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No skill in trading! 107 replies

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Need luck or skill for trading?

  • #21
  • Jun 1, 2013 9:44am Jun 1, 2013 9:44am
Quoting jaylovin
{quote} Trading is as much gambling as any other business you venture into... notice i say business - not employment by someone.. open a restaurant you gotta hope its gonna pay the bills = gamble become a self employed plumber - you gotta hope its gonna pay the bills = gamble but odds are in your favour when you have knowledge, experience and skill to help make you successful - same works in forex
but odds are in your favour when you have knowledge, experience and skill to help make you successful - same works in forex

agree
thx,
S.C.
if there is something you should keep secret,simply just save it,, so, just
  • #22
  • Jun 1, 2013 9:47am Jun 1, 2013 9:47am
Trading needs bit of luck to some extent. However, I do not really think that only luck can bring consistent success in Forex trading. You need to have skill and it does not matter what time frame that you use.
  • #23
  • Jun 1, 2013 10:08am Jun 1, 2013 10:08am
The More you Learn.......The More you Earn...............

This does not sound like Luck to Me................

" When people succeed, it is because of hard work. Luck has nothing to do with success".

I have never seen a Lucky Fat Man Lose Weight, have you............?

http://www.etoro.com/blog/markets/12...l-forex-trade/
The More You Learn, The More You Earn.....
  • #24
  • Jun 1, 2013 10:14am Jun 1, 2013 10:14am
Quoting forexalien
" When people succeed, it is because of hard work. Luck has nothing to do with success"
MT4/MT5 EAs/Indicators/Alerts coder
  • #25
  • Jun 1, 2013 11:05am Jun 1, 2013 11:05am
Quoting FerruFx
Trading require skill. Gambling require luck.
Let's think about this for a NY minute.

Entering a trade/position, requires pressing a button, hopefully once due diligence has been observed. There is skill in structuring effective trading management and disciplined trading philosophies or habits. The essence of actually opening trading positions is much the same as for the divining or dowsing rod, palm reading, tarot cards, reading of minds and other fortune telling schemes. If you don't have the financial muscle to drive the markets, then you're left to struggle in hopes to rise above the doomed 95% tycoon wannabes.

A third critical skill is properly analyzing the most opportune entry point for your good fortune to bloom. Hopefully in time, this will be done with instincts refined in the fiery flames of experience. Every entered position promotes either support or resistance. The larger a consensus, the stronger the pivot level. These pivot levels/points and their respective strengths must be understood and constantly reevaluated. Luckily, this skill is among the easiest to achieve, though consistent enthusiasm is required. Personally I choose to pray throughout the life of every trade. I don't know how else to say this, but to be in this business Godless, must be torture. I always perform better prayerfully.

Want to take credit for luck? Call it an educated guess, it's still trying to foretell the future. Success can be helped by paying attention to the odds. Ever hear of "odds-on favorite"?
  • #26
  • Jun 1, 2013 11:18am Jun 1, 2013 11:18am
Skill, determination to learn and emotional endurance to go through high's and low's of trading.
  • #27
  • Jun 1, 2013 11:25am Jun 1, 2013 11:25am
I feel that one needs skill to become successful in the forex trading business i have never seen anything like luck factor, thus i do not rely upon it for my trading career growth.
  • #28
  • Jun 1, 2013 11:40am Jun 1, 2013 11:40am
Quoting dcny
If you don't have the financial muscle to drive the markets, then you're left to struggle in hopes to rise above the doomed 95% tycoon wannabes.
This is where most people are wrong. You don't need to be a "driver" to win ... Just a good market reader.
MT4/MT5 EAs/Indicators/Alerts coder
  • #29
  • Jun 1, 2013 12:24pm Jun 1, 2013 12:24pm
Quoting FerruFx
This is where most people are wrong. You don't need to be a "driver" to win ... Just a good market reader.
So true, but that doesn't account for the 95% tycoon wannabes who become fodder for institutional scalpers.
  • #30
  • Jun 1, 2013 12:34pm Jun 1, 2013 12:34pm
It is so easy..........!

You just wait, which most humans can not do........you wait for price to go to their ex-streams on multiple Time Frames, where you know price will not go much further and trade the other direction. It's that easy !!!!!!!!!

  1. Post# 7,007

Attached Image (click to enlarge)
Click to Enlarge Name: Simple system rsioma to find tops and bottoms on the daily.JPG Size: 410 KB
The More You Learn, The More You Earn.....
  • #31
  • Jun 1, 2013 12:58pm Jun 1, 2013 12:58pm
Quoting forexalien
It is so easy..........! You just wait, which most humans can not do........you wait for price to go to their ex-streams on multiple Time Frames, where you know price will not go much further and trade the other direction. It's that easy !!!!!!!!! Post# 7,007 {image}
No doubt this is an obvious entry setup given no breakouts. The waiting part is difficult for many as you point out. When often is the case, the absolute extreme hadn't yet been reached after first placement, I'll not be shy to instigate new and stronger positions as opportunity presents. Then once I'm in such a position and no breakout had occurred, It's time to analyze pivot levels for high probability range trading.

