Wrong. You're edge comes from persistence. Staying on top of the markets in a controlled manner shows us where the edges are emerging and fading alike.
Persist how you ask?
Always run your setup scans - also scan for top movers and unusual volume
Why top movers? Objects in motion tend to stay in motion. Follow on moves are common.
Why Unusual activity? They help you see all the stocks with big news and sometimes you find very meaningful accumulation in smaller stocks. I use finviz for such simple scans.
It also pays to keep up with the news headlines. It's a great way to build an informational edge in the special situations that constantly occur in the markets. I use Seeking Alpha and Stocktwits to stay on top of things.
Make notes on charts for EVERY trade you take
Write down everything going through you're head. Finally, do a trade review. Save the charts for future reference. Certain patterns appear and re-appear in the various market phases. The quicker you figure it out, the bigger your edge.
For example, in August-September, most of the price patterns we would see, wouldn't work. It paid greatly to ignore the patterns and simply respect price levels. That saved me from a handful of early exits and gave me an edge of pattern reliant traders.
For printing charts, I subscribe to StockCharts
Keep a clean list of your favorite ideas
Update it daily. You might have some amazing idea that isn't quite to a trigger yet, but have a lesser idea that is ready to go. What do you do? That's never an easy question to answer, but being mindful of these ideas when deciding to implement capital is crucial.
I just use a spreadsheet
Track market conditions daily
What does the market backdrop favor in the next few days, what does it favor in the next few weeks? Track your put call ratios, breadth oscillators, new highs/new lows etc.
Yes, this is an obvious tip. However, in practice, it is very useful as we fight to stay mindful at all times. The markets naturally wear us down to the point of where we feel like giving up or giving in.
Again, StockCharts is a tool I use for this.
The common theme:
Stay mindful at all times. Do what you have to do to avoid feeling worn out by the markets. When you do feel worn down by the markets, be sure to take advantage of your social tools and ask - are others feeling the same thing? If the answer is yes, get your ass back on the grind. That's when opportunity is the greatest.
I'll leave you with my favorite quote on persistance via Calvin Coolidge:
"Nothing in this world can take the place of persistence. Talent will not: nothing is more common than unsuccessful men with talent. Genius will not; unrewarded genius is almost a proverb. Education will not: the world is full of educated derelicts. Persistence and determination alone are omnipotent."
Trade 'em well
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