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The profitability or edge of a trading approach is determined by three factors Pw = Probability of a winning trade %w = Average percentage gain from winning trades %l = Average percentage loss from losing trades Your edge is given by Pw*%w + (1-Pw)*%l If this number is...

The SEC is taking a bit of a bum rap on this issue. They did not initiate the $25K rule, they promulgated it at the request on the National Association of Securities Dealers. Perhaps not surprisingly, the NASD did not request the rulemaking to protect small investors from themselves...