Just good idea at the right time, EE visual art was a novelty at the time in the West (non-Sothebys level obviously).
I agree that the vast majority will not be able to find a high win rate. That is also why I think the majority has to settle for more of a practical edge (much easier) like money management or trend following (whether it really works for them or not)...two concepts that are discussed in the "trading public" often. This gives the trader a sense of reinforcement...doing what OTHERS are also doing. I feel I have my personal holy grail, BUT it's not the "HOLY GRAIL" that most people are referring to...I wish!
I suspect that the actual percentage of ET profitability lies somewhat in line with the poll results in this thread. --26.7 percent--It is possible that the members of ET are more profitable than the vast majority of traders out there. However, it certainly is not the 90 percent that has been postulated heretofore within these margins.
Risk management (prudent or not) is not an edge, but it is a requirement. Do you know the difference between the 2? R.M = sensible action to reduce risk to capital. Edge = acquired trait than allows for a good R.R ratio per set no. of trades. R.R = Risk v.s Reward or Reward v.s Risk (which ever way you prefer, but exactly the same thing when you have ample data to work it out). Please be more specific when you post and do not leave yourself open to "vagueness".
I don't know where I said risk management is an edge...because I didn't say it was an edge...right? Didn't I say risk management CAN or SHOULD be PART of an EDGE...which I would qualify as...it depends on the trader. Yes, that's what I said! Anyway, my post was sort of a "dig" towards Buy1Sell2, who feels prudent risk management is the only edge that EXISTS in the entire universe...I don't agree with this. My methodology entails high probability setups that I've acquired over a 20 year history of trading. I believe strongly in high probable entries more than anything, but exits and risk control are very necessary too...all three equal edge or consistent profits. I consider myself a kind of "swing scalper"...your title implies something similar? Apparently you didn't read the entire thread or you would've known I'm the wrong guy to "preach" to about an edge qualification, because we seem to agree. Do me a favor, preach to Buy1Sell2 and let him know your perspective...good luck with that! Please respond to this post...or any of his.
I've always found it odd that certain traders are so incredulous and reflexive towards risk management. It's a bit more palatable to the ruffians to substitute the term "position management" for risk management. Somehow, it's more digestible.
That is a better reply as it is not as vague. You are correct in saying and thinking that PRM is not an edge. Buy1Sell2 can think and say what he likes, but that will not change the fact that unless one starts out with good risk management to preserve capital, then the chances of one succeeding is very slim indeed. Hence, it is a requirement, not an edge. I am sure you have heard of the expression "the blind leading the blind".