Simon, I attended your course re trading skills last week (as well as the "intro to the website" course). You mentioned that the stop loss used on your "beta" system is is 20%. I am assuming that the warrants traded have a gearing of 10 (this is the mean of the gearing of all call warrants on the Alsi 40 currently on offer). If so, your effective stop loss on the underlying is 2%. Thus, for example, if one trades Alsi40 index futures with an effective gearing of 10 (obviously, one can trade Alsi40 futures with far more leverage), one's stop loss should be +/- 480 points (i.e. 2% of the underlying). Does this make sense?