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Do you believe in luck in trading?
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Do you believe in luck in trading?

  #1 (permalink)
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Do you believe in luck in trading?

Do you believe in luck in trading?
How many times your target was surpassed and you felt so good (or bad, depends). Do you believe that luck had something to do with that? Can an experienced trader be lucky?

Mike, I've searched the topic and I couldn't find similar thread. If I missed something please accept my apology and move the post to the appropriate thread. Thx

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  #3 (permalink)
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dario1 View Post
Do you believe in luck in trading?
How many times your target was surpassed and you felt so good (or bad, depends). Do you believe that luck had something to do with that? Can an experienced trader be lucky?

Mike, I've searched the topic and I couldn't find similar thread. If I missed something please accept my apology and move the post to the appropriate thread. Thx

No. If you rely on luck you are a gambler. Gamblers usually are separated from their money.

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  #4 (permalink)
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You would never rely on luck as a trader. It's also called Hopium.

:hopium:

But "luck" or randomness does play its part. For example, just because someone is able to place several trades and they end up winners does not mean they are a good trader.

But once you increase sample size to thousands of trades, it is clear you cannot rely on luck.

Mike

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Never relied ....

on Hopium to get me through. Things in trading need to be repeatable and as such I do not believe that you can put yourself in the path of good luck through any process that you can repeat. But from time to time I'vr donr things like hang a stop that ends up buying to open long at the low. BUT I've also done things like traded all day without taking off universal SIM. That really sucked...but it was funny as hell to my friends.

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pure luck or not

I usually don't use the limit orders and many times I was very nicely surprised that the price exceeded my expectations -- this extra profit is that luck?

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  #7 (permalink)
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No, not...

luck in my opinion. Maybe not a best practice but I'd consider that something else having to do with your specific acuity especially if you repeat it all the time.

Maybe you are just a good trader. In as much is it luck to hit a home run or strike-out while playing baseball?

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wldman View Post
I've also done things like traded without taking off universal SIM. That really sucked...but it was funny as hell to my friends.

I know that feeling

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  #9 (permalink)
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dario1 View Post
I usually don't use the limit orders and many times I was very nicely surprised that the price exceeded my expectations -- this extra profit is that luck?

Not luck. But that doesn't mean it has to be skill.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

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  #10 (permalink)
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Big Mike View Post
Not luck. But that doesn't mean it has to be skill.

Mike

I know Mike, I know

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