You can’t win without an edge, even with the world’s greatest discipline and money management skills. If you could, then it would be possible to win at roulette (over the long run) using perfect discipline and risk control. Of course, that is and impossible task because of the laws of probability. If you don’t have an edge, all that money management and discipline will do for you is guarantee that you will gradually bleed to death. Incidentally, if you don’t know what your edge is, you don’t have one.
– Jack Schwager, The New Market Wizards
