Guard your money, and develop your edge based on low risk ideas. Then add to positions when they show profits, not losses. At all times be ready to get out. The freedom to exit at any time is the speculator's main advantage, especially now that commissions are zero. Because the downside is the only thing you can really control.... We all know it takes 33% gain to make up for a 25% loss, or 100 for 50, and so on. Therefore guard your money at all times! For those who know trading is ultimately psychological.