Topic: trading purely based on luck. (Read 506 times)

Fools make decisions based on luck. If we don't make a decision thinking that what is in fate, will that decision ever come in our favor?  Trading and gambling are two different things, if trading and gambling were the same thing, then we would say that trading depends a lot on luck, but where the success or failure of trading depends on one's own skill, there is a story of how a person succeeds in trading depending on luck.
In the case of trading, we cannot rely on our total luck, we must try to use as much as we know. If before accepting a trade I feel that there is a fifty percent chance of losing me by accepting this trade then I will never accept that trade. I know I have to take risks but I will take those risks when I think that taking the trade now is more likely to be profitable after doing a thorough research on the market.

For noobs like that who harbor such intent mistaking trading to gambling before they can arrive to a realization of the difference they must have burned their account with whatever amount they started with.  Trading without study and analysis is just gambling your money without a chance. Trading is a serious business like a financial battle with people (experts) on the other side and that's why the only guaranteed way to stand a winning chance is to be equipped with as much strategic trading skills necessary to stay out of loss.

The demo account is like a practice area where no matter how many times you become perfect there and succeed in making a lot of money, it still can't be called success because your success in the demo account is only artificial. You get it?

The only thing a demo account can do to help you is give you an idea of what technique or step you should take so that you can make a profit in trading. But you must remember that when in the real world of trading you apply ideas or what you learned in the demo account, the difference is huge from the actual trade, and usually what you expect to be able to do is always right in the demo account in the actual trade is not like that, believe me.

Whatever strategy you apply in trading using a demo account, even if it is successful, can never be said to be a success for traders because it does not involve emotions, and whatever percentage of stop loss you apply will not affect when it reaches the percentage you have set.
So never use a demo account if you feel the strategy is good enough to apply to your trading, only then will you realize how trading based on luck is a mistake because it is the same as gambling.

That's the difference there, you were trading on a demo account and any individual that has used a demo account can tell that there's a difference between trading live and trading on a demo account. When you're live there's an anxiety, emotions and other things affecting the decision you make. You'll be more careful on live account because there's a risk of losing your money if you lost the trade but on demo account you'll be too confident as there's no real money involved.

Your trading time wasn't for a long term that's why you feel trading can be done on luck, every beginner gets beginners luck when they trade as they can open few trades without any analysis and make profits but they can't sustain that as they'll lose to the market eventually. No individual should trade by just guessing and hoping on luck.

in a demo account, you may be able to continue winning in the trades you open. but on a real account, it might not be that easy for you to make a profit.
the way you do it, chances are your luck is better than your analytical skills. or you might try it for trading on a real account. If it still works, you are definitely a gambler with high luck. stick with your small bet, never increase it.

the OP just got lucky with his trades without doing any analysis. i hope new traders won't copy his technique because it doesn't work for all. not a valid trading strategy by any means. because you are like gambling with your trading activities.
and if he continues to do so, playing with his luck, sooner or later, he will incur losses that he will regret. you can't play on this game for long without suffering any loss.

What you did will simply tell us that having into a trade without any market analysis will end up getting lucky or not, and the chances in very slim. Considering the volatile nature of the market, you can't simply put your trade on the way, or else, you're making this for a loss.
That experiment will show something that every trader has different outcomes even though they are using the same strategy and this is because we all have different market approaches, understanding, and emotions.

Subjecting trading to being based on purely luck is the wrong motive, as it could even cause a trader to experience more losses than usual. For one to trade efficiently, they need to learn and understand the basic principles of trading, because that's what can help them have more successful trades than failed trades. Some experienced traders know when it's more suitable to enter the market and also when it's more risky to enter a trade, and what helps them to know all that is because of the trading tools that they use to analyze the market before they start to trade, but for a newbie who doesn't know all that and only thinks that they have to rely on luck, then they will experience more losses.

If winning in trading without any basis then it becomes gambling? I don't think so, I believe trading is a form of gamble because it involves money and chances of losing and winning.

But for OP, you shouldn't be experimenting trading with just a luck, it is called trading for a reason, you just don't trade to lose unlike gambling that is mainly for entertainment.

Have the same thing in mind, you could do this with day trading with less duration candles like 5 minutes or 15  minutes, you can play with this with just a luck since it is very hard to predict things with such a short period of time especially in trading. Can we say that the money you get in trading like this is a profit? I mean yes it is a gain but it does not come from sole trading?

