All traders must find and develop an edge. An edge is something unique in your process that gives you an advantage in the market.
Examples of different kinds of edges:
- Ability to scan more effectively for oppurtunities.
- Patience to wait for the best set ups and to see the trade through.
- Specialized industry knowledge. Most people are very educated or skilled in a certain sector. What is the industry you know the most about?
- Better, faster, and more relevant access to data.
- Excellence in chart analysis. Do you see trends most people do not notice or know how to spot?
- Expertise in your trading style. Become an expert in your trading plan until you know it by heart and can explain it easily to a five year old.
- Excellence in risk management. There are many successful traders with low strike rates because they manage risk very well and have a deep understanding of probabilities and statistics.
Find your edge and perfect it! Also know that you can have more than one.