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No skill in trading! 107 replies

"The JUICE" - how do you separate skill from luck? 14 replies

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Need luck or skill for trading?

  • #121
  • Jul 16, 2013 6:30am Jul 16, 2013 6:30am
Quoting CindyXXXX
{quote} Enlighten us!! from what I gather here, 60minuteman decides where the price is going! No luck needed. Never have a loss, because unluckiness does not exist.. Holy grail and 100% wins..
hehehe... well that's pushing it a tad too far...

Do you not decide where price is going then? I though you decided AU was going down? or did somebody else decide for you?
tradewith60
  • #122
  • Jul 16, 2013 6:40am Jul 16, 2013 6:40am
Quoting CindyXXXX
{quote} Yeah I know how you trade, the Daily looks even better right? The spike low, then the close above 7/03 support? Haven't been technical trading at all lately... So you went long you mean? Good catch! As for what moves the market... I agree.. Traders do! Still going short here... Stop at .9270, sell more at 250,,, Targeting sub .90 And that was before it happened
OK scrap that this trade sux... prob gonna smoke the stops above now =P..
Time hides Nothing
  • #123
  • Jul 16, 2013 6:44am Jul 16, 2013 6:44am
Quoting 60minuteman
{quote} I suppose that's fair... in general I decide where price is going, trade to that point and exit. If you truly understand markets and how they work then luck wouldn't be a consideration. But if you feel you need luck then I guess there's no problem with that. Good luck.
Well.. I'm only gonna say this...

If I put it to you that what you deem to be "market mechanics changing on you after you opened a trade" as the reasons when you yourself take losses, and not "unluckiness", then those same market mechanics shifted for me, just like a news release... You just read it off a chart, but it's the same thing. I call it unlucky you call it "just the way the market moves" but it's the same thing at the end of the day. You took a risk and it didn't pay off.. Unlucky! You took a risk and it did... Lucky!

What a silly debate.
Time hides Nothing
  • #124
  • Jul 16, 2013 6:49am Jul 16, 2013 6:49am
Quoting CindyXXXX
{quote} Well.. I'm only gonna say this... If I put it to you that what you deem to be "market mechanics changing on you after you opened a trade" as the reasons when you yourself take losses, and not "unluckiness", then those same market mechanics shifted for me, just like a news release... You just read it off a chart, but it's the same thing. I call it unlucky you call it "just the way the market moves" but it's the same thing at the end of the day. You took a risk and it didn't pay off.. Unlucky! You took a risk and it did... Lucky! What...

hahaha... forexfactory, the home of the pointless and annoying debate....Can we use the term "The Force" instead of luck then?
tradewith60
  • #125
  • Jul 16, 2013 7:10am Jul 16, 2013 7:10am
Quoting 60minuteman
{quote} hahaha... forexfactory, the home of the pointless and annoying debate....Can we use the term "The Force" instead of luck then?
The force sounds good to me! Thanks for reminding me of your philosophies though! Might take another look at that.
Time hides Nothing
  • #126
  • Jul 16, 2013 7:30am Jul 16, 2013 7:30am
Quoting CindyXXXX
{quote} The force sounds good to me! Thanks for reminding me of your philosophies though! Might take another look at that.
if you need a laugh I did some video's on my blog h4power.wordpress.com
tradewith60
  • #127
  • Jul 16, 2013 3:39pm Jul 16, 2013 3:39pm
Quoting 60minuteman
{quote} I suppose that's fair... in general I decide where price is going, trade to that point and exit. If you truly understand markets and how they work then luck wouldn't be a consideration. But if you feel you need luck then I guess there's no problem with that. Good luck.
Well, as i said for me hard work is not sufficient condition to be successfull trader, but luck is. Im not suggesting to dont work hard and hope for luck Im suggesting work hard and use luck to your advantage.
  • #128
  • Edited 4:29pm Jul 16, 2013 4:13pm | Edited 4:29pm
If you rely on just luck then you ain't gonna get far, skill is a few things combined; discipline, risk managment and knowing where to enter to give you the highest probability of the market doing what you expect it to do, after all - all trading is - is speculating on movement, nothing more, nothing less.

Now....
Attached Image
  • #129
  • Jul 16, 2013 5:30pm Jul 16, 2013 5:30pm
Quoting alter
{quote} Well, as i said for me hard work is not sufficient condition to be successfull trader, but luck is. Im not suggesting to dont work hard and hope for luck Im suggesting work hard and use luck to your advantage.
Hello alter. You seem an intelligent, educated person, so I find it odd how can you possibly suggest someone to use luck to their advantage? Considering your view on luck wouldn't it be better to simply buy lottery tickets, instead of trading FX?
"To hold, you must first open your hand. Let go." - Lao Tzu
  • #130
  • Jul 16, 2013 6:34pm Jul 16, 2013 6:34pm
we need everything that we can get, either its luck, skill and knowledge!
“If you’re not getting rewarded for the risk, why take it?”
  • #131
  • Jul 16, 2013 6:57pm Jul 16, 2013 6:57pm
It's good judgment, not luck.

