And when greed affects the way a trader places his trades, he is bound to lose.
Anecdotal reference. My most profitable trades were those not using candlesticks.
I guess luck can beat strategy.
My worst times have always been because of greed.
What I must learn is never greed. Trade going as planned? good. Dont try to push it more. There was a reason you set a take profit, dont try to open a new trade just because the other one is doing good!
I agree with you about greed, it always ends by closing a door. But I do not think that luck outweighs the strategy, there are good spins and bad spins, just that.
What do you use if you don’t use candlesticks?
If after 5 years you are still trading than probably it is not luck. THe key is to attain a meaningful trading capital. Either you can apply for a position at a prop trading company or start to manage a portfolio at a licensed company.
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Both skills and luck are important in Forex trading. Skills are important if don’t have good skills you can’t become a successful trader because you can’t just rely on luck.
Hi,
If you are going to trade for short-term, you need luck and skills. Because Forex market is volatile and liquid in nature. For long-term trading, you need skills more than luck.
I don’t think that a trader should ever rely on luck. Short-term traders are still traders, not gamblers.
For me, luck in trading is more like a bonus, but you can’t rely solely on your gut feeling when entering the market. Forex requires common sense, skills, and experience. If you have nothing but luck in your “arsenal”, then I wouldn’t risk.
Without luck any trader would be a loser. And a loser can’t be a master. In conclusion, other than mastering techniques, one must also be lucky.
May be I am lucky some times to get unexpected earning . Other wise I always get my trading results as per my skill. I have to do hard work for profits. I never feel trading is easy as 1,2, 3 or I have to just wait for luck. It is real business based on real skill of trader.
Go to Monte Carlo. Enter the casino and go up to the roulette wheel. Wait for the wheel to stop spinning. If the last spin landed on red, bet $1000 on black. If it landed on black, bet $1000 on red.
Using this “system,” roughly one person in one thousand will win ten times in a row.
But the existence of that one person winning ten times in a row does [I]NOT[/I] make this a profitable system. Yet it is exactly what your friend is doing.
you can rely on luck, but not on forex, even if it happened, consider it a bonus.
But without luck you won’t be successful in trading. If the trader is unlucky he won’t be able to make much money either=)
I think for successful trading to happen both of these qualities are very important and they shouldn’t be separated, because without luck you won’t get far, just the same as with experience and skill.
Absolutely, using too many indicators is always confusing, traders may get multiple singles in a position from many technical tools! That’s way, simple trading strategy is the best policy! Besides, market context knowledge is much profitable than indicator based trading!
Having too many indicators at the same time - and in my opinion too many is more than two, maximum three - is a typical rookie mistake. Thankfully it’s a rather obvious mistake so people quickly learn not to do it.
Basically, all of knowledgeable Forex traders are lucky and low skilled Forex traders are unlucky! There is no connection with luck actually, Forex is a knowledge based business! So, it’s all about trading knowledge and skill!
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Looser traders give blame to luck .They think if they are in profit it is their skill of trading . In loss they say it is their bad Luck . I give importance to skill always. This skill can prevent high loss , it can manage our accounts if we are good trader with experience and knowledge.
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I agree with Api. You should find your own strategy and did not affect by other traders. Every trader react with his own way and it depends from psychological emotions as well.