I’ve seen people do it without hard edges.so it’s not impossible![]()
Don't listen to the "pros" here. @deaddog said it the best:
#1 Not having a plan.
Preferably written down. The plan should answer the question "What do I do now?"
#2 Not having the discipline to follow your plan.
I find the most important thing is having a plan. A plan that allows you to be consistently profitable in the face of many different scenarios and under many different market conditions. and then have the discipline to follow the plan. It's the most important for a trader to do so but is also the easiest for a trader to do once the plan has been proven to be profitable through many different market conditions and scenarios.
Forget about finding the "holy grail" or "edge". You won't know really know whether you have an edge or not as losing is part of trading. What's important is how you lost (did you lose because of broker's unscrupulousness and dishonesty or unfair dealing or flaws in laws and regulations that put trading in a particular asset at a disadvantage or failure to follow the trading plan or human error and etc.) and what you do to recover and prevent the same loss from happening in the future. Does it require you to go back to the drawing board and revise the plan or train oneself to have more discipline or change the broker to one that is more honest and engages in fair dealing or revise strategy to deal with the flawed rules/regulations or perhaps avoid trading in this particular asset altogether? These are all possible solutions to improve trading.
Bottom line: Trade as it is. Take it as they come. Win or lose, do it better the next time. There is ALWAYS room for improvement. Never borrow for trading capital. Work for it or earn it from profit. Those would be my advice for new traders.