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I'm sure you can find another text app that will have an edit mode that you are accustomed to. Near as I know, the stock app has no arrow mode. You might give the stock text app a bit of time. You will gain cursor accuracy as you go along.
Lots of luck in whatever you do.
I just came from the TB. It had up, down, right and left arrows to use if you made a mistake on a text. Does the Rezound have it or do I have to download a app keyboard. Its a pain to get the cursor right where you need it to edit.