Yesterday I saw the luckiest poker player I’ve ever seen.
It was a tournment featuring 3 professionals and 3 amateurs.
The final 2 remaining players happened to be a professional and an amateur.
What was jaw dropping was how well the professional was playing… making all the right decisions, doing all the right things… while the amateur seemed to just be flying by the seat of his pants… yet miraculously managed to luck out exactly when he needed it.
To make a long story short, the amateur lucked out and strung together an incredible streak to win the $1.2 million prize, seemingly with sheer luck.
What does this have to do with trading?
3 things…
- Sometimes you can do all the right things and lose money.
- Sometimes you do all the wrong things and make money.
- Dumb luck may put some money in your pocket every now and the, but don’t depend on it as a winning long term strategy.
Continued Success!
Ray
Categories: Trading
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4 Responses to “Luck vs. Skill”
YOU HAVE TO CONSISTENTLY DO YOUR HOMEWORK IN TRADING AND SOMETIMES IT WORKS AND OTHER TIMES IT DOESNT. BUT IF YOU WANT TO BE CONSISTENT YOU NEED A BATTLE PLAN
AND YOU MUST FOLLOW IT THROUGH.JUST HOPING
WILL NT MAKE YOU MONEY . ADHERE TO MONEY MANAGEMENT
TECHNIQUES TO AVOID BIG LOSES.
DAVID
Dear Ray,
I am so motivated to read your short article. I will push to myself for more skill decisions and less depend on luck. In trading business one should not depend on luck its a first rule to always memorise.
Keep me motiveted to lern more and more and do better as much possible.
Tushar Shah
Moral of the Story : You need both luck and skills though not necessarily in the same order.
Great article, Ray! – so very true! Words of wisdom for any trader to keep in mind. Thanks for all your valuable information. You’re my #1 resource for trading.
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