People say that successful Traders have an 'Edge' which makes them Profitable. What constitutes an edge? Does it come from a Setup which can be taught by or copied from someone Trading it successfully? Or God Forbid-can it be learned by attending an expensive Seminar?
During my recent visit to the US, I had the occaision to discuss 'Edge' with Mike Bellafiore-cofounder of SMB and author of the classic One Good Trade- and my mentor Seth Freudberg.
Mike was kind enough to include the gist of what he said on this topic in a video he recorded later that day. He even refers to me in that video at 50:50 while discussing the topic. The cconclusion- Certain Setups have an Edge-but not neccessarily for everybody
So what is the solution? You take a few setups which you like, play around with them, tweak them, add more variables to them, Trade them and internalize them to fit your Trading Style. It is only then that you will be able to realize the Edge that the Setup has
And finally note that it takes the guys at SMB 3 years before they become consistently Profitable. It's amazing how many Traders expect to become Profitable in a few weeks
The Real Cost of learning to be a Profitable Trader is not the fees you will pay at a Seminar but the blood, sweat and tears during the first year or two in the Market. Keeping expectations realistic is an essential part of the process of succeding.