It is not only in trading, everything can be a form of gambling if we do it just relying on the luck. It means less or almost no effort to raise the chance of a success. But if we do it with certain analysis/approach and it is according to the knowledge/experience we have, it is not a type of gambling. In trading, we must do serious analysis before we decide anything whether to buy or sell coins. We can do analysis because we have knowledge and experience. So, fundamentally, a trader never only relies on the luck because they do certain ways.

It is not as easy as you described, mate. Also we do day trading, it is untrue to trade based on luck. I believe those day traders who apply this way, probably have bigger chance to fail than succeed. Sometimes the prices of crypto coins can change drastically in a day. If we trade without a deep analysis, we may be not ready when the trend of a coin to change immediately.

In trading, if you do anything best on luck, then that becomes gambling. And as we know with every gamble, The winning chance is 50/50. You may win or you may lose. So the same thing could happen while trading if you are doing it based on luck. Those trade May outperform your carefully analyzed trades, but the outcome is always uncertain.
if you are a day trader then this might help, but not entirely. There are people same as you who are gambling their way through trading. They are doing the same thing as you have done. They have open trades based on their luck. And they are gambling too. So you are making profit from that. It could be a short-term profit. But when you look at the bigger picture, it becomes more clear and those small changes that you think were profit means nothing. Cause in the long run, luck never works.

You were lucky OP, that you gamble for the past three days and it worked out for you and that is why I said that you are lucky. Your pattern of trading will only be profitable to you once in a while because you don't have the skill to trade and this strategy wouldn't be profitable in the long run. Trading needs skill for one to be able to make profit and to continue with his trading activities, because you have to know the right strategy which that works for you. One can be a professional trading due to his skill and experience in the market but gambling is totally based on luck. You should also remember that trading can be easy on demo account because there is nothing to lose and no emotion attached to it.

Yes, to get the desired results from trading, of course we can determine what we want from the presentation.  Therefore, if trading is based on luck, it is certainly not appropriate to say that, because in trading we can consider avoiding losses

Well, I will not say anything with your experiment because 3 days is just too short to conclude that trading purely basing on luck outperforms trading that's purely basing on TA, and news.

On the flipside, with what you said, there might be some readers out there who might try it, but this time with actual money. I'm not trading anymore since I lost a few months ago, but I didn't ever tried this type of strategy. On the other hand, emotions are very different when there's money involved. You can control your emotions when you're in a demo account only, but when there's money involved, what you can control when using a demo account might not be controlled when using true money.

Overall, I would like to request to OP to try it for a longer period of time. Let's say 15 days? Or 30 days? And also try it with actual money, then share your results here. We would be happy to see it for sure.

I think he is better to stop it, why should continue it? It is a bad idea to trade with no analysis and use a random way.
I guess he may be just lucky that time, it probably can't work anymore if he apply the same way for a long time.

It is very possible to happen. Relying on the luck won't work a long time, it is the wrong way in trading. It will be worse if he use a big money, he is very possible to experience severe losses in the future by using the random way.

His experiment can be called a success if he could earn profits at that time. But it is not recommended to use the same way in the future because it is not a proven way. IMO, it is not a type of experiment, it is just trying his luck.

As an experiment it is interesting that you were able to get better results than when you traded the markets with a purpose, however the experiment was performed with the best possible conditions you could find so it could succeed, if you were to do this with real trading conditions it is very unlikely you will get the same results, as it is simply impossible for a trader to remain calm now that they have decided to let go of the only way they had to control their actions and now they are relying completely on their luck.

thats true, probably just short lived luck moreover its demo account, i don't know, but it seemed most people are having good trades with demo account but suffer miserably when using live account.
it might be just placebo effect but i guess its because most people are so confident in their trade if they don't use their own money.
but when it comes to their own money things changes.
therefore this isn't really an experiment, its also have no correlation with luck honestly, i mean you are lucky if you trades with your own money and profit not just demo account.

Well, OP is not talking about business but Trading. Of course, we never succeed if we just rely on luck but rather make use of our knowledge and skills as a tool to earn a profit from trading. But OP had a sort of market trial using demo accounts and that seemed to easy to win our emotions since there is no real money involved there unlike when we are using our hard-earned money, a lot of things are changed.

Anyways, whether we are in trading or business, sometimes we are hoping for some luck but of course, it should be accompanied by hard work and effort.

