LUCK in Trading. Does it exist?!

How about luck in trading?! I have made over $10K buying oil on 90$ and selling at 100$ - and I knew nothing about trading. This gave me cash (I started with 2k) to go out there and try different strategies on different markets - in a way learning for free .

I dont think luck can do the work for you but I think it can give you the initial boost most newbies desperetly need. There is the story of one of the richest futures traders who was a taxi driver before he become a trader! He made 50-60K from buying and holding wheat futures contracts (started with 3k-4k). He made some mistakes afterwords but the cash he made from his first trade gave him the confidence and money to learn.

TradingSimulator

Give that money to charity.

Fool's luck drag most of us into this game,unprepared and most left defeated.Trading is the most difficult thing to be successful at.

http://www.trade2win.com/boards/gene...-category.html

The luck factor exists more over a small sample size of trades and diminishes as the sample size increases.

It is, therefore, very likely that some people starting trading win money without knowing what they are doing over their first 10 trades or so. However, if they continue to trade the same way over 100, 1000, 10000 trades - you will find that it is more likely they will lose money.

There is a lot of luck hanging on any individual trade - it's how you handle it that makes you a trader.

It exists, but I wouldnt recomend it as a long term strategy

you'll need luck if youre planning to gamble

you can't rely on luck. It always comes in different forms, good, bad or indifferent. If I had a good trade that I had analysed, afterwards, as lucky it only happened in that instance. To expect it to happen again is gambling. Perhaps, that is the difference.

It`s like crossing Finchley Road with a blindfold on. Get away with it once and you are lucky. Try it, expecting it to happen, and you're a fool.

At the same time, you can make a trade and, by luck, see something that might make you think of a new idea.
That might be repeated but , the next time, it would be a calculated move not based on luck

That last sentence of mine reminded me of something a close friend told me. He was just turned 21 when he opened his first newscontob. It did very well and, of course, he ran it himself. He had learned that he had to have it on the high street, which is where it was.

When he had enough cash, he opened another one, which really took off and he realised that it was on a bus stop. He ended up with thirteen shops. Some of them were not on the high street, but round the corner or in factory areas but he never started another shop unless it was on a bus stop or tube station. His lucky break was seeing that when he got the second shop.

There are many more average lucky traders out there than exceptional unlucky traders, luck is not irrelevant, it does play a part although you certainly can't rely on it.