Skill vs. luck in Forex trading

View Poll Results: How is Forex trading like (skill vs. luck)

Voters
23. You may not vote on this poll
  • 10 (like chess)

    5 21.74%
  • 9

    3 13.04%
  • 8

    6 26.09%
  • 7

    3 13.04%
  • 6

    2 8.70%
  • 5

    1 4.35%
  • 4

    1 4.35%
  • 3

    1 4.35%
  • 2

    0 0%
  • 1 (like slots)

    1 4.35%
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Results 1 to 10 of 35
  1. #1
    Join Date
    Oct 2014
    Posts
    1

    Default Skill vs. luck in Forex trading

    Hi all!

    I have had extended discussions with my friends on whether retail Forex trading done by individuals like us is like playing chess (skill) vs. playing slots (luck).

    Where would you put Forex trading a scale from 1 (slots) to 10 (chess)? Why?

  2. #2
    Join Date
    Nov 2012
    Posts
    729
    Forex Is Forex ,You either got what it takes to be a trader or you don't.
    you could be the most skilled mathematician and know everything about the economy still dosent mean you will be successful in trading, same goes for luck you can be the luckiest person in the world and still not be profitable,

  3. #3
    Join Date
    Apr 2013
    Location
    NY
    Posts
    118
    Mostly an understanding of price action developed over time. I gained this understanding by meticulously building a strategy via backtesting for 3 years. 9000 hours of this is what it took for me. If you think you have this kind of patience and ambition then trading is for you.

  4. #4
    Join Date
    May 2013
    Posts
    103
    Yes you have to be lucky in forex trading but even the luck has to get some push, so the skill is the base of your success and there is little part of luck too, so be skillful and luck will follow.

  5. #5
    Join Date
    Mar 2014
    Location
    UK
    Posts
    127
    When you get an opportunity to watch an experienced and skilled trader trading. After he opens and closes another profitable trade. If you ask him: how are you doing it? How did you know that you have to open your trade exactly here?

    In many cases, you will hear an answer like this one: "oh... probably i'm just lucky"

    p.s.: I voted - 10.
    Last edited by MF Shark; 10-11-2014 at 07:50 AM.

  6. #6
    Join Date
    Mar 2013
    Location
    Niagara Falls Canada
    Posts
    1,577
    You need to develop skills, to put you in the draw to get lucky. Comprehensive trade method, a money management plan that protects your capital while building it and the patience and discipline to execute your trading method, money management plan consistently.

  7. #7
    Join Date
    Feb 2013
    Location
    Scotland
    Posts
    5,274
    Off topic: 'making' it when you start with a $100 account, for example, is not the same as someone starting with a $250,000 account... One trader's glory is another's misery; one trader's success by skill is another's success by luck...

    Helping one's luck with skill is as important as helping one's skill with luck... But a bad losing streak won't deter a seasoned trader as much as a newbie...

  8. #8
    Join Date
    Sep 2016
    Posts
    1
    I used to believe I WILL make ENOUGH money WHEN I have the skill. After 1.5year of full-time trading as a newbie, I now believe I MAY make SOME money SOMETIMES because of a mix of skill & LUCK. Forex now feels like playing slot for me, as so far my strategy is simily beaten by the market most of the time. However, I still believe that my skills can grow and one day Forex can indeed feel a bit like playing chess, which is much more interesting than pure gambling. What I will change now is trading on the side line rather than full time.

  9. #9
    Join Date
    Jul 2015
    Posts
    65
    It's a metric that is extremely difficult to measure in reality.
    Good luck is just a circumstance that benefited you where you did not have control over how it played out. It's purely your interpretation of an event. Same with bad luck.

  10. #10
    Join Date
    Sep 2010
    Location
    Cheshire, UK
    Posts
    2,208
    Quote Originally Posted by Nyad55 View Post
    It's a metric that is extremely difficult to measure in reality.
    Good luck is just a circumstance that benefited you where you did not have control over how it played out. It's purely your interpretation of an event. Same with bad luck.
    The reality is that 'we' never have control over the market, and it's important to realise that this is a business of probabilities.

    This is one reason why it's important to have a large enough sample size of trades to eliminate 'luck', thus working from statistics.

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