A lot of new traders tend to rely on luck and hope when they trade rather than discipline and patience. Luck and hope have no place in a successful trading plan if your aim is to generate profits on a consistent base. The sooner a new trader understands that placing a trade based on hope that it will move in the desired direction hoping to get lucky is a great strategy to move a portfolio in the opposite direction, the sooner a trader can start to develop the correct skill set.
In theory it does not sound much, but as statistics show 98% of all traders will fail at trading which speaks volumes. A lot of traders tend to subscribe to the wrong trading approach or fail to understand and implement a good trading approach.
Agreed. Luck really has very little to do with successful trading. It’s mostly about execution. Granted, things can move backwards on you for seemingly no reason but it doesn’t happen enough to warrant excessive worry over it.