Saw it, Liked it, Reposting here...

From Adam Grimes' blog at http://www.smbtraining.com/blog/book-update, I take this excerpt that really hit home for me. Something I always knew and am seeing with even more clarity since I started practice trading full-time in early March. - "...the biggest dangers traders face is that they are trading without actually having an edge in the market. If that is true, you’re screwed. Discipline, money management, good psychology, execution, etc. all will not help and in fact may hurt you. For instance, if you spend a lot of time doing positive thinking and working to become more aggressive on your entries, but your entries don’t actually have an edge, you’re just going to lose money faster. You cannot win this game without having an edge. I also spend quite a bit of time looking at and thinking about risk. For instance, one of my claims is that the “risk” in risk/reward is actually mislabeled… if you’re trading with an edge, it’s not even actually risk but a regular and somewhat predictable expense. (Again, if you’re not trading with an edge, you’re screwed.)"