Is it Possible to Rely Solely on Luck When Trading in Forex?

[Jasz]

Yes, it is possible to rely solely on luck when trading in Forex. The problem is that the odds are not in your favor as a beginner. If you want to trade with only luck, then you will be placing a lot of trades every single day and hoping that some of them will be profitable.
First of all, we have to define what we mean by "luck". This kind of luck refers to the fact that things do not always go our way in terms of making a profit.

If you want to trade with mostly luck, but still have some discipline and make educated decisions, then you should look into systems that utilize various indicators such as moving averages or Bollinger bands. These indicators give you an idea of what the market might do next. They can also help you determine when to take profits or cut losses so that you don't get too far ahead or behind the pack.

 

[Jack Reacher]

You will find a type of traders who grow excited after having a loss and contrarily there is another type of traders who always stay cool regardless of any profit or loss.

 

[eldavis]

Who professional traders who do not rely on luck when trading, still experience losses once in awhile. The biggest mistake you will ever make when it comes to forex trading is relying on just luck alone. Even lucks do run out. It would be better you actually take time to study forex trading and all that there is to learn about forex trading before going into it. Always have it at the back of your mind that the learning never ends when it comes to forex trading.

 

[Petricolous]

I am not in favour of luck. Forex market is very dynamic, and to make profitable trades, you should have an understanding of the market and a strategy. Moreover, you should also be emotionally aware of your decisions. There is not one aspect that will determine your success. So, even if we consider luck as part of it, then it is not enough. Your skills are essential. If you don’t have them, you can’t win.

 

[Forse]

Luck and Forex are not comparable concepts. Of course luck can be with you throughout the entire period of trading, but it is not the key determinant of whether or not you will make a profit. My friend is a professional forex trader and he never relies on luck - it's the detailed analysis that counts.

 

[OtherClam]

Imo, luck holds no place in becoming a successful trader. If your basic concepts are not strong - forex analysis, risk management, trading psychology, etc., then how will you make money in the market? Honestly, the more you know, the more you can make. So, have an open mind and consume as much knowledge as you can.

 

[Ivo Zetticci]

Hedging can be a good strategy when a trader is trapped. Scalping is at the altitude of its popularity and a growing number of traders are falling on this type. Scalping has become a center of attraction among traders and I also like this type of trading. Many broker don’t allow hedging but Eurotrader does.

 

[Chibson]

As a forex trader it is possible for you to rely on luck but it is highly not advisable to do so because you will end up losing more money on the long run.

Trading in the forex market is very risky and if you do not have proper knowledge and understanding of how it works you may end up losing a lot of money. This is why it is always advisable for you to go through mentorship if you really want to become a successful forex trader.

You will need to learn things like technical and fundamental analysis properly and practice for some period of time with a demo account before you can be able to deposit your money to begin to trade little by little.

When you begin you need to start with little capital then after knowing the level of your success then you can go ahead to put big money.

 

[FXOchartist]

Forex trading included in red product as high risk high gain business, investors could losing money in forex trading activity, however in works trading relying upon luck will can't survive, this business need well knowledge to survive for long term.

Choosing broker also important because there are thousands companies in forex world but not all company are safe and trusted, usually trader will looking regulated broker and read review before decided.

But in forex one advantage is we can start with low trading budget because broker like FXOpen offer low minimum deposit, and before start real trading account traders can start trying platform ECN demo account.

 

[Honkie]

I don’t think luck plays any role when you’re trading forex. Forex trading is not a luck-based industry. Forex trading is actually a challenging and dangerous industry that requires certain abilities and thorough market and trading understanding. If you want to become a profitable trader and earn money doing it, forget about luck and start learning and working hard.

 

[Electuary]

You cannot rely on luck when trading forex. There is no surety whether your luck will be with you or not. It has no scientific concoction to guarantee you profits.
Forex should always be correctly technically analysed and executed with the right strategy and plan.

 

[BinarySumo]

That would be more like gambling - which don’t have pleasant results. Successful traders have a trading style, a tested trading system and a plan. No trader can make it in the market without these things.

 

[Emptings]

It would be naive to solely depend on luck. Alone luck will not help. If you are a skilled trader and believe in learning and practicing then it will be good for you in the long run.

 

[GorillaOcean]

If someone trades forex solely relying on luck then that would become a form of gambling. A trader should only rely on their own knowledge and skills and trade with a professional mindset. Luck based trading will never lead you to success in the long run.

 

[Zootoxin]

I believe that traders should find a balance between listening to their intuition and basing decisions on practicality. Both these elements, if blended, create a beautiful strategy that helps them achieve their dream goal. Traders need to learn from trial and error, calculate a risk reward ratio and stay on track. Basing all their decisions on luck is not logical in the long run as the market frequently shifts causing uncertain situations.

 

[YellowWitty]

Luck? You might have a few coincidences. But trading is skill-based. You should be good at reading and decoding charts for placing orders at the right time. What has luck to do with it?

 

[Finger Geek]

Yes, it is possible to rely solely on luck when trading in Forex. The problem is that the odds are not in your favor as a beginner. If you want to trade with only luck, then you will be placing a lot of trades every single day and hoping that some of them will be profitable.
First of all, we have to define what we mean by "luck". This kind of luck refers to the fact that things do not always go our way in terms of making a profit.

If you want to trade with mostly luck, but still have some discipline and make educated decisions, then you should look into systems that utilize various indicators such as moving averages or Bollinger bands. These indicators give you an idea of what the market might do next. They can also help you determine when to take profits or cut losses so that you don't get too far ahead or behind the pack.

I don't agree with you. If you are depending on luck while trading forex then you are ready to lose your money because you will be risking your money and the saying of some people that says that 'forex trading is also same with gamble' will be true. And this is a pure lie.

Forex trading is not about using our luck but about using some technical analysis and some trading tools to trade forex. There are some new traders that relies on luck and have lost lots of money, they don't know that goes don't work like that and also goes trading is not a get rich quickly scheme. It requires lots of time for us to be able able to master forex trading.

Most successful traders are not making profit due to there luck but they have some tools that they use every day to trade forex and this is what makes them to trade forex successful but not trying there luck.

 

[Suba]

Trading is not a gamble, so you must have skill and careful preparation as well as mentally. The luck factor in forex trading is only less than 10%, the rest rely on ability and strategy. There is no successful forex trader solely by relying on the LUCK factor. and maybe you need to know about 90% of forex traders who fail are those who mainly rely on the luck factor, don't want to increase their knowledge of both technical and fundamental analytical skills.

 

[Monadism]

No, relying on luck is not practical in the long run in this market. Traders need to be well aware that while making decisions, they must keep in mind that whichever move they make, it should be analysed and strategized. Traders should calculate a risk reward ratio, enter trades they can manage and pick the right opportunities. Luck doesn’t increase chances of winning. In fact, it adds more risk to your trading.

 

[Ludicrism]

Unlike gambling, where everything depends on your luck and you have no control over the outcome, forex is different. Luck holds no place in the market.. It is your consistent efforts to gain knowledge about the market and tested strategies that will make you survive in the forex market.