How to get Lucky (in your life AND trading)
Max Gunther, the author of “How to Get Lucky”.
You are focused on learning to trade forex. Some say you need luck to have success in forex trading. If you don’t know what you are doing you need “luck”, but when you know the technology you can “bring luck on your side”.
In his book Max Gunther outlines 13 techniques for discovering and taking advantage of life’s good breaks, was first published in 1986 and has recently been republished.
The English-born American journalist and writer, who died in 1998, was best known for his controversial bestseller on financial risk management, The Zurich Axioms, but his other works include The Luck Factor, The Very Very Rich and Instant Millionaires.
Lucky people arrange their lives in characteristic patterns, Gunther said, and tend to position themselves in the path of “onrushing luck”.
Here are his 13 tips to turn your luck around:
1. Never confuse luck with planning – When a desired outcome is brought about by luck, you must acknowledge that fact. If you confuse luck with planning, you will all but guarantee that your luck – in the long run – will be bad.
2. Find the fast flow - Go where events flow fastest, surround yourself with a churning mass of people and things will happen. It doesn’t matter if you are a quiet person; all you need to do is meet a lot of people and let them know who you are. Then they will direct opportunities your way.
3. Take calculated risks – There are two ways to be an almost sure loser in life.
a. Take risks that are out of proportion to the rewards being sought.
b. Take no risks at all. Lucky people, characteristically, avoid both extremes.
Be frugal, yet DO take risks within accepted boundries.
4. Know when to cut and run – Always assume that a run of luck is going to be short, never try to ride a run to its peak. You will virtually always be right as the law of averages is heavily on your side.
5. Know how to select luck - Is there some likelihood that the problems with your investment – whether it be time, money or love – will go away?
Do you have some realistic hope of fixing them? If so, you should stay aboard. If not, you should get out and look for better luck elsewhere.
6. Take the zig zag path - Despite what many people think the path to success is rarely a straight line. Lucky men and women, on the whole, are not straight-line strugglers. They not only allow themselves to be distracted, they invite distraction.
A plan should be used as a guide only and if something better comes along the plan should be discarded immediately without regret.
7. Supernatural belief can help - Not because it makes you more lucky but because it helps you make impossible choices. Sometimes there is no rational choice to make, yet the worst reaction is to do nothing.
A supernatural belief can enable people to get into a potentially winning position simply by helping them make choices.
8. Be a bit pessimistic - Lucky people, as a breed, tend to be pessimistic. Optimism means expecting the best, but good luck involves knowing how you will handle the worst.
9. Learn to keep your mouth shut - Talk can tie you up and lock you in positions that seem right today but may be wrong tomorrow. Avoid unnecessary talk about your problems, plans and feelings. When there is no good reason to say something, say nothing.
10. Recognise a non-lesson - There are experiences in life that seem to be lessons but aren’t. Recognise when something was just bad luck and move on.
11. Accept the universe is unfair - All of us, the good, the bad and the in-between, are all equally likely to realise our fondest dreams or contract cancer.
12. Be willing to be busy - The more activities you have going the greater the likelihood that something good will happen.
13. Find a destiny partner - This is someone who is someone who changes your luck over a long term. This person is not necessarily a romantic partner and is usually just found by blind luck but it can help if you are actively looking.
Studying forex trading I have found those “13 guidelines to luck” to share analogies in applicability with trading with the charts of the tradestation and the mindset for learning to trade. The final goal being .. “to make some profit or have luck on your side”.
Luck can be within your grasp, when you incorporate these guidelines into your learning trading forex.
Commit yourself to “one trade at a time”: focus!!
(Rule 5: Know how to select luck) It is tempting to bid (sell/buy) on different currencies at a time. Or course it is your choice but know this … at time of “elevated heart rhythm” you can not think clearly anymore. Thereby loosing your bid. your goal is “to make a nice profit” and learn while watching the development of the trade index.
So be fair to your self know your goal … and commit your self to one trade at a time.
: Success with trading:
Huib Salomons
