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To: SE who wrote (47458)	7/8/1998 10:54:00 PM
From: Patrick Slevin	Read Replies (1) \| Respond to of 58727

You really have to develop better skills with respect to money management, I think. Holding OEX puts overnight can be pretty risky. Now, you are contemplating doing the same with calls after a sharp up run. It seems you are forcing yourself to make a trade and you will not close it if it moves against you because you don't wish to take the loss. You have to take the loss. You will have the same problem in the Mini, take my word for it, because it's a question of Risk Management. It's not the species of trade you are trying to take. Try to find a book on cash management...I can't think of one off hand. But more importantly take a break and don't force the trades.. wait for the opportunity to get a good trade. You would have had a nice one today @ 2:20 ET. You can obviously "see" them, but your exit strategy and management skills need some work. Please don't take this as denigrating. We all need tune-ups on Cash Management once in a while and all of us need it early in the game. That's why they say so few traders succeed. It's not the skills so much, it really comes down to managing risk. I think I saw a post from a guy here on SI once who said he lost half of a $200,000 account in a single day. As good as he may have been up to that day it takes a long time to double your assets just to get back to even. A properly employed strategy would not have allowed that to happen. It happens though. Look at Neiderhoffer. Down a few hundred million in a day and a half and bankrupt. It wasn't because he was a bad trader; just poor Risk Control.