That’s true because in trading you have to be more wise on using indicators and know how to do a technical analysis. Luck might be present at some of your trade but don’t depend on that always, just be more active on learning how to trade properly than to trade purely depend on luck. Again, trading can be very risky so don’t over confident and make sure that you will trade based on the analysis and not on any guess trade.

Your trading experiment might probably work in three days but not sustainable enough to work for long term. That is because luck is not the only requirement in trading but you need knowledge and skills as well so you will be able to succeed on your trades regardless on the position of the market. Although being emotionless in trading will help you to be successful, but we all know it’s a lot different when we are trading with our live account as emotions will always be there triggering our trades.

You would find it sooner or later on the time that you do step your foot into this market then it would really be just that so normal that you would really be that having those impressions that trading is risky on which it would really be that similar to gambling but sooner or later you would be able to realize that it wont really be just that as risky if you do really know on what you are doing.Plus we could already differentiate on whats a leisure thing and whats an investment or venture that you are dealing in speaking with trading. Somewhat it is really that true that there's a little bit mix of luck on which we do really need if we do speak about success
on trading because no matter how good your analysis is but if things turns out to be salty then you would definitely be having that issue on failing up with your trades.


This is true on which on which if you are still a complete noob then you would really be having this kind of intent or belief in mind that it is really that something that similar to gambling
on which it would really be normal that you would be having that gambler like kind of approach until you would realize that this isnt something that really needs to have that kind of dealing
but rather you should go to that serious part on analyzing and studying more rather than on being careless and easy go lucky kind of behavior.

What a nice experiment. I think I will try this in a demo account too given that I heavily rely on technical analysis whenever I trade. Let's see how I can benefit from my experience and my guts in choosing the speculation to believe. Though I think it will differs when a real money is involved in the experiment. Having something that is at stake will somehow make your judgement change like being meticulous on the data you are relying on. Fundamental analysis works but I don't do it that much.

Trading is not the gambling,So how you claim the trading was based on the luck.The analytical skills help one to earn good money from the trading,because the trader should take one coin for the investment.Then he shoiud analysis the complete from the origin of the coin to the current point.So the trader will make their accurate time for the pump and dump in the price of that coin.So the analysis was the key factor for the trading,So using the ideology one trader can find the accurate buying price of that coin.In all the way trading is not based on the luck.

I think trading can never be done on the basis of luck. If trading was a means of earning profit on the basis of luck, then what was the need to convey different opinions, analysis and information of people about trading on different platforms. If you make two or three trades without any analysis and estimation, and you get a small profit in it, then you should never take it to mean that you can do the trade on luck.

Trading always requires good experience and good knowledge, yet sometimes the analysis and guesswork of an experienced trader can prove to be wrong. Crypto currency market is a volatile market, a newbie can make some trades without any analysis and guesswork, and may get profit, but it cannot be consistent. So instead of relying on luck, focus should be on hard work and learning.

It is typical of newcomers to think that by some means of luck they could be successful traders but trading doesn't work that way, trading success doesn't rely on luck but strictly on skills, anyone could be lucky with a trade they open but in that luck 99% is dependent on your applied skills and strategy to that very trade.

If this was gambling I could more or less agree about luck but same doesn't apply with trading that's why it's advisable for traders to keep learning different trading skills and strategy till they discover the very one that works best for them and pitch your tent there stead of sitting on luck.

What do most people think here—that trading is all about luck as well as gambling? Is there a valid basis for saying this? because just to say that it's just like gambling, which also depends on luck, this view and belief is a bit wrong. It is incorrect to compare trading with gambling.

Maybe it just depends on a trader's belief in the cryptocurrency business. But if anyone believes in this concept, he has the wrong perspective on trading, based on my own opinion. What's the point of why trading is called skills? The tool indicators are then useless. If trading is based on luck,

You say you depend on luck to succeed in business but I cannot agree with you. Fortune depends on one's hard work and one's efforts. A hardworking person aims to achieve something in his life and a lazy person dreams that success will catch him by himself, a person is striving to reach his goal another person is passing his time in idleness and waiting for something amazing to happen here. A person who works hard is more likely to achieve success. You may have started training without understanding about trading but later you tried to gain understanding about trading and gained practical experience because of which you were able to achieve success in your business. So if you want to achieve success, you must try, it is not possible to achieve success depending only on luck.

