"There isn't one indicator that is the holly grail. Holly grail of trading is risk management." -John Person
Depends on your definition of what "successful" is? One thing for sure is that the market is always "right". You don't get paid if you're wrong, you only get paid for being "right". Not only being right, you need to be "consistently right". Now what is missing from your post is "conviction". You are on a theory that one can make money without knowing the direction of the markets which is possible. But have you ever imagined those who knows the direction and have that conviction? It would put your "only true edge" & "successful" to shame. Open your mind!
Everyone is able to pick direction. It is the ability to exercise prudent risk management that is the only true edge in trading.
"Everyone is able to pick direction", that's true, but not everyone is able to pick the correct direction. I don't care how good or prudent your money management is, if you are not able to generate winning trades, your prudent money management won't provide you the edge as you say or save you. It will be just a matter of time before you are on the sidelines licking your wounds.
Everyone generates winning trades. Everyone generates losing trades.It's what you do when you have a winner or loser that is the edge. Thank you for your posting.
I responded directly to your comment and now you are changing or initiating a new comment to what I originally responded too. When I see this happen, with all due respect, it tells me not to waste anymore of my time. Hope the best for you.
The change was made by you. I responded to your proposition that --if one cannot generate winning trades etc. -- My response stands. Everyone generates winning trades.
actually, I've been doing this, as an experiment - 2 years now, entries based on this site: https://www.random.org/ plus an arbitrary stop / don't know if it counts as prudent mm/, so far - can't beat this strategy on my real account..no clue why? luck perhaps, but you need to be lucky in this business - even Simons admits it
people fool themselves they can pick direction correctly - but lots of research indicates otherwise.. they are better off taking truly random entries than listening to their guts feelings