MOMENTUM

I learned from my mistake in 1999 that even when you know something is irrational, if the momentum is there, it can keep going long enough to kill you.

You have to let winners run. That is the hardest thing to do psychologically. But the math only works if your wins are bigger than your losses.

The first hour of trading is where 80% of the best momentum setups happen. If you can't be at your desk at 9:30, day trading is probably not for you.