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So I watched my first episode of Wall Street Warriors last night and I saw something happen which explains why I’m not an advocate of position trading. You can watch it for free on www.hulu.com. It’s the “Open Outcry” episode.

So someone told you about a guy who turned $5,000 into $2,000,000 by day trading and you started the quest for the trading holy grail. You started reading every day trading book you could find. You bought a couple of day trading systems and day trading courses. You’ve studied the charts and know everything there is to know about technical analysis. You know all about support and resistance and pivots and trendlines and what not. You understand how to set trailing stops and profit targets. You’re ready to put your newfound expertise to work and retire in two years.