You benefit from more participants doing the same trade in case they don't compete with you for liquidity. If they do, publicly revealing exact entry points would be plain stupid, especially in less liquid markets. Having said that... I have witnessed a person once, who publicly revealed STRUCTURAL edge (back in late 2005). Which obviously killed it.
First, you are talking about guys that you have to pay in order to learn.. Sellindexvol66 was talking about giving away winning strategies online for free.. Second, you don't know for a fact if Don Miller or guys that teach are actually giving away all their best strategies..
Only partly psychological. Many people have trouble distinguishing between up and down, hence the indicators.
It's quite silly to claim that many edges are impossible to degrade but let's get beyond that for a minute. Do you have information on how detailed their "full disclosure of their entire approach" is? Certainly the general public will find it hard if not impossible to replicate a strategy but many successful traders or firms will replicate such "detailed edges" quite easily. Surely they can afford to pay the monthly fee and catch a glimpse into that edge, no?
In my book, edge is something that is unique to a seat. E.g. a market maker has client flow, that's his edge. Corporate derivatives trader has acess to financing and can take down size (layoff trades), that's an edge. Retail participant has no overbearing risk management regulations, that's an edge. These things persist for a very long time. Everything else is a temporary dislocation - it could take years to correct or seconds, but it will be gone. In short, no free/cheap lunch will last forever unless you are specificailly positioned to grab it. I serioously doubt there is any sane trader that would give up a good statistical opportunity for free or even for a fee. People spend huge amount of time and effort dissecting other peoples trades to get a glimse of their strategies. There is a reason I never go beyond the general ideas when I talk about the stuff I do.
yes, might as well go with that. Nobody here has ever heard of them, nor have either documented multi-millions earned from trading. Forget I ever mentioned it at all.
"One thing I have said before though is if someone has an edge that makes money year after year...trust me, they will not detail it in any way..."