I suspect one of the most crucial strategies is to exit the position quickly when it turns bad, rather than holding and watching it slide further. When that happens it can reach a point where you no longer feel you can sell because the loss isn't worth it. Then we see the market conditions of the last few days - and we realise the loss WOULD have been worth it.
I would be way better off at the moment if I'd sold for one or two ticks loss in ALL of my trades.
It's only going to get worse before it gets better, judging by the overnight trading on the DOW and other exchanges.
As I said - good "luck". And remember the 5 percent. It is a grim statement but you need to believe you are better at this than 19 other people (if the 5 percent success rate is true).
