Luck or Hard Work?

I see the money borrowing tendency in traders but it’s not a good idea for traders. Forex is such a market where you can start trading with a few dollars only and several brokers also allow traders with welcome bonuses.

There is no place for luck in financial markets. Your knowledge is the only thing that will take you ahead. So, always chase for more knowledge.

Cothurnal posted:
My opinion is 40% hard work, 40% luck and 20% experience.

simple trading calculation but sounds good

It depends on how you perceive the market. The more you get to know about the market and its mechanism, the more you will believe in hard work. Luck is for those who don't know the market and how it functions.

it sounds a motivational speech but this is true fact.

Seems like a philosophical topic...So a philosophical answer....

Luck is the future outcome of your past work experience irrespective of you remember the past or not and irrespective of you work hard or work smart.

But experience out of your past work is important which builds the luck in future which you forget over time. Nothing happens by luck or chance without reason. So luck follows for them who work and gain experience over time and so you can change your luck by work.

You can continue to practice trading and gain experience until you can't loose in forex, then luck is yours and you can decide your own luck.....

YellowWitty posted:
There is no place for luck in financial markets. Your knowledge is the only thing that will take you ahead. So, always chase for more knowledge.

I completely agree with you, the only parameters for success in Forex is knowledge and practice. Luck is just an escape term which has no role in trading.

It's really very hard work.

smart people always try to make sure trading result by working hard. this is only difference between general trader and successful trader.

how hard you 'work' means nothing. only thing that makes certain people successful, and others not is their mind-state, and their money management. most people over-leverage, over-trade, and over-expose themselves to the market. why you enter a trade has no bearing on what actually happens afterwards, you're basically guessing(thats why you have a stop loss). having a statistical edge is nice, but most people don't, and rely on indicators that don't work(or even worse using averaging robots) instead of what is actually happening on the chart in front of them.

For me it's a combination of hard and smart work.

We have a bulk of trading strategies but the fact is that majority of those strategies are not that much effective.

no strategy works consistently. 'work' doesn't do anything. it's all trade management. why you get in a trade has NO bearing on what actually happens in the market. we are guessing. we are not seers who can predict the future. otherwise, why would we need stoplosses? why wouldn't we just leverage our account to the max every trade, and all be trillionaires? it's because we're guessing. there is no work. use proper money management. gamble responsibly.

Trading success is largely a result of hard work and dedication. This includes educating oneself about the markets, developing a trading plan, and continuously learning and adapting to market conditions.

I would say hard work without a doubt! I know many traders who blame it on their luck when they happen to lose trades. But the one who has skills will always accept their mistakes no matter what. The willingness to learn from your mistakes is what takes you to success in the end.

According to me, some traders may experience a few successful trades due to luck, the long-term success in Forex trading is mostly determined by the effort a trader put into understanding the market and developing sound trading strategies.