I'm not sure if the Op is just basing on his luck on his trades because normally we can see the chart when we execute a position especially if he really knows how to trade. Even if he just looks at the chart quickly, he can see where the direction of the price is. But even then, you still won't be profitable if you trade that way. Trading in a demo account and a live account is also very different. If you're profitable in your demo account, it doesn't mean that you're 100% profitable in your live account. You should trade as if you have no emotion which is very difficult to do because it is normal that we have emotion depends on our previous trades, especially if we lose consistently. That's what we have to watch out in our trading, our emotion.

Honestly, congratulations to you, but relying on luck will not come again and again, maybe luck will come once or twice, but not many times. What you are using is a demo account and this will be very different if we use a real account, where there will be lots of complex problems that have to be controlled. especially in terms of psychology which can disrupt our trading patterns, and this must be trained gradually

If you trade base on luck and you entirely depend on it without any trading skill, your chances of losing your start up capital will be very high as you won’t know the best strategy to use in other to reduce lose in your trading activities, I know luck sometimes do a very marvelous thing for us to win our trade but we can’t just relay on luck alone just because it works out for you few times which it was tried out those not mean it will continue that way for the rest for other times.

If you are the type who is always lucky at your first time trail, take advantage of that and learn some trading skill if you are already developing a passion for trading so that you can add up that skill together with your luck and  see the amount of trade you might be winning on a daily basis and with the skill you will actually learn how to control your emotions and how to read chat very well which will help you in enhancing your trading activity.

Don't let newbies see this and they will think that trading is really based on luck alone, there is no need to learn analysis and so on. Because as we know, each person's luck will be different. And if you only trade based on luck, this is really like gambling based on luck. Here we can't see the chances of whether we will get any more gains or not, just hope and guess, and wait for luck to be with us. However, when will luck continue to come our way? That's the question. So, even though you are currently getting unexpected profits from trading based on luck, I hope you still have to study and do research, because no one knows whether luck will always be with you or not.

What differentiates real trading from demo account trading, is the pressure that is created!!  when you trade with a demo account, you are not afraid of losing at all, you actually seem relaxed, that is what makes you instead of losing, profiting whereas when you trade with an account real, the pressure you get is enormous, your worried attitude is created naturally, that's why usually traders who play on real accounts use technical analysis and fundamentals to make themselves comfortable and confident with the decisions they will take.

Well said. It is unless from my perspective, the trade was cancelled but it didn't work and alot of gain was made from the glitch wherein one can say it was luck, then such doesn't easily happen.
Trading is intentional as well as gambling. It is the outcome of the action you made that broight the luck of a win, I don't know if I should classify losing as luck in this case too but trading is more of a calculated risk than luck factor.

No, Trading is not entirely dependent on luck.  Gambling depends on luck. And tarding and gambling are not the same.  Although trading and gambling have some similarities, they are not the same.  Trading is dependent on skill. The more skilled he is, the better he is at trading.  In order to do trading, you must have sufficient knowledge about bitcoin. You must have the ability to understand the situation of the market.  Understand Hold and Sell.  What to know about Bull Runs Trading theory is time consuming.  It needs a lot of time to understand. No one can master it very quickly.  Moreover, it is possible to learn a lot by following the experts in the forum.  Gambling and trading are never the same.  One requires skill and the other requires luck.

Not really if we do speak about based on luck because it did really just turn out that the price had really goes that way and even without applying any analysis then results would really be that neither a hit or miss.

On the time that the price would really be able to hit up on what you had put up then for sure you would really be having impression that it was really that working but lets not put up into our minds
that it is really that basing up on luck because nothing beats out if you do really t rade up on using up indicators or analysis because its never been that not recommendable on making up trades
basing up with luck or pure guess. It would really be just that so normal that on the  time that you do make use of demo account then it wont really be making you that impulsive
since you do know that there's nothing that you could lose and which it simply means that you cant really be having those common impulsive reactions.

Emotions is one of the most common thing that could affect a certain trader, we dont really like on losing money and this is why whenever we do see  those
sudden swings or changes in the market then we do have that common impression that we do really need to adjust.

