved.
Beginning with Sufficient Capital
Perhaps one of the worst blunders that any trader could commiwhether trading from the day time frame or from a position tradeperspective is to attempt trading with insufficient capital. Theargument may be made that the day trader does not need to havesubstantial capital in his or her account, since trades are closed ouat the end of the day and therefore the necessity for sufficient mar:gin to maintain positions is eliminated.
While this may be true, it is also true that those with limitecfunds cannot play the game as long as those with larger funds canIt is important in any venture to start with sufficient capital irorder that the trader not feel pressured to perform and to allowthe particular trading system or methods sufficient opportunity tcride through periods of poor performance.
The trader with limited capital will not only be a nervous traderlooking always to minimize losses beyond the point of realistictrading, but also will frequently be knocked out of the game after <series of losses, before his or her trading methods have had thxopportunity to perform. Consequently, capitalize your tradingaccount sufficiently or decide ahead of time that you will trade onlya very limited portfolio consistent with your available capital. Dcnot start with an undercapitalized account, since this is a near-certain invitation to failure. In order to begin trading with sufficiencapital, the aspiring trader will have to be realistic and, above allpatient enough to gather the speculative capital that will be needed.
The Ability to Use News toYour Advantage
Many a trader has learned the hard way that following the new:can frequently lead to losses. I have discovered that there are way:in which the trader may use the fundamental news or developing192 = Chapter Fifteen
international, domestic, or political news to his or her advantage.To use the news in your favor, do not be a follower of the news, rather“fade” the news. Use the news to exit positions that you have mostlikely established well before the news has become public knowl-edge. I am a firm believer in the old market dictum: buy on rumor,sell on news.
On an intraday basis, markets are very sensitive to news wellbefore the news is known by most traders. Insiders buy and sellon expectation, sometimes based on rumor, frequently based onfact. They establish positions before the general public is aware ofthe news, and once the news has become public knowledge, theytake advantage of the surge or the drop in prices to exit positions.
Therefore, if you wish to use the news to your advantage, youmust be a contrarian. This is especially true from the day-tradingperspective. Although there is nothing wrong with followingintraday trends, frequently intraday trends react strongly to newsdevelopments. If you are following your trading system ormethod, you will most often be on the correct side of the marketwhen such news develops. Take advantage of price surges ordeclines to exit your position. This requires self-control and theability to see the news as your opportunity to get out, not as youropportunity to hold on for even more profit!
Taking Advantage of Brief
Price Surges
In order to day trade profitably, you must also learn to take advan-tage of brief flurries in prices. In the previous section I discussedlarge intraday price moves that can occur in relation to internation-al, domestic, political, and economic news. At times, markets willdrop or rally quickly seemingly in response to no news. What maybe happening in such cases is that is a rumor on the trading floor, alarge buyer or buy order, or large seller or sell order of which youare not aware. Such brief price surges or drops are opportunitiesfor you to exit positions consistent with the price move.
Regardless of the source, consider all price rallies or declinesthat occur quickly within the day’s trading session to be an oppor-tunity for you to either exit your current position at a profit, or toestablish a new position using support and resistance methodsthat have been outlined previously. Developing this quality as aday trader is important, since it is entirely consistent with the day-The Psychology of Day Trading 193
trading objective. Too many day traders assume that bulges orsharp declines in price within the day are basically meaningless.Believe me, they’re not. They're tailor-made for the day trader.The day trader who is committed to taking a profit out of the mar-ket every day must take advantage of these price moves. If youdecide not to do so, then by all means you must either raise orlower your stop loss (depending on your position), or you mustuse an appropriate mental stop loss, which is adjusted to thechange in price. What this means simply is use a trailing stop lossin the event that the price move is negated shortly after it begins.In this way you will have given yourself an opportunity to lock ina larger profit that you might not otherwise have had.
