Absolutely right you are! we cannot leave everything on luck. its just an excuse we can give to console ourselves when we miss the opportunity saying that it wasn’t in my luck. but we can only succeed by putting our hard work into it and learning the skills as even trading inst rocket science. its just the perfect blend of many skills like knowledge, discipline, strategy, practical application and time and money management.
As for me, forex trading looks like some game. I’m trying to get pleasure from trading. There a lot of people who earning there quite good money, but they are spending quite much time on that. I decided to make my forex trading like a hobby. I’ve invested some money, that i can afford to myself and if it possible trying to make some profit. Each day i learn something new, i get experience that helps me to get more knowledges and develop my personal strategy. Sometimes i relly only for luck, sometimes i’m trying to use my experience. I can advice you to relax and try to get as much pleasure as you can, if it’s possible.
I would say it is a combination of the two, but 80% skills and 20% luck. Forex is a game of probability, being skilled and identifying high probability trades is key to one’s success.
I will not say it is combinations , Main part plays experience and skill , Luck is just a chance that can support you. Ratio of luck is very rare. if all people wait for luck no one can go ahead for regular trading. Understanding market and gain skill to handle with different situations is your real ability.
Luck or skill? Well, I agree with the people above. Neither only luck nor only skill will ever lead one to the path of success. It’s the combination of both which will.
There is no luck in an individual trade. Its just statistics. If you trade for long enough and run enough trades, eventually one of them will be really “lucky” and you’ll make far more than you hoped, and one of them will be very “unlucky” and will go very bad very quickly.
There is no luck involved in getting a range of results including these extremes.
Maybe the only involvement of luck is a lucky opportunity that got you into trading or an unlucky external event that takes you away from trading. Whether these would be good luck or bad luck won’t be immediately obvious.
If this is true, it should be just plain dump luck. I find it hard to believe that some one with no experience in this field would start with £8,000
I think that it is the mixture of both these qualities. Sometimes, luck is the only thing that bring you out of the dark. But there is a famous saying that luck favours the brave. You need to enter the forex market with an open heart and mind and you will reap the fruits of the trade.
i agree. luck matters but not more than skill.
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Skill will get me where I want. Luck may be involved to a slight extent. Why? Because I’m running a business. However, skill will only be 20%, while psychology will play 80% of the role. Anyone can pull a trigger.
Honestly it gets tempting, especially when you are on a roll on demo. Not realizing it’s just a practice account, and takes time on there to master the act of the market.
But I would advice; if the urge is there you can start small and gradually increase your trade
A post was split to a new topic: I believe that my analysis is missing something. Could you help me?
You cannot plan to be lucky or stay lucky. You cannot design a plan the depends on luck for it to work. You cannot work harder and learn a lot of stuff so that you become luckier. A lucky outcome means the one which was statistically very or even the least improbable. That’s not a business plan.
If you are trading and find that you are making money because you are lucky, stop trading.
Michael is a freaking genius.
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Great plan, but there is only one problem. The luck is such thing that you can not plan. You can hope that
luck will accompany you, but you can’t plan it.
Haha, I won’t call him a genius .Well i guess luck is definitely in favour of your friend Michael . But one thing is for sure that these profits won’t be persistent for long. He might be able to make profit as of now , but surely in future if he doesn’t get his facts clear , he is sure to lose out a lot of money. Underestimating trading and just trading on gut feeling to this level is definitely not a good idea.
Our trading skill can bring luck if only we’ve build ourselves properly for trading. But sometimes people get lucky where skill doesn’t require. Just the time and situation is too favorable for them.
From what Billionaire traders/investors say, they always say the same think like
- Always protect your ass
- Never lose money
- Cut loss, and let profits run
If Michael do exists, and trade without stoploss, then I’m 100% sure that 1 day he has a chance to slip on a mistake, and blow out all his hard-work money in one single trade.
Put money management as king on trading, run your money on tiny risk. Never risk money more than 2% on a single trade. Never invest money that you can’t effort to lose on trading, I’d recommend to go for 10% of your cash.
Wish you to master trading skill soon!
According to me, luck and skills both are important in forex trading. However the important thing is not to depend on luck only. Skills and trading knowledge are essential.
Actually, there is no luck in the long run. You can win 1,2 or even 10 times, but without skill it’s simply impossible to make constant profit. I know a lot of newbies that made a strong profits when started trading, without any analysis and just on their own luck. But finally lost everything and quit trading. Or quit it before losing everything, it doesn’t matter. If you want to earn life trading, you should develop skills and strategies, not rely on random…
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