Luck and Hope

[Rambo35]

A lot of new traders tend to rely on luck and hope when they trade rather than discipline and patience. Luck and hope have no place in a successful trading plan if your aim is to generate profits on a consistent base. The sooner a new trader understands that placing a trade based on hope that it will move in the desired direction hoping to get lucky is a great strategy to move a portfolio in the opposite direction, the sooner a trader can start to develop the correct skill set.

In theory it does not sound much, but as statistics show 98% of all traders will fail at trading which speaks volumes. A lot of traders tend to subscribe to the wrong trading approach or fail to understand and implement a good trading approach.

 

[aleandane]

thanks for the info I may used that

 

[Rambo35]

You are welcome, hope it helps.

 

[dragon]

well according to me luck and hope have a great role in forex

 

[Rambo35]

well according to me luck and hope have a great role in forex

That means you are not a trader or at least not successful with that opinion.

 

[mumuy]

A lot of new traders tend to rely on luck and hope when they trade rather than discipline and patience. Luck and hope have no place in a successful trading plan if your aim is to generate profits on a consistent base. The sooner a new trader understands that placing a trade based on hope that it will move in the desired direction hoping to get lucky is a great strategy to move a portfolio in the opposite direction, the sooner a trader can start to develop the correct skill set.

In theory it does not sound much, but as statistics show 98% of all traders will fail at trading which speaks volumes. A lot of traders tend to subscribe to the wrong trading approach or fail to understand and implement a good trading approach.

I definitely agree, since Forex requires skills and intelligence....

 

[Rob Taylor]

A lot of new traders tend to rely on luck and hope when they trade rather than discipline and patience. Luck and hope have no place in a successful trading plan if your aim is to generate profits on a consistent base. The sooner a new trader understands that placing a trade based on hope that it will move in the desired direction hoping to get lucky is a great strategy to move a portfolio in the opposite direction, the sooner a trader can start to develop the correct skill set.

In theory it does not sound much, but as statistics show 98% of all traders will fail at trading which speaks volumes. A lot of traders tend to subscribe to the wrong trading approach or fail to understand and implement a good trading approach.

Great post. Forex trading is not a game of luck, its a business. A business that can make you a fortune if you know how to manage it correctly.

 

[Master Forex IB]

We can hope for good after making sincere efforts for trading. It is not possible to depend only on luck and not do some practical steps . We had to make our self skilled in trading then wait for good luck.

 

[Sheen]

I definitely agree, since Forex requires skills and intelligence....

And it's also the decision making that matters the most. The more you think, the more are you chances to get all goofed up. There cant be a suffice for experience.

 

[Fxpipper]

Yup!

A lot of new traders tend to rely on luck and hope when they trade rather than discipline and patience. Luck and hope have no place in a successful trading plan if your aim is to generate profits on a consistent.. good trading approach.

That says it all, and as newbies (long ago), we used the same hope and luck approach..and it didn't amount to much. Hard work, research and grunt hours does the trick, each time!

 

[Rambo35]

That says it all, and as newbies (long ago), we used the same hope and luck approach..and it didn't amount to much. Hard work, research and grunt hours does the trick, each time!

Totally agree!!

 

[Sheen]

Well, forex involves high risk and that's why it's not for everybody. In fact, trading plans may or may not work but in the long run it all squares up.

 

[Fxpipper]

Your post took me back to when I was a noob, just starting out and guess what, not much has changed at least from the noob's perspective. We all fall for the same sales pitch (re:EA), believe the broker when he tells you that trading is easy and you can make tonnes of cash overnight, and go ahead into the jungle with stars in the eyes..
Believe me, as a once upon a time noob, the cold reality is part and parcel of the training process..trading is never easy and you better get ready to put in the time..

 

[mumuy]

I think, there's no such thing as luck, since you need to work smarter and have enough diligence to work it all out, but I believe in hope since its akin to manifesting your desire into reality.

 

[bullnbear]

Yes you need to forget luck and think mechanically. One thing that stops people from continued success in my opinion is the lack of correct execution of the strategy.

If you are trading a mechanical strategy then it is not designed to be out-guessed and you have to take every trade. That sound simple and obvious however we find ourselves second-guessing each trade rather than just taking it anyway.

Have you ever nearly taken a trade, but didn't, then watched the market fly in your direction? You sit there wondering why you didn't pull the trigger. It looks so obvious now! The only thing you can do is kick yourself, however we make the same execution mistakes over and over.

Learning to "just repeat all the steps you did correctly" is so true, but not as easy as it seems as our fears take control and prevent us from doing just that. This is the reason why I realized that I needed a mechanical strategy to trade from and since I started using the pipdaq setups based on price action it has helped me achieve the above.

There is little room for subjectivity and that makes it easier to execute the obvious setups that occur.

None of this is to do with luck but everything to do with you following your trading plan to a tee...

 

[ezrydn]

The true problem is most people who enter Forex are lazy. They want an EA to do all the work, both mental and physical. It don't work that way. It takes time, study, practice, and even, "stepping outside the box." One must develop a "market insight." You have to define that idea for yourself.

Many, even today, can't trade because someone didn't show them how to enter or exit a trade. No one taught me how. I just learned my own way of knowing. People today just can't think for themselves. They gotta be told or shown. And, IMHO, they'll never learn.

When I work with someone, I have them tell me about themselves. Many get culled at that point. Then, I tell them to read and learn basket trading, on their own, with me aval to answer questions. Now, they've shown me their serious so I start training them on my "Money Pump" concept. Show me you're sincere and dedicated and I'll show you how I make money every day. Take a guess at how many walk away from that criteria?

So, luck, hope and all such things are out the window. We all say it, over and over but the noobs think we're crazy because Scammer Buddy says it works 100% of the time. Pardon me while I call BS!

Noobs, we've all been where you are. We've already gone through it. We have experience. What do you have? Luck and hope? What you actually need is a blank attitude. And lastly, work on how you approach others. You're new and you DON'T know. Realize that!

 

[Rambo35]

The true problem is most people who enter Forex are lazy. They want an EA to do all the work, both mental and physical. It don't work that way. It takes time, study, practice, and even, "stepping outside the box." One must develop a "market insight." You have to define that idea for yourself.

Many, even today, can't trade because someone didn't show them how to enter or exit a trade. No one taught me how. I just learned my own way of knowing. People today just can't think for themselves. They gotta be told or shown. And, IMHO, they'll never learn.

When I work with someone, I have them tell me about themselves. Many get culled at that point. Then, I tell them to read and learn basket trading, on their own, with me aval to answer questions. Now, they've shown me their serious so I start training them on my "Money Pump" concept. Show me you're sincere and dedicated and I'll show you how I make money every day. Take a guess at how many walk away from that criteria?

So, luck, hope and all such things are out the window. We all say it, over and over but the noobs think we're crazy because Scammer Buddy says it works 100% of the time. Pardon me while I call BS!

Noobs, we've all been where you are. We've already gone through it. We have experience. What do you have? Luck and hope? What you actually need is a blank attitude. And lastly, work on how you approach others. You're new and you DON'T know. Realize that!

Very well written and I totally agree with you. Laziness is always a terrible thing.

 

[michael77]

Lots of new traders enter this market without learning. I believe they do not have any alternative without depending on luck and hope. If you don't know how to trade then you do not have any option without depending on your own luck. I believe this is the main reason why maximum traders especially newbie loss their all money in Forex trade.