Edge does exist, but not in the way most ETers understand it. Technical analysis or simply watching price action won't ever give anyone an edge, knowing how to trade breakouts is not an edge, identifying an arbitrary resistance/support level and trading it isn't an edge. In fact I will go so far as to say that any method that involves predicting price is not an edge. Specialists have an edge, arbitrageurs have an edge, the high speed/frequency trading programs that are picking up fractions of a penny every min IS an edge. Most retail traders will continue to lose money until they understand what exactly is an edge.
Where on earth did you get that definition of an edge? You wasted 3 years of your life because you were a dumbass. You literally wasted 3 years of your life because you didn't actually realise what you were looking for wasn't actually what you were looking for.
Good thread, but I'm surprised no one has made note of the huge assumption the OP made. Many traders are pulling money out of unique situations that are very liquidity sensitive. Divulging what they are doing is literally inviting people to take money right out of their pocket.
Here is a system to consider. Wait for a setup that you have in your toolbox based on odds. The # you place for the odds of said setup depends on your past experience and judgement. Ok, you see a setup.........How aggressive are you feeling? (Clint Eastwood lines can apply). Do you go in so soon as your setup pings your brain or do you filter it? Many new traders are not willing to give up a few ticks to give a setup movement "confirmation" because they view making money in trading like shopping at Sears or Target. They want low prices to convince themselves they are getting a bargain. Trading is not about bargain hunting ......... is is about doing what works. Trading levels works for me as example, the ticks between the levels are meaningless when i am trading levels. Other strats, tactics always require price to go where i want it to go first in anticipation of price further progressing somewhere else. How many new traders are willing to give up some profits for a chance for more? VERY FEW, they want it all, they want every tiny tick because that makes them feel smarter. LESS IS MORE!!!!!
Yes ... you are correct in what you point out. I guess no one mentioned it because the OP's entire premise of asking for specifics of anyone's trading system/method is not really worth too much discussion.
Swan. If I offended you or anyone else, I apologize. I was not asking for any system in particular. I'm actually interested in why people get offended by someone asking this question or expressing interest in their particular system. I'm actually learning a lot from the thread which is filled with lots of good information. So, thanks for your comments.
Not a bad thing for all traders to remember. Being in the "meat" of the move is where lower risk trades live. It not only takes most traders too much time to absorb that ... it seems to be all too easy to forget or ignore. I am trying to make it part of my DNA. I can wait to get rich but I can not afford to wait to live in the land (full time 365 24/7) of high win probabilities. All good things spring from that place.
I find it amusing to watch how certain words used here such as "edge" are debated and argued until the cows come home. I used a fairly simple trading system in '08 and '09 that yielded 6 figure gains, which for me, is huge. Now I believe that I had an edge. Or perhaps I just noticed something that worked during a melt down (it doesn't now). Do I care if it wasn't an edge? Not in the slightest. You can call my limited success dumb luck if you like The gain is the same. Since this system is a liquidity sensitive situation, I know that divulging the system would destroy it as competition for limited resources evaporated availability. Perhaps it's already gone because others caught on. I don't know. But maybe, just maybe, the calming of the market from all of the bailout and stimulus money is the reason and when the next bubble breaks, it will work again. Time will tell... but I certainly won't
I am not at all offended. And I think it is a fine thread. I just think that if you expected the detail of what people use it is not worth much conversation. But the conversations that are actually being have some value.