10% Skill 90% Mindset

bigdolly

2nd Lieutenant
Messages
1,194
Yes, I think we can't say if relying on 10% skill just like gambling and relying upon lucky, like a fighter if skill only 10% and they have 90% confident, the opponent will easily to beat us, skill has more portion to become successful trader I think.
 
Messages
266
Yes, I think we can't say if relying on 10% skill just like gambling and relying upon lucky, like a fighter if skill only 10% and they have 90% confident, the opponent will easily to beat us, skill has more portion to become successful trader I think.

Id agree but there are strategies that are very simple and do not take a lot of skill to use. These are profitable once you are disciplined and also emotional strong enough to deal with losses.
 

HeavenLeighRob

Corporal
Messages
116
Definitely think both are important but I would give more value to the skill side of it. If everyone had the skill to be a successful trader, a lot more people would do it.
 

Balladotus

Private, 1st Class
Messages
55
Well, it is impossible to calculate the importance of each feature but I wouldn't say that the proportion of 10/90 is adequate.
By saying that the skills take only 10% of the trading success you mean that the skills and knowledge are not so important. It is hard for to accept this idea. If you are psychologically stable and your emotions don't interfere into your decision making process, but you don't know anything about the market, then you will just make the failed deals with no psychological pressure. The result will be quite the same.
I am not saying that the mindset is not important, I just say that the role of skills should not be underestimated. Traders need to learn all the time in order to catch up with the alterations which take place on the market. Successful traders are constantly modifying their trading strategies because they need to adapt to the dynamic change on the market in order to get decent profits. It is just like the wildlife: you either adapt or die.
 

Luke_D

Private, 1st Class
Messages
53
I'd say that depends on how traders like us have perspective over this, for me, I will say it is equal between 50% on mindset and 50% on skill.
But the more I think about it, the more I realized that skills are heavily underrated, you need to have a good skill in let's say, minimizing losses, or making a balance in trade, etc.
 

TareqS

Corporal
Messages
106
Without any doubt, mind set plays a vital role in forex trading. I am not sure whether it is 90% though. To me, skill is equally important. Let us see what others have to say in this regard.
 

Meztigami

Private
Messages
31
I feel that skills are more important than just 10%.
It goes without saying that the mindset is very important but the importance of skills should not be underestimated. By skills I mean different kinds like the skills of market analysis or the skills of working with the trading platform or skills of using the indicators in an appropriate way and so on. Skills are the implementation of the knowledge. Knowledge are nothing if you don't know how to make use of them during the trading process which is why there are so many great forex theorists but too few successful forex traders.
 

fxoday

Recruit
Messages
583
90% confident they need bigger capital because the skill to determine the best entry only 10%, in my opinion, both should balance, good confidence also need to accompany to good skill, if you relying on strong confidence but make bad entry point where get the price when occurs long reversal you will be dragged on big floating loss, if you are still confident with such situation, small funds in the account will quickly face margin call account.
 
Messages
266
I feel that skills are more important than just 10%.
It goes without saying that the mindset is very important but the importance of skills should not be underestimated. By skills I mean different kinds like the skills of market analysis or the skills of working with the trading platform or skills of using the indicators in an appropriate way and so on. Skills are the implementation of the knowledge. Knowledge are nothing if you don't know how to make use of them during the trading process which is why there are so many great forex theorists but too few successful forex traders.

Very true its not just entry and exits its the skill to know when your system is not right for the day of trading or the ability to use different methods to get better results
 
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