Checking for convergence in multiple time frames is a good one, yet it takes longer. Intraday trading is often more aggressive.
  • #32
  • Jun 1, 2013 1:13pm Jun 1, 2013 1:13pm
Quoting dcny
{quote} No doubt this is an obvious entry setup given no breakouts. The waiting part is difficult for many as you point out. When often is the case, the absolute extreme hadn't yet been reached after first placement, I'll not be shy to instigate new and stronger positions as opportunity presents. Then once I'm in such a position and no breakout had occurred, It's time to analyze pivot levels for high probability range trading. Checking for convergence in multiple time frames is a good one, yet it takes longer. Intraday trading is often more aggressive....
You can use the same method on lower TF's

  1. Post# 19,775

a couple of days ago I posted a live play by play trades using intraday trading using this simple idea. I showed short entry when everyone else was long, I showed movement of TP and SL as the trade progressed and the exit within seconds of it all happening..........I pointed out it was a fakey trade to be long and why...........

second wave started here............

  1. Post# 19,868

The More You Learn, The More You Earn.....
  • #33
  • Jun 1, 2013 6:44pm Jun 1, 2013 6:44pm
If you truly understand how the markets/trading work, you'd say success in trading requires skills AND luck. Anyone saying otherwise just has no idea.
  • #34
  • Jun 1, 2013 7:08pm Jun 1, 2013 7:08pm
Not a lot difference between gambling and forex. Look up how to be a successful gambler and you'll think you're reading a book or article on forex trading because it teaches the same principles: adequate bankroll, Money management, loss limit, profit target etc.

Gambling is not luck as most seem to believe. There are pro gamblers and you wont even stand a chance against them (if it's not your thing)even if you're merely throwing dice.

The market is designed in such a way that only few will succeed. You need info not available to all to succeed but there are wizards out there that have skills that cannot be thought. They trade successfully without any particular system
  • #35
  • Jun 1, 2013 7:13pm Jun 1, 2013 7:13pm
Quoting angelofx
You need info not available to all to succeed
Again no ... All the infos you need is right in from of you ... on the charts. But sure it requires skill to master it.
MT4/MT5 EAs/Indicators/Alerts coder
  • #36
  • Jun 1, 2013 7:48pm Jun 1, 2013 7:48pm
Quoting angelofx
The market is designed in such a way that only few will succeed. You need info not available to all to succeed but there are wizards out there that have skills that cannot be thought. They trade successfully without any particular system
It is doubtless true that the big institutions that move the markets have access to much more info than we lowly retail traders.
Most of us just try to follow on the big players" shirt tails.
The skill is being able to judge the entries and exits that have a higher probability of success.
Please Do Not PM Me With Coding Enquiries
  • #37
  • Jun 1, 2013 9:58pm Jun 1, 2013 9:58pm
i just wondering ;
why people just risking their capital only.......................;;;;
;;;;;;;;;;;;;;;((;2% or 5% or 10% of its forex trading );;;;;;;;;;;;;;;;;;;;;
in forex trading means that you will have alternate winning and losing
then there is a luck factor involved

on the other side;;;
if anyone would like to open a small restaurant businesses or open a small store
(( they would have bet all his money ))
(( example they had a $ 1000 K,,put all his money in the business,,))
although there is also a luck factor involved
example;;
its not so salable
or place of business on fire,,, etc
despite the likely level of small
but it could happen

what do you think guys

THX.S.C.
if there is something you should keep secret,simply just save it,, so, just
  • #38
  • Jun 1, 2013 10:25pm Jun 1, 2013 10:25pm
Quoting loleno
If you truly understand how the markets/trading work, you'd say success in trading requires skills AND luck. Anyone saying otherwise just has no idea.
98% skill...........2% Luck.........
The More You Learn, The More You Earn.....
  • #39
  • Jun 1, 2013 10:26pm Jun 1, 2013 10:26pm
Quoting angelofx
Not a lot difference between gambling and forex. Look up how to be a successful gambler and you'll think you're reading a book or article on forex trading because it teaches the same principles: adequate bankroll, Money management, loss limit, profit target etc. Gambling is not luck as most seem to believe. There are pro gamblers and you wont even stand a chance against them (if it's not your thing)even if you're merely throwing dice. The market is designed in such a way that only few will succeed. You need info not available to all to succeed but...
Not true........you just don't understand it yet...........
The More You Learn, The More You Earn.....
  • #40
  • Jun 1, 2013 10:28pm Jun 1, 2013 10:28pm
Quoting Gumrai
{quote} It is doubtless true that the big institutions that move the markets have access to much more info than we lowly retail traders. Most of us just try to follow on the big players" shirt tails. The skill is being able to judge the entries and exits that have a higher probability of success.
The Big Players have it harder than we do, they are moving large monies at a time and trying to stay in front of larger money that may appear at anytime...........IMO
The More You Learn, The More You Earn.....
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