Trading is all about discipline. Ha ha ha

[Shagi]

An edge is difficult to define - its infinite

First and foremost a trader needs a winning system - doesn't matter if its a scalping or position trading sytem or both. By system I don't mean just a mechanical system only it can be discretionary or reading the clouds every morning or random plays. So long its an approach a trader knows it wins over time and he is comfortable with that approach. Its more about TIMING - right time to enter, right time to exit, right time sit with or without a position.

With a correct winning approach then everything else follows because without a proper timing approach everything else is useless:-

Emotional Control - its easier to control emotions or have discipline following a system that wins and is tune with trader psyche

Money Management - portfolio management/bet size/risk/reward etc

Its a long road to put everything together.

 

[henry76]

edge is not infinite , it's meaninjg maybe subjective, nebulouse even, to most posting here it's akin to a probability of winning .

 

[jajuanm2]

Yep, so many think discipline will solve all their problems.

 

[Now is Now]

Know yourself , know your system and above all....be ADEQUATELY FUNDED...

The 'edge' will ,psychologically and materially, disintegrate regardless the amount of discipline applied unless the trader is adequately funded...

Trust me....


NiN

 

[NY0BScalper]

Gotta love all these posts saying "there's no such thing as an edge for a retail trader."

Shows people are simply NOT in the know. By the purest definition, there are real "edges" out there... you have to be "in the know."

 

[henry76]

Well I agree , and you can't do a lot without it , but with a good edge I don't believe you need large amounts of capitol , well certainly not if you trade short term ( intraday) almost any amount of capital will compound up enormousley , but the edge has to be real ( an awfull lot of traders seem to think they have an edge but again blame thier lack of discipline as the problem , truth is thier edge is either not real or too small)

 

[No.Beta]

Quote from NY0BScalper:

Gotta love all these posts saying "there's no such thing as an edge for a retail trader."

Shows people are simply NOT in the know. By the purest definition, there are real "edges" out there... you have to be "in the know."

Very true.

In nowadays, the playing level of the retail trader is not very different than the "big boys/institutional" side.

And also, a very good discipline is useless without a profitable trading plan.

 

[Hydroblunt]

Quote from Cheese:

There is no such thing as an 'edge'.

Wrong.

Edge is what separates the pros from the amateurs. Money management + discipline are generic. Edges are exclusive.

 

[i_c_fed_people]

Quote from NY0BScalper:

Gotta love all these posts saying "there's no such thing as an edge for a retail trader."

Shows people are simply NOT in the know. By the purest definition, there are real "edges" out there... you have to be "in the know."

Can you become 'in the know' from reading books?

I'm assuming that nothing that falls into the realm of 'TA' could be classified as 'an edge' ?

To me, and edge almost implies an unfair advantage....almost a way to 'cheat'.

Big powerful traders in investment banks etc are able to 'cheat' through various underhand methods.

Is to be 'in the know' to have access to information that only a few are privy too?

 

[Ghost of Cutten]

Quote from WhiteOut56:

I think it is funny why loser traders think they are losing because they lack discipline. 99% of the time it is because they HAVE NO EDGE

If you have discipline and no edge, you can work hard and eventually find an edge (or several). If you have an edge and no discipline, you will eventually blow up, or you edge will disappear and you won't find a new one.

Therefore, trading is all about discipline.