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.
I wonder how the original “turtles”, so many of whom went on to become millionaires on their own accounts through trading, feel about that philosophy? They were all given a working system to copy, rather than allowed to use their own strategies, and were pretty successful.
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If you try to copy other trader strategy you may have losing trades as there are different emotions between people. You have to build your own method after long time trading first in demo and then in live account.
But how many of us can come up with a “NEW” strategy. Reality is it’s all been done before by someone somewhere. Its a journey of self discovery one must take.
As for long time trading demo. Thats no measure to success. Thats like saying you shouldn’t play golf unless you’ve spent long time playing WGT first. Sometimes you just have to do it.
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True what you say _bob, someone somewhere has already fond, used and improved every strategy any of us could think of.
The converse must therefore also be true - the successful strategies are pout there and everyone who has read and tried enough strategies must have run through at least one winner, just maybe without realising it. Statistically the oldest strategies have the best chance of being amongst the winners - if they were obviously almost always losers, how could they have not become extinct?
I’m a fan of trend-following - find the trend, buy on the pull-back, ride it till it dies.
But I also kind of want to believe that price crossing a MA can work. Its been around so long it just must!
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I would like to know what pairs he traded often, What leverage he uses and average lot per trade during the 8 months.This is very hard to believe. It can’t be luck ( which I don’t believe in). There must be some way he calculates the price trend to know when to pull out.
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The majority of traders use ready strategies someone else created. The point is to find the kind of strategy that fits you as an individual and your needs as a trader. It sounds easy in theory, but in practice it’s something that can take months, even years to achieve.
If that’s true, this what I call pure gambling