When will I know this trade has failed?

How much will this knowledge cost?

Given the trade's potential, is it worth the risk?
  • #132
  • Jul 17, 2013 12:51am Jul 17, 2013 12:51am
Quoting vox dei
{quote} Hello alter. You seem an intelligent, educated person, so I find it odd how can you possibly suggest someone to use luck to their advantage? Considering your view on luck wouldn't it be better to simply buy lottery tickets, instead of trading FX?
In the lottery the odds are against you, of course you can win and you would considered luck trader but you can not build a system around it can you? Maybe if yuou can win 5 years in a row some people would say you are skilled right? In the market you can exposes yourself to oportunities to be lucky. O lose 95% of my trades and Im lucky just in 5 cases from 100. And no I dont see the future either some event happent or it doesnt so I can capitalize on it.
But the question was u need skill or luck? Statistically there is a lot of unskilled managers that make fortune (lets say due to favourbale market conditions as in coin toss example above) and vice versa a lot of skilled hard working managers that failed. So if you was to choose if you want to be skilled or lucky to make money in the market I have no doubt that B is better option.
  • #133
  • Jul 17, 2013 12:55am Jul 17, 2013 12:55am
Quoting alter
Statistically there is a lot of unskilled managers that make fortune (lets say due to favourbale market conditions as in coin toss example above) and vice versa a lot of skilled hard working managers that failed. So if you was to choose if you want to be skilled or lucky to make money in the market I have no doubt that B is better option.
quoted for truth
  • #134
  • Jul 17, 2013 1:05am Jul 17, 2013 1:05am
Quoting Myo
{quote} quoted for truth

What is it that you're quoting for truth ???

SO IF YOU WANT TO BE SKILLED OR LUCKY>>> B IS THE
BETTER OPTION

That is truth ??????
(dumbass)


Even a great gambler has skill.
When the Joker is in the deck.. fear not and play it well
  • #135
  • Jul 17, 2013 1:10am Jul 17, 2013 1:10am
Quoting Slim Buffett
{quote} What is it that you're quoting for truth ??? SO IF YOU WANT TO BE SKILLED OR LUCKY>>> B IS THE BETTER OPTION That is truth ?????? (dumbass) Even a great gambler has skill.
your having one of your psychotic fits again? dont scream at me.
  • #136
  • Jul 17, 2013 1:39am Jul 17, 2013 1:39am
Quoting alter
{quote} In the lottery the odds are against you,
THIS ISN'T THE LOTTERY
Quoting alter
{quote}of course you can win and you would considered luck trader
You wouldn't be considered "luck trader" because you weren't trading, you were gambling
with the lottery... right ????



Quoting alter
{quote}o but you can not build a system around it can you?

I'm just guessing that i would be much more difficult to build a system around the lottery.
But maybe not. Can't say I ever tried. Have You?


Quoting alter
{quote} Maybe if yuou can win 5 years in a row some people would say you are skilled right? In the market you can exposes yourself to oportunities to be lucky. O lose 95% of my trades and Im lucky just in 5 cases from 100. And no I dont see the future either some event happent or it doesnt so I can capitalize on it. But the question was u need skill or luck? Statistically there is a lot of unskilled managers that make fortune (lets say due to favourbale market conditions as in coin toss example above) and vice versa a lot of skilled hard working...
I think I might remember you... you may have changed your name
But anyway.... if you can win 5 years in a row
and make a million or 2
that's good for me

What do YOU think???

Stages...
1. whine and cry
2. get serious (still cry)
3. get pissed 'cuz I'm gonna beat em (cry more)
4.
fill in the blanks
When the Joker is in the deck.. fear not and play it well
  • #137
  • Jul 17, 2013 1:40am Jul 17, 2013 1:40am
Quoting Myo
{quote} your having one of your psychotic fits again? dont scream at me.

Cool.... I think we shall finally have some fun

Don't you think ??
When the Joker is in the deck.. fear not and play it well
  • #138
  • Jul 17, 2013 1:42am Jul 17, 2013 1:42am
Quoting Myo
{quote} dont scream at me.
Then don't be such an FING
idiot

K ???
When the Joker is in the deck.. fear not and play it well
  • #139
  • Jul 17, 2013 1:46am Jul 17, 2013 1:46am
Quoting Myo
{quote} your having one of your psychotic fits again? dont scream at me.

Are we going to have fun
or not???

And where's your stupid little friend (Alter)
that you held so dear ?????



ok, I guess I'm done

needed a minute to pass the time
When the Joker is in the deck.. fear not and play it well
  • #140
  • Jul 17, 2013 2:03am Jul 17, 2013 2:03am
Long Gold today... wait for price to turn first H1 or to be safer H4... if not from here from 1288, then from 1283 or 1279.4

Watch SR, wait for Price to confirm, set appropriate technical SL and TP...

No luck required.
tradewith60
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