I think it’s somewhere between 7 and 8. You need a lot of skill and knowledge to be successful, and just a little bit of luck so you don’t get caught in random spike and whipsaw events. Still, luck is not something a trader should or can rely on.
Yes, I think there is a mixture - a certain amount of skill is required to deal with the fact that some of it is down to luck. We cannot control what sort of a market we are facing asnt there is a certain amount of being in the right place at the right time.
Its a bit of both, but you move the odds to your favour by watching and learning..... (I voted 8)
Perfect example... Market Direction... I was clueless when I started.. even resorted to rolling dice to chose the direction I was going to trade.... I now get this correct approx. 91% when I trade....
HOW... Use a Heikin Hashi Candle Indicator or Chart... set to the 4h/8h/12h time frame.. (1h absolute minimum) Just checked and it also works on the 5min TF as well although I wouldn't recommend.
Estimate the next candle (market direction) by copying the preceding candle's colour/direction and mark down 1 for each correct direction and 0 for every incorrect colour/direction ie: change. Repeat for 20, 30, 40 candles and then calculate the percentage of 0 to 1's (correct / incorrect)....
That's nearly 50% of the guessing game out of the way.... Check!
Last edited by BabyPips_001; 02-09-2017 at 02:55 AM.
I've been trading over 11 years, I have a high probability success rate % but my trading plan is not simple. it is very complicated.
It took alot of effort on my part to get here, 5 hours + a day studying these markets.
It is alot like chess on my level, with little room for error.
I disagree with most of the posts on this site, but I'll still come here to see what people think.
You need to have both, skill and luck in Forex. As the market is unpredictable, thus it will be over luck to get us that situations.
The whole point of trading is being able to predict the market in order to profit. If a person is relying on luck they’re not trading, they’re gambling, and gamblers generally can’t profit over a long period of time.