How To Trade Blog: Luck in Olymp Trade trading: Let’s create it (Part 16/20)

“Pound destroyer”

One fine day in the fall of 1992, Nicholas Roditi placed a newspaper on the desk of George Soros. Soros immediately canceled all appointments for the day and gathered some of Britain’s top fund managers. 6 hours passed, the bosses left the meeting room with a plan named: Destroying the pound.

September 16, 1992, it was 1 hour before the market opened. George Soros launched the last “blow” to the media: “Britain’s financial history will change today.”. As a challenge, he attracted the eyes of both the fans and the investors.

At 9 am, the London market opened and the British Pound began to fall. Soros and his colleagues were the first to “pull the trigger” for the wave of sell-off of the pound. Everything became out of control. Herd psychology quickly spread and made everyone sell off. The pound officially: collapsed.

Right at that moment, the Bank of England (Central Bank) still did not understand what was happening. The government and its leaders couldn’t react in all of a sudden. They were passive in stopping the sell-off. And finally, for the first time in history, great England raised its white flag to a human being. For the first time in history, ultimate predators who owned a money printer became prey. For the first time in history, the pound was destroyed.

That fateful Wednesday brought Soros more than 1 billion USD. Since then, the name George Soros officially came to light. He was who used all his assets (more than 10 billion USD) and even borrowed more to bet on the devaluation of the pound. Lots of articles titled him as “The destroyer of the Bank of England”, “The genius of speculation”, etc.

In an interview on television, the MC who was close to the British Royal called Soros ironically: “Lucky speculative genius”. In response, Soros smiled meaningfully and replied: “That’s right! I am the one who creates luck for myself.”. There would be only two scenarios that could happen for that fateful morning. Soros would put his name in history. Or he would lose everything, even fall into debt, and the world would never know the name “Soros”.

Do you think Soros was lucky? I believe yes, but it is as he said that “he is the one who created luck”.

If you have read up to these lines, I believe you have understood the message of the article: Whether in the market or any industry, the one who wants to get lucky must be the one who knows how to create it. And before we share about luck in Forex or Fixed Time trading in Olymp Trade, I will explain the luck to you in the most scientific way.

The science of luck

Luck is when you persist in the act

You want to win the lottery, don’t you? Then you have to buy lottery tickets.

You want to be a millionaire, right? Then sign up for the “Who is the millionaire” game show.

You want to make more than that, don’t you? Please plan and organize the robbing of a few banks near your residence.

Whatever it is, if you want to make money, you have to take action. You can’t expect yourself to win the lottery when you don’t buy lottery tickets. But if you did buy 1 ticket without winning, then buy 100 tickets. If you still can’t win, buy 1000 sheets. Surely, your dream will be fulfilled by winning the lottery.

The law of luck is just like that. Act, act wiser, and act consistently. Luck will smile at you. Maybe it will happen after the first time or it may happen after the 10th time, etc. But for sure, it will come.

You can understand it simply as follows: As you take action, you will learn many new lessons. You will continuously improve your skills as well as draw valuable experiences for yourself. Just one appropriate opportunity, luck will surely come to you.

The martial arts legend Bruce Lee once said: “I fear not the man who has practiced 10000 kicks once. But I fear the man who has practiced one kick 10,000 times.”. And I believe that every time he knocked out his opponent was pure “luck”. The luck comes from a kick that has been hard-trained 10,000 times before.

Luck is when you believe in luck

There is a statistic from the MBA professional basketball tournament. They surveyed 600 teenagers from high schools. They were divided into 2 teams and given “enchanted” balls. Team 1 would use “lucky balls” once team 2 would use “unlucky balls”. Result: Up to 68% of team 1 members succeeded on 3-point throws. Meanwhile, only 40% of team 2 members did the same thing.

Immediately, the surveyors did the opposite. They switched the “unlucky balls” to team 1 and team 2 would receive the “lucky balls”. Result: When the lucky balls were used, the successful 3-point throws from team 2 increased from 40% to 66%. In contrast, that of team 1 decreased from 68% to 44%.

Conclusion: The success rate of 3-point shots comes from belief in lucky balls, doesn’t it?

