3. For as long as our account equity continues to rise overall, we may justifiably assume that we have an "edge". To achieve this, we need to somehow time our orders (i.e. adjust our net position) accurately enough around market reversals, on balance, to be net long while price is rising, and net short while it?s falling. This is the bottom line regardless of whether we?re (in conventional terms) entering, exiting, scaling in, scaling out, realizing a profit, realizing a loss.
4. The result of any one trade is insignificant (if we are "hedging", or scaling in/out, with positions offsetting each other, the idea of an "individual" trade is effectively meaningless, anyway). It is the overall effect on account equity, i.e. net P/L, that is the bottom line.
"If you don't have an edge, don't trade. Forget about ratios, money management, discipline, experience...it's all useless if you don't have a real edge."
Found these HERE