A Unique Trading Edge

"The successful market participants I know have spent a great deal of effort thinking about–and researching–a unique approach to trading and investing that captures an enduring bias in the market place."

​There are a few very important concepts here. 

1- Spending effort thinking about a unique approach

2- Research that unique approach and refine into a tradable strategy

3- Focus that effort into finding an enduring bias in the current market place

You should use these guidelines to find a suitable trading edge. Ask yourself questions. Go look for the answers. 

Another key point here is the word "Bias". From the dictionary,

Statistics. a systematic as opposed to a random distortion of astatistic as a result of sampling procedure.

a particular tendency, trend, inclination, feeling, or opinion

So, in other words a bias is also a definition of an edge. A trading edge does not work all the time. It is really a tendency for the market to behave in a certain way in a particular condition. If these conditions are met, the market tends to... That is an edge.

Drawdowns: How To Make The Money Back

"You don't have to make it back the way you lost it." 

After a big trading loss many traders become obsessed with making that money back in the same trading instrument. Traders should avoid trying to make the money back in the same way that they lost it. Revenge trading is in most cases disastrous.