The edge is more than a guideline, it's a traders mathematical deity.
The way I make sense of it, in my head. Is to ask myself
.. is this a casino or a gamblers trade?
If you can explain to yourself why it's a casino's trade... Then take it. Otherwise, keep looking for opportunities.
There are more than you can handle out there.
When beginners start trading they generally have the belief that they're only taking a trade to make money. But knowing the traders equation. You know you won't make money in every trade. All you can hope for as a trader is to take a 'type' of trade that will work in the long run.
You don't care about the trade in front of you, you only care about the average of the next 20 or so trades ahead of you.
In your particular example, you only saw the trade in front of you, take a step back and see the next 20 trades. You'll soon realise that you don't feel that emotional about the next trade in front of you... It's just one of twenty. You'll be better able to take advantage of the opportunities.
Lol the deity! Wow so I need to change my whole perspective on trading! There is no "one trade" that matter; It is always an average, correct?
Always be the casino, never the gambler!
That definitely describes me, I have been choosing these trade and putting all my hope into each one instead of making an average! Another difficulty is when to know to sell or when to hold!
Yeah I am starting to understand that now! Yeah, you win some you lose some. What is the best way to keep track of all your trades to make that average. You write down each one using a specific software or program?