Who the hell said it was *missing*?!?!? (HA! I just breezed through it (it's an hour long!) and it looks pretty good! I'll watch it later, even if it is preaching to the choir Thanks for posting.)
Better drink few glasses of wine first, accent difficult without the wine, LOL I once thought most traders kept stats on patterns and patterns within patterns, plus all kinds of different patterns within indicators, but more I speak to traders here and elsewhere, it is like deer in headlights. It is stats not only of percentages whether taking a breakout will work, or will it work better using moving averages, and what I think is most fun part, knowing the averages of foretelling the future of price. And yet all week and weekends, people are so lost, and yet they think this will be so easy to learn. To me, trading is 99% back testing and keeping stats, I LOVE doing research, I love keeping stats, stay awake at night thinking what new stats to make. Never actually liked the manual trading, but now it is starting to become fun and because of the stats....
Interesting thoughts, while I can attach to the part of stats being fun, I would say that the closest thing to reality is that you can have a simple trading strategy and still be successful if you use statistics to your advantage.
My edge is based on statistics on patterns. I hand test my systems too. The 8000 hours I have spent hand testing various systems has made me gifted in pattern recognition. I see my new learned talent outside of markets too. I now see subtleties in markets that can't be taught, and definitely difficult to pick up in real time even if I spent hours trying to teach people they still would not understand. Everyone looks to take the easy way out in almost everything. In markets you can't be average, you need to be in the top class in order to make consistent returns. You can't get to that level if you half ass it or just strive to be above average.