What about the guy that enters based on the solar system and lunar movements? You're saying this type of entry is "known by all" and is a sufficient method...only ruined by lack of PRM execution? Give me a break! If you have the "balls"...answer the question everyone has about RANDOM ENTRIES!
And I like that. It has some correlation to the number of traders who win. I really thought the poll would be more likely 90 to 95% no.
You did not proof that there is a correlation. Because the numbers fit your logic does not mean they are correct, might be a coincedence instead of a correlation. On top of that it should indeed be more +90 and not 75. Last week I made money every day when it was sunny weather, and I lost went it was raining. So the correlation is: trade when it is sunny and don't when it is raining. That's the logic you use.
There are a few stocks that returned over 15% for a 20 year time frame, so if you buy and hold them you should do very well.
I would just add that prudent trade/risk mgmt is the one thing the trader has absolute control over and is the core focus of highly successful traders. I do not consider it to by my edge per say, more like the foundation to keep me in the game for the rest of my life.
Backtesting is still an important part to establish likelihood of an event occurring, what is an average range expansion, average stop requirement. Of course this can all be a part of PRM, if not than PRM is too basic and most likely will not generate positive ongoing results. Forward testing can replace backtesting.
To add for the discretionary traders out there, I think edge is also highly dependent on trade management as well as learning directional probability - you think there is a higher probability of the price going up 2 dollars as opposed to falling 2 dollars, hence that presents a trade-able opportunity. If you are unsure, scaling also offers additional opportunities example - trader sells at A and then sells higher at second A and gets out break-even at third A. Or trader buys at first 1 and then buys more at second 1 and gets out break even at third 1. Most of the time the market offers these opportunities. The edge comes where the trader understands what's going on and makes the best trade management decisions - of course this is very difficult to do but not impossible
You just described part of my process, of course I would never sell at the first A or buy at the first B, and that's part of my edge. I agree that having an Idea about where is Low and where is High as relative to the TF you intend to trade is the key for successful trading, very simple but effective KISS...