i think we should be able to edit the posts for 4 hours since we cannot make a a new post to update the post (within the 4 hour limit)

what do you guys think

I do not find it is needed for a couple reasons.

1) How To Update First Post Without Editing <-- you can follow this guide to succesfully update your first post

2) You can include at the top of your topic in the first post "check most recent post for update list" I have always put that in large, bold, bright letters at the top of the page. It was essential for trading and majority of the time people checked the latest post

Your suggestion is already rejected.
It is only limited to staff only.

http://forums.d2jsp.org/topic.php?t=24956145&p=149609516#p149609516