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To: Jock Hutchinson who wrote (17100)	2/18/1999 5:57:00 PM
From: Bill 49M	Respond to of 25814

I understand your reasoning. But you failed to appreciate the truth in mine. If I invest $100 and the investment rises 50% I make $50. If the investment falls 50% I lose $50. Last time I checked, $50 equals $50. That is the only point I was making. For example, if she were to invest $5000 equally in a dozen different investments, and exited those investments after 18% moves, and if she were also lucky enough to have 8 winners and 4 losers, well then: 5000 x .18 x 8 = 7200 gain. 5000 x .18 x 4 = 3600 loss. Excluding commissions and spreads (which cannot of course be ignored), she would net $3600. But I don't want to argue with you. I agree that either she is inexperienced or an idiot to put equal percentage parameters around her trades. I have no problem with setting 18% as a stop loss, but to make real money, one has to let the winners run. Bill.