Many will not argue with this fact as some people believe everything happening today is always base on luck. To my own understanding, not everything is luck, for luck to even come your way, you must have learned something’s and have knowledge about it before you can get that luck come your way. You just used a demo account and saw that you profited, if you had used a real account and the outcome didn’t come like this, you’ll not mention anything like luck in this, but rather you’ll say you’re not yet an expert in it or your emotions wouldn’t make you to decide the right decision that was why you lost. Luck or no luck, it has to find you put in some effort before it can locate you.

This is one of the reasons I keep telling people not to keep comparing trading with gambling because these are two things we need to understand or else we will be making a big mistake. Gambling is what is majorly based on luck. You can keep making consistent profits from gambling without any issues but that will be very difficult for traders to accomplish because the market is always volatile and cam move to any direction if we are not careful. We need to ensure that we manage ourselves as a trader that we are or else we are not going to make profits from the market than loses.

For how long would the OP continue to rely on luck? Definitely at a certain period of time the OP having count on luck in taking trading decision would begin to experience or incur some losses because trading is not gambling it requires acquiring some level of skills in Fundamental, Technical and Sentimental analysis all these combined would a trader to have an edge over the market thus the OP shouldn't rely on luck while trading having earn some profits consistently it could be absolutely very risky if on a Live trading such habit is also adopted by the OP because it won't take long before portfolio would be liquidated

I don't fully believe it. I think this applies to beginners who have just entered the market. In my experience, at first I was very confused in trading. We all have many indicators to look at and how to determine the exact outcome. but after continuing to trade for some time, I realized the importance of technical analysis in trading. it really is very helpful as long as it is fair to use and always stable or bitcoin itself.

Relying on trading with only luck is called gambling because it is only based on feelings without any analysis.

Even beginners who are just entering the world of trading do this kind of thing, relying on luck and trading Futures.
You can imagine how the risk is, once wrong, everything will be lost.

Trading is quite complex, relying on all technical, fundamental and psychological knowledge,
so do not just rely on one method alone.

Trading also requires risk management, and financial management to avoid deep losses.
When good management is done, trading will also run well.

You are right, we should not trade totally on luck, because it's just like opening a business without any experience and totally depending on luck. And in the end, when you fail you will talk bad about the business, not about you. And will not accept your mistake. We all should not depend on luck only.

No doubt, religious people think that a thing will happen if it is in our luck but luck can be changed with prayer.

So, we should make an effort first, do hard work, should do proper analysis so that we would get profits more than losses. The profit ratio can only be increased when you do your part of the homework completely. But here the OP did not trade in the real market, he did not use the real money and as he said there was no emotional factor, maybe that's why he made that much profit.

I think the same, if we lack or ignore emotional trading then we might try our luck but as many others said, luck should not be our first priority.

I don't think so. Yes, despite the fact that technical analysis does not guarantee that it can be 100% accurate, relying on trading results on luck is still not good. at least our little analysis can help decide. no need to worry about whatever the outcome is. because we understand that trading risk means trading with high risk.

Is this futures trading?
You tried trading in the form of a demo account, correct? Often times we try to trade using a demo account and we will find positive results or profits, but it is different from a real account. If we trade using a real account, the percentage of success or profit depends on the analysis which is in line with market direction.
Of course emotional factors, pressure, TA and fundamental analysis will have an influence. If you use a demo account, you are usually mentally and emotionally alert because you are not using only demo money, and if you experience a minus or loss it also doesn't affect us. This is different from a real account where our money is at stake there. We can really lose money if the market does not match our analysis. Therefore speculating or trading without analysis with a real account is the same as gambling or wasting money for nothing. It's better to stop and don't do anything stupid.

Congratulations on making that profitable. It might be your lucky day(s)! Maybe you would be able to win a lot if you gambled. ^{This is not an advice to start gambling}

Anyway, it's amazing how you can see that the market isn't picking anyone or anything. It can be pure luck.

You might be able to make a profit depending on your luck with this decision, but you have to keep in mind that this is never a sustainable strategy. You should not use this strategy all the time as you are short term for trading and get profit but it will never give long term profit. Profit and you can be successful in your trading mainly by using sustainable strategies that trade for a long period of time. You will never be successful if you are always trading based on your luck rather than your general skill. That's why you should first gain knowledge about different trading strategies and then place stop-loss orders to minimize your losses. But you always have to think that short term trades will never bring you huge profits so you have to think higher where you can be successful in long term trades.

We can have 90% of the luck on our side if we know how to do that. You can learn about the nature of successful traders as they work out their plan, create strategies and have the flexibility to change their strategy in any unexpected situation that occurs.

