Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
If you're not disciplined and you don't follow your rules ----and you happen to be right on a particular trade -- you end up thinking that you can do that all the time.
Forget it -- it was luck... 99% of luck -- I know I've been there.
I agree, I believe luck only exists under adverse probabilities, so luck would be getting in an accident while not wearing a seatbelt, and surviving. The failure of skill would be driving without the seat belt.
A better way to think about it is something like Russian Roulette. 1 bullet, 6 chambers, two players. Luck is the outcome of the adverse probability.
Gambling is taking the bet even though the probabilities are against you.
I found out this interesting story about luck, Coincidence, Probability and Risk:
No doubt that luck plays an important role in trading. Trading is about taking risks. Here's a fascinating story about two famous traders with differing attitude to risks and chances. [this is a must-read!]
Absolutely there's luck in trading. Here's a couple of examples....
You plan your trade, place a limit order to enter. You're order is hit to the tick and you get filled without taking any heat on the trade. An instant winner. That's pretty damn lucky.
You're in a winning trade and the market is moving swiftly to your target. Everything is looking great. You're exit limit order is in the market just waiting to be hit. The market moves to your limit order, trades there briefly and reverses hard on high volume, leaving you unfilled on your exit. You end up giving back a point of your profits. That's pretty damn unlucky.
"In order to excel, you must be completely dedicated." -- Willie Mays
