I always wonder if the forex trading is the play of chance. What do you think is the role of luck in forex trading? Shall I focus on learning?
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YES. Haha. 
Whether forex has any element of luck or not, you still must focus on learning. 
That way, you will have an idea of what’s actually happening on your charts show you how you can gain from price movements without relying on luck.
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Forex trading is not purely a game of chance, as it involves analyzing and interpreting data, developing trading strategies, and making informed decisions based on market trends and economic data. While luck may play a small role in some cases, success in forex trading is largely dependent on knowledge, skill, and discipline.
A trader who understands the fundamentals of the forex market and has a solid trading plan is more likely to be successful than someone who relies solely on luck. Luck may occasionally help a trader make a profitable trade, but in the long run, success in forex trading requires knowledge, discipline, and experience.
Therefore, it is crucial to focus on learning and building your skills as a trader. This involves studying market trends and economic indicators, developing a sound trading plan, and practicing good risk management strategies. The more you learn and practice, the better equipped you will be to make informed trading decisions and increase your chances of success.
In summary, while luck may play a role in forex trading, it is not the primary determinant of success. Instead, focus on building your knowledge and skills as a trader to make informed decisions and achieve your trading goals.
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Never stop learning.
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You gotta learn as much as possible until the chance factor becomes as minimum as possible.
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You can say that again.
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It depends on the success rate of your trading strategy, e.g.
If your success rate is 30%, the influence of luck is 70%.
If your success rate is 50%, the influence of luck is 50%.
If your success rate is 70%, the influence of luck is 30%.
Nonetheless, a trader’s profitability is determined by a combination of their success rate and their risk-reward ratio. The success rate, or win rate, refers to the percentage of trades that result in a profit, while the risk-reward ratio indicates the potential profit compared to the potential loss for each trade. A well-balanced approach considers both factors to achieve consistent profitability over time.
For instance, a trader with a lower win rate but a high risk-reward ratio might still be profitable if they carefully manage their risks and capitalize on high-reward opportunities.
Similarly, a trader with a high win rate but a lower risk-reward ratio can also achieve profitability by consistently securing smaller gains that accumulate over time.
In summary, the success rate and risk-reward ratio in trading are interconnected. From the standpoint of minimizing the influence of luck, the focus should be on optimizing the trading strategy by balancing the win rate and risk-reward ratio to achieve a profit factor greater than 1.
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Hello there, how can I find the best strategies? Sorry I know this is too general but I’m a newbie.
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It’s important to understand that while strategies may seem successful in certain conditions, they are not inherently good or bad. Instead, it’s the execution and implementation of these strategies by the trader that determines their success or failure.
In other words, it’s not the strategy itself that determines the outcome, but rather the skills, experience, and overall approach of the trader. A well-executed strategy by a skilled trader can lead to positive results, while the same strategy executed by an inexperienced trader may lead to failure. So, it can be said that the quality of the trader, not the strategy, determines the success or failure of a trade.
Recently, I was recommended a strategy by TOMMOR which I believe is worth considering. I would suggest starting with this strategy as a reference.
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Thank you so much.
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Come on, let’s start learning! While luck may play a role in forex trading, just like in any other aspect of life, it’s not a good reason to avoid improving your skills and knowledge. With dedication and hard work, you can increase your chances of success and make informed trading decisions. So let’s get started and keep learning!
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to win in forex game ,you need to find the only thing that " certainty" out of the uncertainty (which is almost everything),and built your strategy around it .
for eg,you can assure there’s 1 winner among 5 round of poker games. so you set the right amount of money management according to it ,forex is the same .
that’s why forex is hard ,because its hard to find certainty
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It will be ignorant of anybody to ever think FX is a game of luck. Nevertheless, there are sometimes that luck do play out well but more often than not does not. That’s why one needs to focus on learning rather than depending on luck. Thank you
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Its impossible to learn how to be lucky. But when you are lucky its good to be able to take advantage of it. For example, you might see that price has been falling, but then it rose dramatically. Luckily you put in a buy order before this happened.
But is that luck, or just a good strategy?
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Both at the same time.
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But where was the luck in deciding to set an entry order? And making it a buy, not a sell? And deciding where to place it? And deciding to place it now, not last week or next week? And not deciding to place it on another pair? And doing this again tomorrow and the next day and the next day…
To me that would have to be very very lucky trading, if that’s what happens.
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I guess to me that would be a good strategy and suddenly luck plays its role.
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Hey there! If you’re looking for the best forex strategies, I’ve got a few tips that might help. First, do your research and learn about different indicators and tools that traders use. Then, try backtesting different strategies using historical data to see how they would have performed in the past. You can also practice with a demo account or paper trading before risking real money. If you’re feeling stuck, try following successful traders on social media or other platforms to see what works for them. And remember, simple strategies can often be the most effective. But always keep in mind that forex trading carries risk, so make sure to manage your risk and have a solid risk management plan in place
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Absolutely agree! While there may be instances where luck comes into play, relying on it is not a sustainable strategy in forex trading. The best approach is to focus on learning and developing a solid trading strategy that is backed by knowledge and experience. Thank you for sharing your thoughts on this.
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Exactly. 