A trader can exclude his emotional actions from every trade he makes by having a great money management strategy. I think it will be able to increase our winning chance and reduce our probability of losing a trade significantly. Trading bots have their own limitations and challenges. They need a specific situation to occur in the market to give an effective result.

Now a small example like this, as you have said this friend does make sense and is a very strong reason to reject the statement that "trading is just luck". They have spent a lot of time learning about everything that should be learned in this trading, such as sitting in front of the screen to study the charts that always happen, besides that they also use capital to enter this field, and with that alone it is clear that I do not accept if there is a statement that says this is all just luck. Well it is true that for planning problems, especially in self-control, it is a bit the same as gambling in general which really relies on luck, but the rest is very different, there is absolutely no serious learning in gambling other than just self-control and limits there, that's quite clear.

For example, look at it now, there are quite a lot of people who are successful from trading, it's because the process will not betray the results they are sure of that, no other than they have gone through many things such as losses and other mental pressures there so that they have been trained and can get consistent results with the best strategy and planning from their experience, and finally have you ever seen gamblers who for example have years of success just based on luck? no, it doesn't make sense.

What you are saying is not trading, it is gambling, which is a bad type of gambling that depends on luck, while even gambling is an adventure with calculated risks.

If you do not know what you are doing, the best strategy to follow is DCA because it reduces the impact of the time factor and leaves the investment on the long-term path, which is an upward path based on the history of Bitcoin and previous transactions.
If you want to trade, read more about technical analysis, support and resistance, and do not rely on luck.

this is not valid for all traders, as each trader has different circumstances and risk considerations than others, copying another user’s trading plan or risk management is a mistake.

All successful traders have a strategy and adherence to risk management, they spend a lot of time in front of charts, but they would not need to do this if they relied only on luck. Trading for luck will definitely not eliminate emotions, but most likely will only intensify them, since in this case trading will become similar to gambling. We don’t even hear about such a thing as trading for luck, because most likely it will be a very short-lived activity for those who try to do it.

        It just depends on the individual belief, because there are others that gambling and trading are the same, but most people don't believe because trading is very far from gambling, which is really true. Now, if you have done trading without analysis done, it turns out that you really gambled your capital.

       You traded and just hoped for luck, as if Batman would take care of it. That kind of method is not right for a trader who has knowledge of the crypto business industry.

That certainly can't hide the fact that emotion is a big factor that would change everything, the plan and market analysis. That is why we have to pursue our trading journey, we not just learn how to read the chart, do analysis, etc., but most importantly is that we must know how to control our emotions otherwise, we fail. Trading requires knowledge and skill in order to earn a profit and luck is just bonus. So we know what we have to focus on and work for it if we want to succeed.

Yes, totally different results when using demo accounts than real trades.

And now you must be wishing that those trades were not made on Demo account hehe. Well, that's due to the emotional factors of ours. You just emphasized the bad impact of emotional factors on our trades. It's like we have to become robots (Emotion less) to make profits out of market.

But I think Robots do not have luck only humans and living things have (that's a belief). Well, we should not practice trading solely on luck because I did tried that when I started to trade in future and made profits in cents. I played by rule, means, I did not fall greedy for more money, my leverage was low, and I enter with only some money that I fear to lose not. But one day I fall greedy even I was making profits and I made an impulsive trade and lost not only that's day profit but all of my capital too.

So avoid impulsive trading and luck trading, do add a TA and FA in your trading then leave everything on luck.

Analyses is very important in trading. You make guess works but that does not mean the outcome will continue to be better. Trading is like luck though but knowledge and experience are important.


If you want increasing leveraging, averaging will be better for you. I mean instead if starting the trade from 1x, you can decide to start from 0.1 or 0.2x and average it until it is 1x. That is better than leveraging.

I do not use stop loss in trading if using averaging.

Haha, crypto trading can really sometimes feel like a game of chance, but most successful traders rely on strategy and analysis rather than just luck. It's a bit of both, I guess!

I don't believe it's possible to completely eliminate emotions when real money is involved. One way to mitigate this is by setting up a trading bot that follows predefined rules. But a trading bot that operates randomly probably won't do well in the long run.

A trader can't get trading experience if he is doing trading in a demo account. He will only get the understanding of the lookout of trading,  but the actual experience a trader should need will not come if he is doing trading in the demo account.

