Do You need Luck in Forex ?

[BlindX]

HY ALL FRIENDS
In a coin flip, probability of a coin turning up head or tail is 50%.

Keyword here is “probability”.

Probability is the measure of the likelihood that an event will occur.

Another keyword here is “measure”.

Measure is define as ascertaining the size, amount, or degree of (something) by using an instrument or device marked in standard units.

In Forex, trader attempt to project a future price using one or many metrics.

End of the day, the truth is that we trader are actually trying to be a fortune teller.

Henceforth, comes the question, is the future forcastable?

The sad answer is “NO”. However, traders are self motivated by their desire for the money to succeed.

We trader have choosen to place ourself in our current path of playing the GUESSING game.

Trader who have got the future right more times than wrong are skillful.

They are people who can make clever guesses using some form of metrics.

Traders who have gotten the future wrong more times than right but still make money end of the day are LUCKY.

They must have manipulated the lot sizing and have gotten it right when they traded a huge amount.

Then there are traders who got it right more times than wrong but still loses money.

They must have traded a huge amount when they are wrong.

So, skill can be define as

ability to make clever guesses using certain metrics,
ability to follow good money management rules to mitigate risk.
Luck can be define as

making money when you are wrong
losing money when you are right
Now this is a confusing situation. Is forex more skill or luck?

I think it is a paradoxical situation. And relative question.

It seems that forex can be EITHER more skill or more luck for different individuals.

Therefore i conclude that whether forex is more skill or luck depends on individual perception on the matter.

It depends on their belief. My personal take is that if you are making money, Forex is both skill 100% and luck 100%.

And if you are losing money, Forex is both skill 0% and luck 0%. It can only be 0% or 100%, there is no in between.

[BlindX]

I used to believe I WILL make ENOUGH money WHEN I have the skill. After 1.5year of full-time trading as a newbie, I now believe I MAY make SOME money SOMETIMES because of a mix of skill & LUCK. Forex now feels like playing slot for me, as so far my strategy is simily beaten by the market most of the time. However, I still believe that my skills can grow and one day Forex can indeed feel a bit like playing chess, which is much more interesting than pure gambling. What I will change now is trading on the side line rather than full time.

[BlindX]

You need to develop skills, to put you in the draw to get lucky. Comprehensive trade method, a money management plan that protects your capital while building it and the patience and discipline to execute your trading method, money management plan consistently.

[BlindX]

When you get an opportunity to watch an experienced and skilled trader trading. After he opens and closes another profitable trade. If you ask him: how are you doing it? How did you know that you have to open your trade exactly here?

In many cases, you will hear an answer like this one: “oh… probably i’m just lucky” :54:

p.s.: I voted - 10.

[BlindX]

Yes you have to be lucky in forex trading but even the luck has to get some push, so the skill is the base of your success and there is little part of luck too, so be skillful and luck will follow.

[BlindX]

Mostly an understanding of price action developed over time. I gained this understanding by meticulously building a strategy via backtesting for 3 years. 9000 hours of this is what it took for me. If you think you have this kind of patience and ambition then trading is for you.

[BlindX]

Forex Is Forex ,You either got what it takes to be a trader or you don’t.
you could be the most skilled mathematician and know everything about the economy still dosent mean you will be successful in trading, same goes for luck you can be the luckiest person in the world and still not be profitable

[BlindX]

Hi all!

I have had extended discussions with my friends on whether retail Forex trading done by individuals like us is like playing chess (skill) vs. playing slots (luck).

Where would you put Forex trading a scale from 1 (slots) to 10 (chess)? Why?
and I share information

[sachit]

If you need luck in forex, you don't need your brain but a crystal ball and holy prayer with you ... and you know what? You will gamble illegally anyway. Will you flip a coin to decide where you will go that day ... and depend on your luck to be by your side? I don't think so ... You can't depend on your luck ... because hitting a new order will trigger your mind to decide whether you sell or buy and why? At least, I thought it was a standard procedure and didn't know any other way.

फॉरेक्स मार्केट में भाग्य एक महत्वपूर्ण कारक नहीं है। समाचार भी विदेशी मुद्रा बाजार को प्रभावित नहीं कर सकते हैं। इस उच्च जोखिम वाले विदेशी मुद्रा बाजार में सफल होने का एकमात्र तरीका प्रवृत्ति का पालन करना है और हर व्यापार में छोटे लाभ लेना है। लालची मत बनो और आप सफल होंगे। समाचार केवल निश्चित समय अवधि को प्रभावित करते हैं जबकि व्यापारिक रुझान अधिक लाभदायक होते हैं। और इस व्यवसाय में कोई सफलता नहीं है यदि आप भाग्य पर भरोसा करते हैं क्योंकि भाग्य केवल अस्थायी है और विदेशी मुद्रा को ऐसे लोगों की आवश्यकता है जो बाजार को अच्छी तरह से जानने और समझने की तीव्र इच्छा रखते हैं

[sinjo abe]

If you need luck in forex, you don't need your brain but a crystal ball and holy prayer with you ... and you know what? You will gamble illegally anyway. Will you flip a coin to decide where you will go that day ... and depend on your luck to be by your side? I don't think so ... You can't depend on your luck ... because hitting a new order will trigger your mind to decide whether you sell or buy and why? At least, I thought it was a standard procedure and didn't know any other way.