Can we depend on luck in Forex trading?

[Shing1985]

Can we depend on luck in Forex trading to make good trades and profit? I want a detailed answer of my question.

 

[Hulas]

Actually, that's a good question. Personally, I think that a small share of success in trading depends on luck. But I doubt that it can be developed in any way. It's like in the Futurama episode, where Bender wanted to win a poker tournament, so he collected Lepricon, the lucky leg of another robot and some other stuff. But life isn't an episode of Futurama, so I doubt it'll work. You either have a personality trait like luck or you don't. Of course, everyone can get lucky sometimes or not. But somehow a person wouldn't be able to influence it. But you actually can develop your professionalism in trading.

 

[Electric Rainbow]

It is abundantly clear is that one cannot rely on the mere luck while trading.The price won't go up just because you opened a buy trade and in no way can one trader beat the avalanche of the market. The sin of overconfidence will be sternly punished by the market.

 

[FxPro Trader]

Yes luck is very important in trading especially when you use high leverage and expect to double or triple your account. It's unlikely to happen without luck.

It is true that many times i am in the wrong trade and after that i am making profits because of a good luck.

 

[Shing1985]

I think it's pretty possible for a newbie trader to make good money from FX due to pure luck. But I think it happens rare and probability laws that govern appearance of such cases are similar to those that work in poker. In the long distance, of course, the odds for a newbie to show consistent profit quickly drop to zero, because impact of randomness of individual trials decreases and statistical laws start to do their job.

Good, as a newbie if we can depend on our luck and start making profit with our luck than how can we prove ourself a good trader in the future for long term trading?

 

[Ishnnis]

If all that a person has to do in forex trading is to observe a live trading graph ad the predict the value at the end of the trade the you can certainly rely on luck. There are people that do just that and they are very successful in forex. If you can predict correctly the you are all good.

 

[Gravelwing]

Yes we can. There are some people that will tell you that you need to have knowldge in forex tradig but that is not always the case. If you use the ew brokers then you wil;l realise that forex trading is all about predicting graphs and I do not see how knowldege helps in that area.

 

[FxVPS]

I think it depends on luck but skill is the base of your success and luck is the part of success, so be skillful and luck will follow.

 

[RainbowRain]

Luck will not help you earn on forex. Your actions should not be impulsive and unreasonable. Only the ability to analyze the market through technical and fundamental analysis can lead to success when you know what you are doing, when and according to what rules and conditions of your trading plan.

 

[Aaron_0]

Relying on luck in forex trading is not a sustainable strategy. While occasional wins may happen by chance, consistent success comes from skill, analysis, risk management, and strategy. Professional traders use technical and fundamental analysis, along with a disciplined approach, to make informed decisions—factors far more reliable than luck.