In the demo account a trader won't lose anything,  he wouldn't know what is stress in trading? He wouldn't know how to deal with stress in trading? He wouldn't know how to overcome stress in trading? He will do trading without fear and without any hurdles of money. He can't get the right aspects of trading. We all know trading requires some certain skills. If the trader is doing it in a demo account,  how could he get the trading skills? If he is not going to analyze the tokens at different stages. I have seen many posts regarding the trading stress. Many people asks here how to overcome it?

Demo account is  totally different experience,  when it comes to actual trading,  then there a person learn so many things,  where analytics depends,  where graphs depends,  where stress depends,  where less money or more money depends. This would be a good trader if he learns there.

Fools do business depending on luck. How many people can you show who have succeeded in trading by relying on luck? I am trying to explain something to you easily. 
Suppose your house caught fire in front of you, if you don't call the fire service if you see the fire, if you think that fate will happen, will your house be saved from fire? You must call the fire service to extinguish the fire. Luck doesn't matter here but it depends on how much effort you put into it. 

If you have no idea about a particular business but if you fall into that business you do not understand the process of doing business then how will you profit from that business. If all things were so simple then people would not have acquired such great degrees in business. 
So stop relying on luck, learn to create luck.

Your analysis didn't work because you don't know how to use it, there are no other ways to make money from trading apart from analysing the market, you can't blindly open a pair of trades and decide to put in some money and expect some moves. However, I understand your position, the bitcoin market doesn't have speculation right now, the market is even stagnant, the whales are trying to increase their longs but it keeps rejecting at $28k, I believe that was where you traded and made some profits, you should have tried trade trading 2 days ago prior before resistance and you will understand the difference between luck and technical analysis.

The only time the mind works on trading is when you are uncertain about the outcome of technical, if fundamental>>>Technical, you don't need any tools to indicate any signals. Even in bull run, this things happens, you don't need anyone to give you indicator that the bitcoin market is going to pump because everyone knows it will happen, similarly to bear market, you can't stop market from nuking if there should be a very bad news.

Trading does not depend solely on luck. If the trading was random, the probability of achieving a profit would be 50% and the probability of a loss would be 50% in the ideal case, and it decreases due to feelings, fear and greed. Therefore, the probability of achieving a profit from the trader will be less than 50%, and therefore in trading you lose more than you win, which is mistake.
Trading is based on some simple rules and the basics of technical analysis, which are not 100% accurate, but they have a good amount of validity, especially in the long term, and this amount decreases the shorter the term, but in the end, it is not random or dependent on coincidence. This is what makes someone rely on coincidence. He who has the information loses and makes profits, but he will not always make profits because some predictions will be wrong.

Luck can play a factor in your trading, but I don't think that you can trade purely based on luck.
And trading relying on luck cannot be applied especially if you have long term goals. Maybe you can do it if you're trying to generate quick gains so basically it is only for the short term. But again, this is still not advisable as it can negatively affect your trading habits. Thus, it is still better that you trade responsibly by applying analysis and strategies for better outcomes. Then again, we all have different strategies and takes about trading, if it works for you doesn't mean it will work for others, or vice versa.

Lastly, we all know that trading is a risk that we take, and relying on luck would make it riskier.

There's a bias in your experiment though, you were just lucky that your coin flips lead you to good trades and you got a profit but that doesn't mean that your experiment translates to a real thing for other traders besides, it's not worth trying to do it long-term or even just for the heck of it because you end up not having any control in your actions which for me isn't really a healthy thing as an individual to do.

I think there was a popular YouTube streamer that did something similar. He would basically flip a coin and go long a big $100K or $1M position just by the coin flip. Heads was long and tails was short.

And he actually made money. I can’t remember his nickname but I remember he traded in Bybit mostly. And he had tons of followers.

If you trade on a demo account, your success rate can be higher. But when you trade on a real account, you may get different or higher results because it is a real market and you are using real money to trade.

Maybe you can profit from lucky results but it will only work for a while because market situations will change. And without analysis, you could find it difficult to find coins to trade with. You can try what you do on a demo account by implementing strategies and methods to see how high the success rate is.

However, trading requires analyzing market conditions and finding the coins. That is something every trader needs to have so they can make a profit. And if there are still traders who trade without analysis, they will find it difficult to make a profit. And it's almost the same as gambling.

