There is no such thing as bad luck.

[Hoggums]

Only right and wrong. If you lose money it is because you were wrong, not unlucky. :clap::cheesy::clap::clap::cheesy:

If you were in profit and you decide to let your trade run and it makes a loss - then you were WRONG when you made that decision

Call it luck if you like but at the end of the day you are in control of those decisions, you are not throwing dice.

 

[timsk]

Yeah, spot on Hogs.
It's a very laboured acronym, but it contains much truth nonetheless:
LUCK: Labouring Under Correct Knowledge
I believe good and bad luck come in equal measures over time and cancel one another out. So, regardless of whether you're a winner or a loser at trading (or anything else come to that) luck has bu88er all to do with it. And before someone says 'what about the lottery then', that's a game of (very poor) probability and, per se, also has nothing to do with luck. If you found a lottery ticket on the ground and it won a prize - then that would be (good) luck. If you bought a winning ticket and then lost it, that would be (bad) luck, as well as being very stupid.

Tim.

 

[Masquerade]

Wrong...there is. When I wear my lucky jumper and underwear I can't lose. But as soon as they're in the wash I lose money so fast - it's not a good situation at the moment but these aren't going anywhere near the wash for months.

 

[timsk]

. . . but these aren't going anywhere near the wash for months.

Whoahhhh!
Just logged on to this thread and the stench is unbearable.
Sorry, can't take it any more, I'm outer 'ere!

 

[MrGecko]

"Whats blue and fücks grannies?"



"Me and my lucky blue jumper"


(FWIW I do actually have a favourite blue jumper, and I'm wearing it... its bloody freezing! I have to go round and bleed all the radiators :smart

As for the luck thing....

no, don;t really subscribe to it: there are factors that determine the outcome that you can control, there are factors that determine the outcome you cannot control, and there are factors that you do not understand or are even aware they exist - to put it rather simply, "everything happens for a reason", and being un/lucky is just another way of saying that the things that you cant control played a significant role in the outcome.

Or something like that.

being lucky / unlucky is more of a sentiment towards an outcome, rather than the explanation for it.

 

[FXSCALPER2]

You are trading off a level all day, making 10-20 pips and then 9/11 happens. What is that?

 

[wasp]

Price action tells all.... One has risk parameters set and as long as slippage isn't too bad... Its jus another loss/win, depending on position. One should account for anything at any time and if it had an adverse effect on your account, its, as Hoggums, says, your own fault.

Unless you trade via CS of course then the platform would have frozen for the day! (still own fault for trading with them in the first place!)

 

[arabianights]

Absolute ****ing balls. Life is about luck. The skill is recognising and running with it.

 

[arabianights]

Actually this has to have been the stupidest statement I have ever seen on t2w.

 

[wasp]

Just the answer I'd expect from a prop trader!!!

 

[timsk]

You are trading off a level all day, making 10-20 pips and then 9/11 happens. What is that?

That's a 'Black Swan', that's what that is.
I've not read his book, but I guess Mr. Taleb would recommend that you actively plan on an event like 9/11 happening. Those that embraced his ideas would not, presumably, have been overly surprised by the events of that day and would have had a strategy in place to deal with them.
Tim.

 

[arabianights]

Just the answer I'd expect from a prop trader!!!

Jessie

 

[wasp]

no u

 

[arabianights]

That's a 'Black Swan', that's what that is.
I've not read his book, but I guess Mr. Taleb would recommend that you actively plan on an event like 9/11 happening. Those that embraced his ideas would not, presumably, have been overly surprised by the events of that day and would have had a strategy in place to deal with them.
Tim.

You have misunderstood Taleb. He is a philosopher.

 

[arabianights]

no u

no u

 

[wasp]

Srsly though Arab... You really put down a large chunk of your success to luck and, 'running with it'???

 

[arabianights]

ya rly. Not just in trading but in life. Always investigate unusual things as you never know where they will lead.

And on that note I'm off to check out the squatters house that was in thelondonpaper today...

 

[wasp]

Reminds me of a quote from 'lucky number slevin'

The unlucky are nothing more than a frame of reference for the lucky. You are unlucky, so I may know that I am. Unfortunately the lucky never realizes they are lucky until it's too late. Take yourself for instance; yesterday you were better off than you are off today but it took today for you to realize it. But today has arrived and it's too late. You see? People are never happy with what they have. They want what they had, or what others have. The grass is always greener on the other side.

_________

I got stopped out of 3 trades this week due to my tight stoploss. I didn't take the next trade as I ws thinking about stops and adapting to the climate and it was perfect.

Was that unlucky or my own stupid fault? (try to avoid the obvious answer/joke Arab!)

 

[arabianights]

**** knows

 

[MrGecko]

for it to be unlucky, you would have to expect it to go your way, no?