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Beginners Luck?


tombo85

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On 02/12/2020 at 13:05, tombo85 said:

I am new to trading. After reading a book, doing some of the IG Academy and browsing online articles I invested £1000 into FX. After two weeks of daily trading I have nearly made £500.

Is this beginner's luck?

Hey @tombo85

This is great news to hear! I can't comment on how to trade but I wanted to say a congratulations on your first trades!

There are some great people on the community to chat too. 

All the best 

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Congratulations.

Could it be luck? Possibly, how many trades did you take? If you can sustain this PnL over 20/50/100 trades you are golden.

Also, be very very careful about your potential loss as a percentage of your capital. If you had lost £500 this month, you would need a 100% return, just to get back to your starting point. Aim for 2% capital risk per trade as a rule of thumb. (There is plenty of research material on this subject).

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I think we can not totally depends on our luck but in small interval we can make good money but we can not depend on luck for long term trading and we need good amount of knowledge and skills.

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Guest davidmathew

Every business has profit and loss. No business is possible without profit loss. Forex is just like that. There is profit loss here too. A little luck works behind making a profit in all businesses. Forex is no exception. Here, too, fortune works to make a profit. But there is another thing to keep in mind. There is also a hand behind making fortune auspicious. You have to build your own destiny.

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  • 2 months later...
On 02/12/2020 at 13:05, tombo85 said:

I am new to trading. After reading a book, doing some of the IG Academy and browsing online articles I invested £1000 into FX. After two weeks of daily trading I have nearly made £500.

Is this beginner's luck?

Yes.

If you cannot explain with mathematical proof why your system is effective, then you are gambling and getting lucky.

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Well, you made 50% return in 2 weeks, so prob luck, as you can’t really win that much so quickly with a sensible trading strategy. When you start in trading you WILL lose money. You’re a mature trader only when you’ve made back all you lost learning the ropes! Then the real profits start building up. Don’t be put off though, persistence pays off and if your account survives you’ll eventually become consistently profitable. It should take you at least six months to make a 50% rate of return.

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