Luck is important

We are good traders when we are able to follow risk management strategy properly. A well-defined risk management policy can make your trading melodious for you.

Crucial situation sometimes gets on traders’ nerves, which leads to losses. Another reason for losing can be lack of trading analysis and wrong analysis.

Hedging is a technique of trading but it keeps a trader in a dilemma. Personally, I don’t like hedging indeed.

Reducing the number of losses that a trader usually suffer is the cardinal challenge faced by every trader.

trickexist1 posted:
Luck is so important. There are scammers and bad strategies online and it is only luck that they are avoided and a good strategy found. If you have a good strategy then luck is less important

I would say if you have bad strategy (for me is equal no strategy) then even luck will not help you. 😄😄

Luck is no saviour. Understanding this truth saves traders from a myriad of delusions. If everything is mismanaged, luck is useless. If you take the right steps, success will be yours, and people will call you lucky, but it is actually hard work and not luck that makes you successful.

Well Said

Let's take a small example, two drivers will go to one destination, one driver is ready to go without any preparation and relying upon luck, he no checks the brake, machine, or driver's license,.while another driver before to go already prepared all things, check the machine, brake and or driver license. The risk will be higher for drivers that go without preparation, maybe on the bumpy roads or there are police.

Luck may work in your real life but in trading, no trader is lucky enough. Fortune in the forex market is made only on the basis of your hard work, knowledge, and expertise. if you want to get lucky in the forex market then start working hard on upgrading your knowledge and skills.
 

Rococo_XVII posted:

trickexist1 posted:
Luck is so important. There are scammers and bad strategies online and it is only luck that they are avoided and a good strategy found. If you have a good strategy then luck is less important

I would say if you have bad strategy (for me is equal no strategy) then even luck will not help you. 😄😄

Agreed. Only delusional people like to trust in luck. It’s either hard work or no money. Forex is technical, there’s no space for luck.

Afterpiece posted:
Luck is no saviour. Understanding this truth saves traders from a myriad of delusions. If everything is mismanaged, luck is useless. If you take the right steps, success will be yours, and people will call you lucky, but it is actually hard work and not luck that makes you successful.

mismanagement can certainly lead to a crisis! I agree that hard work and constantly updating your knowledge is the best way to move ahead in the market.

Afterpiece posted:
Luck is no saviour. Understanding this truth saves traders from a myriad of delusions. If everything is mismanaged, luck is useless. If you take the right steps, success will be yours, and people will call you lucky, but it is actually hard work and not luck that makes you successful.

I also believe that luck plays no role in trading. You can only reach the path of success when you work hard and maintain discipline. Those who rely on luck are simple gambling which can never be profitable in the long run.

Commonition posted:

Rococo_XVII posted:

trickexist1 posted:
Luck is so important. There are scammers and bad strategies online and it is only luck that they are avoided and a good strategy found. If you have a good strategy then luck is less important

I would say if you have bad strategy (for me is equal no strategy) then even luck will not help you. 😄😄

Agreed. Only delusional people like to trust in luck. It’s either hard work or no money. Forex is technical, there’s no space for luck.

You know, luck may help you once. But not in the future. Without knowledge and skills, luck is nothing.

Nope! Luck plays no role in forex trading because it is a skill-based activity that requires knowledge, discipline, and strategy. Forex traders make decisions based on market analysis and their understanding of market conditions, rather than relying on chance.

luck is very important if there no regular level of practice . so we have to focus on there first of all , otherwise trading can be useless.

Nickalus_16 posted:
In my opinion daily market analysis, practice, and consistency are more important.

Yes these are more imp than luck.

Nickalus_16 posted:
In my opinion daily market analysis, practice, and consistency are more important.

can not agree more with you :)

Luck is important

But Luck is like hope,

There was a famous saying on the Liffe trading floor,

 There were two hopes---Bob and no hope. And Bob had just left town.

Sometimes it seems to me that only the luckiest people are successful traders.