The Point of an Edge

I was listening to an interview with Mark Douglas and here is the main points that I gathered from it:

• Outcome of trades are random.
  
• Indicators may look the same as they did in the past, but these are just mathematically formulas.
• Markets are moved by people, not these formulas.
  
• The point of our system is to give an edge, meaning we will trade more winners than losers.
  
• We have to accept loss as part of the system.
• Paper trading results versus real trading results shows us what we need to learn about ourselves.