You have one hour to edit after the original post.
Think about this - I start a thread or reply to another thread and a day later I realize the post has a typo, some incorrect info or I attached the wrong photo. Since the original post was viewed or replied to by other members, going back and editing that post doesn't really do much because most of us don't look at past posts after reading for the first time. Some threads get many replies in a short period of time and the original post is basically lost in time.
A better way is to quote the post you want to change and make the changes you want. That way the thread is fresher with the latest information you want to provide and that updated post will show up as the newest post in the thread.
Edited posts don't appear as new posts and after time has passed, no one but the editor knows it's been updated. Use the Preview button before posting and proofread after posting, editing as needed within the 1 hour edit window.