Description: Are you among the group of traders that want to know if you really need luck in foreign exchange rate trading? This article takes a close look at it.
To people the term luck has varying definitions. However, it can simply be referred to as the force of bad or good as controlled by various events and circumstances. To many individuals it is just a mixture of intelligence and opportunity. Many people will not believe it but in truth, luck actually plays a role in forex trading. There will be a philosophical tone to this piece but still it shows something that many traders have refused to accept in the world of foreign exchange trading.
How does luck affect foreign exchange rate trading?
Consider a situation where you are just looking at a trade setup and just as you are about to take the trade your internet connection begins to act up or the power on your tablet goes at that point. You then start up the laptop only to find out that you just missed a very good trading opportunity. The next time you see such a trading opportunity, you will jump in before it is fully formed instead of risking the loss.
A positive scenario is one where the market goes close to your stop loss and only reversed after coming close by as little as one pip. There is no other way to explain this than to put it down to luck. On a different day, the stop loss would have been triggered. If the market has already done 98 pips against you, nothing stops it from going 2 pips further to take out your 100pips stop loss.
For many traders, it is practically impossible for them to accept the fact that luck plays a big role in their trading. As soon as they win trades, it is down to their ingenuity but when they lose, the fault is with everyone else starting from the broker to their internet provider. At the end of the day the truth remains that luck plays its role both good and bad in forex trading. When you trade the foreign exchange rate market, a lot of things happen that are totally beyond your control and this could either make you win trades or lose trades.
How to add positive luck to your foreign exchange rate trading
- Start by having absolute trust in your trading ability and also trust your instincts. If you are a good trader, chances are that your instincts would be right for most of the time.
- Focus on all the positive stuff that happened during the course of your trading for each day.
- Always reaffirm the fact that you are lucky. You can do this by standing in front of the mirror each day. Luck is a self-fulfilling prophecy so if you continue to tell yourself that you are lucky, you can easily turn things around for yourself.
- Continue to work on your success
Now if you do not have a good foreign exchange rate trading strategy, no amount of luck in the world can save you from losing your trading account.
Luck is a short-term phenomenon. If you consistently make good decisions then over time luck will even itself out and you will have a positive account balance.
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