Luck and Hope

[bigdolly]

Relying only on luck in forex trading is not the way to success. But hope is a positive thing to rely on after you work hard, follow good money management and trading on a good strategy.

 

[joanjett]

The statistics you mentioned, where a high percentage of traders fail, highlight the challenges involved in trading. It emphasizes the importance of education, understanding market dynamics, risk management, and developing effective trading strategies.

 

[gregonetwo]

I don't know, I guess part of it is luck, but in my experience, it's better not to take too many risks without the right knowledge. Half a year ago I had to sell my car and now I'm sitting and choosing something from this. So I advise you to act on intuition + facts. And anyways, good luck

 

[Talar]

Relying only on luck in forex trading is not the way to success. But hope is a positive thing to rely on after you work hard, follow good money management and trading on a good strategy.

Indeed, your words are correct, I vouch for them.
Hope is a very good thing not only in trading but in the life too, however, this hope should be certainly backed up by facts, rational contemplations and analysis. You can hope that your deal will be closed in plus, but if you did something wrong with your analysis, then hope isn't a helper in this situation.
As for luck, then I believe it's a total bs... Luck turns trading into a kind of a game, while this is improper approach to this sphere. It's more about analytics and brainstorming.

 

[Goldcaster]

That is right.
Trading statistics is discouraging actually, but still it doesn't deny the fact people cease joining this industry. I guess if we look at the statistics of yearly growth of new traders in the market, it grows year by year, but of course the numvber of those eliminated by the market increases too. Nobody treat trading seriously, a lot of guys fail during the very first steps, that is what I see discouraging.
For staying afloat it's enough to comply with those things you mentioned.

 

[Enxhi]

Relying on luck and hope is a risky game in trading. Discipline and patience are the real MVPs.
Success comes from a well-thought-out plan and a disciplined approach, not crossing fingers
and wishing for the best.

 

[henyo]

yup, 90% of traders seee trading the charts as simple as UP and DOWN, they place a trade based on a flip coin and pray for the best, its part of the process anyway untill they find their way to have a solid foundation to follow and place trades based on actual analysis

 

[bigdolly]

That is right.
Trading statistics is discouraging actually, but still it doesn't deny the fact people cease joining this industry. I guess if we look at the statistics of yearly growth of new traders in the market, it grows year by year, but of course the numvber of those eliminated by the market increases too. Nobody treat trading seriously, a lot of guys fail during the very first steps, that is what I see discouraging.
For staying afloat it's enough to comply with those things you mentioned.

Brokers report an average of 75% clients that lost money and the number is certainly higher for inexperienced traders who downplayed importance of paper trading and leap into real market without clear rules for entry, exits, stake management etc. However mistakes are great teacher especially when they cost you money or missed profit.

 

[FXGold]

Hope keeps us going, sure, but don’t let it cloud your judgment. It's better to stick to your trading plan and manage those risks well; that's the real key to success in trading

 

[bigdolly]

The statistics you mentioned, where a high percentage of traders fail, highlight the challenges involved in trading. It emphasizes the importance of education, understanding market dynamics, risk management, and developing effective trading strategies.

Absolutely, the high failure rate among forex traders underscores the complexity of the market. It highlights the critical need for thorough education, a deep understanding of market dynamics, disciplined risk management, and the development of robust, well-tested trading strategies to succeed. Without these, the odds of consistent profitability are slim.