Does Luck Play Any Role in Forex Trading?
Luck – the force of good or bad governed by circumstances and events; a crossroad where opportunity stumbles on intelligence. In my experience luck is persistent, meaning that it influences more than one area of your life. This made me think whether luck plays any significant role in forex trading. Do lucky individuals craft more profit than other professional forex traders?
Online forex trading touches many aspects of human behavior and instincts. A professional trader needs to know when to give up, be able to go all the way without blinking, make decisions and follow the strategy plan, be persistent and believe in yourself, take actions and show initiative, prepare for the daily battle and keep yourself from going mental! As for being lucky, in my opinion, it is quite hard to find a successful trader who isn’t overall successful in other fields of life. In order to be victorious you need to have a certain personality which allows you to reach an excellence not only in forex trading, but in other things presented to you by chance.
It doesn’t mean that you cannot create your own “luck”. Human brain is a muscle which requires regular exercise. If you consider yourself “unlucky”, it is still possible to change your destiny by building excellence in one area which fascinates you the most at the moment. With time you will notice that the success spreads over to other areas of your life as well. The right mental state of mind, expectations and actions, eagerness to learn and practice, except the mistakes as a part of educational process – all are the key to your “luck” in forex trading.
Having a positive attitude and actually doing something out of inspiration more likely to lead to success, or in other words “luck”, than sitting around waiting and complaining how tough world is and how dumb is Paris Hilton! When you make your own success, “luck” turns into something expected, proven, achievable. Statistically speaking, it is no longer a “random” touch of good life.
On the other hand, there are events in forex trading which are outside your control but turn out to be a good catch. For example, let’s say, you have just started forex trading. Your knowledge is limited to basics and you don’t quite understand the tricks yet. What we normally refer to beginners luck can actually be a deadly poison. Couple of “lucky” wins can give a newbie an illusion of control and therefore turn to “bad luck” later on in the trading career. In my opinion, it is better to experience the “unlucky” losses as soon as you start forex trading in order to figure out a correct money management strategy. Money management is overlooked by many, but it gives you ability to flow with the good luck wave and shut the door to the “unlucky” decisions.
Lucky traders are skilled at creating and noticing opportunities, taking actions and listening to the intuition, holding on to positive expectations and adopting flexible approaches which transforms bad luck into success. "Luck" presents itself to all of us in one form to another. It is your responsibility to embrace the opportunity and make the most of it. Many of us, perhaps most of us, don't even see them when they are under our noses.
Sometimes it is simply difficult to acknowledge that luck is involved. When you have a trading plan and strategies it is natural to assume that the profit was made because of those genius ideas. I have also noticed that when traders lose, most of them blame it on bad luck. However, when there are winning trades, somehow luck is no longer a reason for success. In my opinion, luck plays it’s role, whether good or bad, in forex trading. Things happen, both beyond our control and outside one’s knowledge, which nevertheless influence the trading.
Lastly, here is couple of points to inject luck into your life:
- Believe in yourself and trust your instincts – they are usually right on track.
- Every day reflect on things that went well.
- Before making an important decision, whether related to forex or not, imagine yourself being lucky. Stand in front of the mirror and tell yourself how lucky you are. After all, luck is often a self-fulfilling insight.
- Embrace new experiences and break the usual routine. Say “Yes” to things you would normally refuse.
- Work on your success – even if the steps you are making are small, they are still steps forward.