Skill vs. luck in Forex trading

How is Forex trading like (skill vs. luck)

  • 10 (like chess)

    Votes: 13 32.5%
  • 9

    Votes: 2 5.0%
  • 8

    Votes: 8 20.0%
  • 7

    Votes: 5 12.5%
  • 6

    Votes: 2 5.0%
  • 5

    Votes: 1 2.5%
  • 4

    Votes: 1 2.5%
  • 3

    Votes: 1 2.5%
  • 2

    Votes: 1 2.5%
  • 1 (like slots)

    Votes: 6 15.0%

  • Total voters
    40

Dave86

Newbie
1 0
I have been discussing with my fellow traders on whether Forex trading done by individuals like us is like playing chess (skill) vs. playing slots (luck).

What is your take on this? Where would you put Forex trading a scale from 1 (slots) to 10 (chess)? Why?
 

Atilla

Legendary member
19,855 3,112
I have been discussing with my fellow traders on whether Forex trading done by individuals like us is like playing chess (skill) vs. playing slots (luck).

What is your take on this? Where would you put Forex trading a scale from 1 (slots) to 10 (chess)? Why?

10 for me.

The number depends on ones approach. 10 - If it is a calculated move with reasons and considerations that determine ones decision in direction coupled with targets and exits.

Horses for courses ;)
 
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IzaIza

Member
53 2
You ain't living if you ain't gamblin'.

haha, its about 70 skill/30 luck in my opinion. You can make a good move, but you dont control the market. You will lose if you try to outplay the market.
 

Atilla

Legendary member
19,855 3,112
You ain't living if you ain't gamblin'.

haha, its about 70 skill/30 luck in my opinion. You can make a good move, but you dont control the market. You will lose if you try to outplay the market.

To call it luck lacks appreciation and comprehension of random events.

If you put some effort into looking into what you describe as luck you'll see it is more a case of uncertain events with various chance of probabilities.

The Drunkard's Walk by Leonard Mlodinow is a good read (y)
 
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louistrader

Junior member
46 3
The actual results in Forex, for the retail public, are all luck based. The skill involved is proper risk management so that you can survive long enough to get lucky.
 
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louistrader

Junior member
46 3
Do you get lucky or does lucky get you?

I will quote part of your signature as my answer. "Life is 10% what happens to you and 90% how you react to it."

Everyone is viewing the markets through a similar lense and the market is a constant for all of us. Everyone is using some version of Random Walk, planetary cycles, technical analysis, technical indicators, news, etc. The key is how you react to a position going in your favor and how you react when a position goes out of your favor.

What "luck" is can be argued. For mathematically minded individuals, luck is chance. The better your risk management, the more chances you have so you are ultimately finding luck yourself by giving yourself a higher number of chances.
 

Atilla

Legendary member
19,855 3,112
I will quote part of your signature as my answer. "Life is 10% what happens to you and 90% how you react to it."

Everyone is viewing the markets through a similar lense and the market is a constant for all of us. Everyone is using some version of Random Walk, planetary cycles, technical analysis, technical indicators, news, etc. The key is how you react to a position going in your favor and how you react when a position goes out of your favor.

What "luck" is can be argued. For mathematically minded individuals, luck is chance. The better your risk management, the more chances you have so you are ultimately finding luck yourself by giving yourself a higher number of chances.

Disagree strongly!

Everyone views the markets through different perspective based on past experience and their personal interpretation and the market is never a constant but change is the only constant.

Big difference in various systems. Even if you provide the same information with same system, to same group of people - they (different people) will take different bets.
 

barjon

Legendary member
10,705 1,809
What's the war cry on the trading floors - "I'd rather be lucky than good". Mmm, I'll go along with that :LOL:
 

IzaIza

Member
53 2
To call it luck lacks appreciation and comprehension of random events.

If you put some effort into looking into what you describe as luck you'll see it is more a case of uncertain events with various chance of probabilities.

The Drunkard's Walk by Leonard Mlodinow is a good read (y)

Please elaborate.

I hope it is more than just monitoring the economic calendar, watching bloomberg or receiving Reuters feeds.
 

MistakesWereMade

Junior member
47 2
This is why I was hesitant to put money in forex... I just don't know what to look at to give you a better advantage, it's all like blackjack to me..

Don't know how to follow the news since it's a whole country & besides brokers will flag you if they find out...

I don't like putting my money in things unless I'm pretty certain of a profit...
 
Last edited:
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kwickwool

Well-known member
291 30
Was just about to state the harder i work the luckier i get by gary player and was beaten to it by Jack o clubs there.

This is the game of the gods, you either have what it takes to survive or you dont and you will get chewed up and spat out, its that simple. Of course luck plays a part to a certain degree but for longevity and stability luck will even out and you are either successful by skill or you are not and you will fall.

Every dynamic and perspective of trading needs to be understood with a continuous improvement mentality that makes sure that you as a trader can continually adapt and evolve regardless of how the market is behaving.

One of the hardest ways to make the easiest of livings, cant take credit for that phrase as heard it here a while ago but sums this game up perfectly.

and was going to finish with a good luck all........but will finish with a "hope you have what it takes" instead as more in line with this thread :)

Kwickwool
 
 
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