i looked at that blog post. Yes it can be used to make a point that ES systems are very hard to build and it is very efficient market. I think if author can do a relative study on 10 other markets then the findings will carry more weight - if the idea is to show that ES is very hard to trade. When i started trading, i was profitable in fx but consistently lost money in ES for months. I was losing approximately 2 points per day and i wondered for months why i am profitable in fx and unprofitable in ES. It took me more than 1.5 years to finally start making money in ES. Its pretty hard really but then as I said some folks on ET are smarter than Marty Schwartz