The grail really is to not trade at all most of the time. There are 10 grand slam fat pitch over the plate trades a year. If you only take those, you will have outperformed nearly everyone. Reason why most fund managers underperform their indexes is because they are always involved and too big to move. I recently read an article on trading regarding trader statistics and it showed that profitable traders only really make 10% of their potential over the course of their career because of commission, slippage, and emotional loss fatigue. Imagine a trader who has traded 500 million shares over a decade which is average for a professional prop daytrader. He has paid someone $2.5-$3.0 million in fees.