Sticking to Your Daily Goal
Above all, remember that as a day trader you have one major goaland that is to make money trading each day. The important con-sideration here is that in order to make money day trading everyday, you will need to be particularly aware of your net profits dur-ing the day (after costs) and as the day progresses if you are ridingprofits. You will be more inclined to take those profits in order tomake each day profitable.
My advice, which is based on many years of short-term and daytrading, is to set yourself specific standards regarding when youwill begin to liquidate positions toward the end of the day inorder to guarantee yourself a profitable day. My advice is to do soapproximately 1 hour before the close of trading. You may eitherbegin to close out your positions at that time or you may use a fol-low-up stop loss procedure in order to “lock in” existing profits.
Many traders would disagree with my advice. As I indicatedearlier, however, it is based on many years of trading experience,and it is designed to achieve a very important goal for the daytrader. As a day trader you need to end each day with a profit, nomatter how small that profit may be. If you can do so, you will bereinforced positively for your day-trading skills. This will giveyou confidence and a positive attitude toward your trading pro-fession, which, of course, is very important, particularly when youhave experienced a string of losses. In other words, if you can beeven slightly successful each day, your attitude toward day trad-ing will become more positive, your self-confidence will increase,and you will be more able to withstand the temporary reversal to194 = Chapter Fifteen
which all traders, short-term, long-term, and day traders alike fre-quently fall victim.
But in order to achieve this goal you will need to internalize it,keeping it foremost in your mind at all times. What is right andproper for the position trader or for the short-term trader is notnecessarily good for the day trader. If you find yourself wanting toride profits or losses overnight, then you are not being true toyour goal as a day trader. Should you wish to day trade and posi-tion trade as well, then I urge you to do so in different accounts inorder to avoid the confusion that will assuredly come from doingboth in the same account. Keep your goal in mind, and you will beless likely to stray from it.
Using Market Sentiment toFind Day-Trading
Opportunities
Summary
I have already discussed the importance of going against themajority opinion in order to find profitable day-trading opportu-nities. I believe that this is one of the most important qualities a daytrader can possess. While there is certainly a great deal of money tobe made day trading with the existing trend, it is also important toknow when the existing trend has reached a possible turning point. Oneof the best ways, if not the best way, of doing this is through theuse of market sentiment.
Since I have already discussed the particulars of applying marketsentiment for the purposes of day trading, I will not repeat thisinformation here; however, I do again stress its importance. The daytrader must also. be a contrarian. This does not mean that you mustbuck the trend, but it does mean that you must always be aware ofwhether sentiment is very high or very low. This will give you impor-tant clues as to whether you should be quick to take profits,whether you can allow profits to run, and whether you should lookfor trading opportunities on the opposite side of the existing trend.
Although there are many other important qualities that a success-ful day trader must either possess or acquire, I believe I have cov-ered the most significant ones. If you strive to develop these quali-The Psychology of Day Trading 195
ties, then your odds of success as a day trader will certainly be better. |have learned, after my many years of trading, that the major differ-ence between those who are successful traders and those who are not is tcbe found in their psychological make-up and in the skills they haveacquired as traders rather than in the trading systems they use.
Although it is certainly helpful to have an effective trading sys-tem, even the best trading system in the hands of an undisciplinedtrader is nothing more than a destructive tool. Consequently, youmust develop your skills as a day trader along the guidelines |have given you in this chapter.
Occasionally, traders will have idiosyncratic difficulties in themarkets that must be addressed on an individual basis. If this isthe case, then I suggest you identify your particular problem assuccinctly as you can, and if you cannot formulate a good methodfor minimizing the problems that this behavior causes you, I sug-gest you contact a professional for assistance. If you are not suc-cessful in your search for help, please drop me a line and I mayhave some helpful suggestions for you (MBH CommodityAdvisors, Inc., P.O. Box 353, Winnetka, IL 60093).The Day Trader’sRules for Success
Thad an aunt in Yucatan
Who bought a python from a man
And kept it for a pet
She died, because she never knew
These simple little rules and few
The snake is living yet. HILA