You will indeed have a hard tine doing well if your trading costs(including the less visible bid/ask gap) are anywhere close to 1%/month. Elan's good rule of thumb is to keep your trading costs under 1%/year. There are some things that can help. Yldearnyear works quite well with hold-till-drop, for example. The most obvious is to make sure you're at the cheapest suitable broker. I pay a buck a trade at Interactive Brokers, though there is a monthly minimum which might make it inappropriate depending on your account size etc. Jim
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