Price action? Hopefully he'll come back and confirm that that it what he meant. I doubt it is what he meant tho. Most people consider price action to be a part of technical analysis.
Whats your point? They dont fail because they consider PA to be a part of TA. What they consider it to be and to label it doesn't effect its usefulness. They're still using PA.
The whole point of the markets and the place where most of the short term money is made is inside information. T/A and F/A are for people without the II/A. All you need to know is that the former head of Goldman Sachs is the President of the New York Fed. What did he do when the he heard they were going to support AIG. he ran out and bought something like 85,000 shares of Goldman. That should not surprise you. Trading on inside information is one of the ways your connections are tested on wall street. How good is the inside info. How accurate is a guys statements. 2. next best would be front running a clients big order. (or the what is now called high frequency trading.) 3. would be buying the company being acquired because you wife works for an investment bank or lawfirm doing the deal. 4. Or being the printer copying off the announcements. 5. Or being a top trader at the bank getting the info. 6. Or being a big client of that trader. 7. Being a floor trader watching or hearing the order coming in. 8. Being an client of the Investment bank and then getting good info from time to time.
Well, sadly I agree with you (as per my own thread about losing traders of which I am one) In it, I mentioned that only those privvy to information via working for firms etc, are able to make consistent trading profits. Where does that leave the guys claiming to make loads of money trading from home? Is there anything other than studying fundamentals and TA (which may or may not include price action) to use to make decisions?
Why, if 90-95% apparently fail? And 'edge' implies an advantage over others. I cant imagine an advantage that a retail trader sitting at home looking at charts can have. I think true edges require that you are on 'the inside' and are able to access information others cannot get their hands on. cheers.
90-95% don't put in 2,000 hours. Let alone 10K. True edges exist, and available to anyone who puts in the time. 5% a month, with strict money management and one or two setups, is not hard. Efficient markets don't exist. >90% of trading volume is speculative. Gamers trying to game each other. Like other washouts, you're just trolling around hoping someone will take the bait and "prove" you wrong. And hand you a nice edge, in the process... Gay. Check out the journal section for retailers churning big numbers. It can, has and is being done, everyday.
10K hours spent confirming what others already figured out (the 95%) isn't 10K hours spent trying to find what others couldn't see.