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

Attila the trader

Active member
192 19
wow quite a large number believes that no luck is required (accourding to this poll ) i think it is quite arrogant , for example you need luck to be safe from account destroying losses that are not pre defined by you strategy you could get destroyed by a flash crash that no body predicted or a company going bankrupt , IMO
 

Attila the trader

Active member
192 19
Skill is what i would prefer than saying luck, because skill is something that you develop through trading and skills keep your from repeating the same mistake as well bring profit.

Luck is just said when something happens out of sudden and it does always happen like your skill, traders who have earned a lot of profit and say its luck are mostly skilled.
people dont like to accept luck because they dont have control over it , it is just probability people prefer skill because you have more control over it and it could be acquired through effort and when things fail they can say that it happened simply because they haven't developed the skills yet .
 

Atilla

Legendary member
19,910 3,163
wow quite a large number believes that no luck is required (accourding to this poll ) i think it is quite arrogant , for example you need luck to be safe from account destroying losses that are not pre defined by you strategy you could get destroyed by a flash crash that no body predicted or a company going bankrupt , IMO

Are you for real or are you a wind-up?
 

Henow1969

Well-known member
312 41
10 without any doubt.
We can never depend on luck in Forex and it always needs to have good skills and knowldge, Without having these things it would be difficult for a trader to survive in Forex market.
 

Atilla

Legendary member
19,910 3,163
not interested in winding anybody up educate me if you will
LOL
Go back and read the thread. I think enough has been said.

Fact that you think people are arrogant for sharing their opinions contrary to your thoughts I find amazing. :eek:
 

Attila the trader

Active member
192 19
LOL
Go back and read the thread. I think enough has been said.

Fact that you think people are arrogant for sharing their opinions contrary to your thoughts I find amazing. :eek:
lol i didn't say that having an opposite view is arrogant, i simply said that people who only appreciates one side of the argument and are hostile towards conflicting ideas are arrogant
 

Trader H.C.

Junior member
39 13
I'll give it a 7.

Given that you have an edge over the market, you still can't control the outcome of i.e. your next 10 trades. We only know that given enough trades, we are going to win more than we lose.

With that being said, still, no one can guarantee that your edge still exists after so many trades in the future.

Experienced and skillful traders can take action to increase the chance, but there are still have a lot of uncertainty and risks involved.
 
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awllee

Junior member
46 4
The problem with this is that it will take a significant amount of trades before you figure out if you're actually gambling or trading successfully... by which time, you may have lost all your money!
 
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TickCOM

Active member
130 23
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?
Very interesting topic and question. This depends on the slot machine, if it has buttons or not, to say if the user has influence on the outcome. If not, it is gambling and about luck, if there are buttons where the user can add his influence on the outcome, it is skills.

Visiting a casino, you have two kinds of slot machines, with and without buttons. The ones without buttons stand at the entrance, where you can win 1M$, if you are very lucky. The ones having buttons, are in an area at the back, full of slot machines having buttons, tall bar chairs with people sitting there all day, with bags of coins. They are professional "players", very skilled, accumulate coins during the day - and only "play" things where they have an influence and fair chance of the outcome. You will often find this type of players poker and blackjack tables.

Those on the roulette are,gamblers as they have no influence of the outcome, and the zero goes for the bank.

Now we can judge who is most profitable, the skilled player or the "very intelligent". Where I say the players always win over the "too intelligent". The smart always wins. For example many phd "too intelligent" have wasted years in brute force quant development getting nowhere, stuck in the details, forgot to think and be smart.

Financial trading is about to be smart and think, not about education. Is gambling if you do not have a qualified plan. Today´s financial trading is conceptual and not about math, programming, complex TA. Anyone able to think and be smart can participate.
 
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