Oh well! I am telling a superstitious story, right? No, of course not. I am talking about belief in luck. Rather, this is a kind of confident and positive mentality. It gives you strength and makes you feel comfortable. It overwhelms your inner emotions. And most importantly it makes you believe you will win.

Luck is when you have only one chance

Since the foundation of FIFA (Fédération Internationale de Football Association) in 1904, professional football has had more than 100 years of development and has seen countless finals. A statistic shows that: The weaker team will have a higher probability of winning when they play in a final. There are several possible explanations for this:

The weaker team will have a more comfortable mentality. They don’t have a lot of pressure and so they usually do better.
Because the weaker team has only one chance to write the history. So they’ll play with 200% effort as if this were their last match.
Or there is a simple explanation: Because it’s football.

HOWEVER, the experts of statistical probability call that: the only one chance. If it was the only final of their team life span, the weaker team would usually do better. And it is this principle that helps the world’s top soccer brokers pocket billions of dollars each year.

This is also true of killer organizations that specialize in headhunting by traditional methods: Snipping. They train “killers” who kill with a single bullet. It is this teaching technique that most “killers” as “graduating” become luckier in hunting. They will be more focused, patient, and accurate. When the probability of finishing the prey is not 100%, the “killer” will never pull the trigger. Because they understand that, after that shot, either the prey dies or they die.

Luck is when you have only one chance in Olymp Trade trading — Luck is when you have only one chance

You can understand simply as: If you have only one chance, you will try to do everything you can to make it best. It is this effort that makes luck smile at you.

Luck will come one after another and so does bad luck

By the end of 2018, the biggest casino in Las Vegas was undergoing maintenance and upgrades. There were more than 2000 newly installed cameras to monitor players. All the gambler’s behavior and habits have been recorded. The supervising staff made an interesting finding: Gamblers who have won 2 times in a row have a 62% chance of winning their third bet. Conversely, those who have lost 2 rounds in a row have only a 40% chance of winning if they bet on game 3. And it is pleasantly called: The lucky one will continue to be lucky while the unlucky will continue to have bad luck.

Scientists do not call it that way. For them, this is considered as: Psychological factors that affect luck. And they also give an explanation: When a gambler wins in a row, he will tend to be more afraid of losing in the next game. Therefore, with a careful mindset, he will choose a safe way of playing. In the opposite direction, the gamblers who are losing consecutive are flinched and hurry, they will be riskier in the next bet. And in the world of gambling, the more you risk, the more you lose money.

To conclude: The results in the past affect psychology and capital distribution, from which it affects luck.

In conclusion

Wow! Now we can be frank with each other: If you are waiting for luck falling from the sky, you may never have it in your whole life. But if you are trying hard to find an opportunity for yourself, I believe luck awaits you.

The market is home to hundreds of “predators” prowling to tear you apart. If you hope for luck, you will definitely die. Therefore, I expect you not to trade Olymp Trade according to the gambling style and expect luck. We will act so that luck will come to us.

Knowledge and practice

Knowledge is the foundation to train your eyes to see opportunities in the market. Continuous practice is the way to check if your knowledge is right or wrong. And the experience will be what makes you more confident and precise in each trading order. Try to do everything as well as you can.

Skills are a way of creating luck in Olymp Trade trading — Skills are a way of creating luck

Be patient and cautious

There is a very clear truth in trading: Luck is only for people with money. If you don’t have money, then finding luck makes no sense. Patience and caution are what you need to keep in mind. It will help you survive in this market. And when we preserve our lives, the best things will have the opportunity to manifest. Luck is now only a matter of time.

Where to stop

Once again, the stop is what I want to mention in Olymp Trade trading: Or you set a stop-loss to stop the entire trade and exit Olymp Trade. Or you can stop when you lose 3 consecutive orders. Please remember: Bad luck will persist. Therefore, the more you try to trade after losing, the bigger you will lose.

So the series of making money with Olymp Trade has a total of 16 articles published. You can check out other articles below.

In article 17, I will go into more detail about downtrends, capital management, and patience to create luck.

The post Luck in Olymp Trade trading: Let’s create it (Part 16/20) appeared first on How To Trade Blog.

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How To Trade Blog

Monday, October 5, 2020

Luck in Olymp Trade trading: Let’s create it (Part 16/20)