While we are getting into semantics and getting off the point I think we should be aware of trading styles.
Pipmutt is a highly respected trader on these boards and if he says managing risk is an edge then believe me, it is. Of course Pipmutt does not enter trades randomly and dump those that go the wrong way.
The point I am making is that some traders will take hours if not days or more before entering a set up and then still manage the risk. It sounds like you are wanting to become this kind of trader.
I remember reading a James16 post where he criticises "scattergun" approaches to trading. His experiences have been bad in his earlier days of trading. Like all of us he has been pulled through a hedge backwards getting to where he is now and that has set his style. I resent the scattergun analogy because I know my hit rate and as long as I know it and manage my risk appropriately I am happy. I "shoot grouse" and i wouldn't use a high velocity sniper rifle for that.
Pipmutt is a highly respected trader on these boards and if he says managing risk is an edge then believe me, it is. Of course Pipmutt does not enter trades randomly and dump those that go the wrong way.
The point I am making is that some traders will take hours if not days or more before entering a set up and then still manage the risk. It sounds like you are wanting to become this kind of trader.
I remember reading a James16 post where he criticises "scattergun" approaches to trading. His experiences have been bad in his earlier days of trading. Like all of us he has been pulled through a hedge backwards getting to where he is now and that has set his style. I resent the scattergun analogy because I know my hit rate and as long as I know it and manage my risk appropriately I am happy. I "shoot grouse" and i wouldn't use a high velocity sniper rifle for that.
Gone to a better place