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Way of the Turtle by Curtis M. Faith

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five TRADING WITH AN EDGE

Trading with an edge is what separates the professionals from theamateurs. Ignore this and you will be eaten by those who don't.

Trading is about buying at one price and then selling at a higher price later or selling short at a particular price and then buying to exit the short position at a later point. When they are determining when to enter a market, most beginners employ a strategy that is no better than throwing darts at the chart. Experienced traders would say that their strategy has no edge. The term edge is borrowed from gambling theory and refers to the statistical advantage held by the casino. It also refers to the advantage that can be gained by counting cards when one is playing blackjack. Without an edge ...

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