I partly agree with you. But I don't agree that there is no such thing like "edge". Without "edge" you just toss coin with 50% probability plus pays for every toss (comissions). not every strategy works, not every tactic works, so "edge" is not everywhere. If something works for you fine, than it means that this tactic has "edge". But many new traders don't have even simple "edge". so your "trading strategy" that works IS "edge". discipline alone not "edge".
with your "edited" message I tend to agree more ... but anyway if you trade and do it successfully than it means you have advantage over coin toss and over monkey with keyboard... I do agree that discipline is extremely importan, but anyway "edge" should be putted at first place in any trading rules... I do agree that it's extremely important to beleive your own system to be able to continue trading after several consecutive losses, but anyway you can beleive the system that works, you can't beleive system that did not give you money in the past and as I said before, many new traders don't have even simple system with "edge"... following some MA or oscillator is not a system that have "edge"...
Well said. In other words, only confidence in the tried-and-true long term performance of a system will give you the balls to continue trading it through rough patches. That confidence usually comes from having developed and honed it yourself.
Mate I started in this game in 1992 worked in London for some major houses (Merrill, GNI, Man) even helped setup a small hedge fund while you are some 2 bit retail piker (like i am these days) who still thinks the world is out to get him. Piss off and smell the coffee.
You have a very good point my system is very basic and on its own would lose money if you just followed the signals. My key was working out my money management strat that allows me to get a bit out of the market most days with a few big days hopefully during the month while keeping drawdowns to as low a level as i can get.
Hottpotat0, Thank you! Bogan, it seems with ALL your experience, knowledge & powers of critique, if there would ever be someone who could counter hottpotat0's posting, it would definitely be you...
I feal the same way at this point. I have tried many strategies and lost enough money while trying them. Now I have a system that works well, I am getting more experienced and am making less mistakes and more profitable trades.