Not totally agree with trading purely based on luck because need make research, waiting moment for investing until another technical needed when investing or trading in cryptocurrency.  Possibilities with gambling about purely based on luck because we have two choose only such us high or low and there are not technical or knowledge needed depend on purely luck or not. Faced difference thing between trading with real or demo account, have an easily way to earn much profit trough demo account trading but you can apply based on your lucky when trading with real account.
Trading is not purely based on luck but how smart when researching and make analyze, before start trading we have knowledge and not prefer based on luck with trading exactly in cryptocurrency.

I don't see it as good for the long term, it is clearly said to be gambling.
I don't know also your basis on this is purely based on luck trading, like you have time on the day to open/close the trade? Or just a random time and just hit the open trade position button?

If you consider trading is like gambling, depends on luckiness, you should never start your trading or if you are trading, stop it now.

Trading is risky, more risky than investing and before you trade, you must learn many things about the market, fundamentals to technical things and you must be experienced in this market as an investor first.

When you are experienced enough in this market, you can understand it and can start trading because after understanding it, you can have better ability to control your emotion, psychology in this volatile market. Better control will help you to reduce your fomo, panic and bad decisions. Technical indicators can not help you if you have weak and unstable psychology and always let your fomo, panic controls your orders.

Your experiment is quite similar to the monkey-based experiment done by Buffet which is quite popular (IIRC). Basically, he based his trading on where his monkey shot a dart on a wall. But this experiment is quite flawed imo since the sample is just too small. CMIIW.

You can argue that it shows how managing or even removing your emotions can help you make more profits, but it doesn't mean you should flip a coin every time you trade without doing any analysis.

Bro, you are purely gambling, and this relies solely on your luck and whatever spirit associated with the coin you were flipping.

This is why I tell people that they could trade or gamble in the market, it depends on them. It seems easy for you to say since we have two options in trading, either we buy or we sell, but how we choose these options defines whether we trade or gamble, and in your own case, you don't need further explanation that you gambled. I've done this before, yet I admit to myself that I gambled, unlike you.

However, luck can't be entirely erased from trading according to my experience, but you need more professionalism to succeed in it.

But it's mainly — like you said, because of luck. Congratulations on being successful in these 3 days, but yea we all know that it'll be totally unreliable if anyone does it longer.

But yea, people should be trading using plans; not impulsively making decisions along the way. (Though making decisions off new information definitely ain't bad as well.)

wanna outline that the no emotional involvement really has a lot to do with your good trades, had you used real money here in this case, you will be emotionally attached its undeniable fact even if you say otherwise.
using real hard earned money will always make us sentimental.
therefore you should also try with real money if you want more credible experiment here in this regard.

I personally also always wonder why many also doing well in demos account, most of the newbies that trying demos account always came up having series of good trade decision but when it comes with real money. things changed pretty quickly, many are just outright losing, i guess fear of losing money is a thing and it influence a lot.

I don't agree with you on this Op, three days of a trading experiment is not enough time on a live to base your conclusion let alone your trading experiment was done using a Demo account, And as a trader, I'm telling you that you experience with Demo account will always differ with your experience when it comes to trading the live account, and you shouldn't base your conclusion with findings on Demo and it should be time-proven, and also try to further your experiment on a real or live account.

This will make the difference if you trade with actual money. Demos are easy and it seems that whoever made them will really make you close to winning.
And that's encouraging because you think that you're ready for the actual trade and that's fine as long as you're just going to do with enough money and fine to lose it.
With that strategy you've just made, it's really all about luck and if it seems that the result is way better than with analysis, maybe that's how it goes for you but it won't be at most times.

If that's work for you, then just continue. But still I don't want to rely on purely luck when it comes on trading.

Maybe you have a good winning percentage for now but time will come when relying on luck might instead give you a sudden loss and continuous losing streak. Maybe just try to make it balance, still relying on your luck while at the same time, still applying your trading analysis.

I don't consider your experiment as a success. From what I read, you only based on 3 days period. Tried to make it monthly.

With your random decision which you considered based on luck might work in short-term trading but it doesn't mean that this is a sustainable long-term strategy.  Which is in the long run, trading success is typically based on skill, strategy, and analysis rather than luck.

That's why traders use different strategies in trading and behind those strategies they don't forget to have stop-loss orders to minimize losses.
So if you are trading for the purpose of a short-term period, it doesn't guarantee success over an extended period or let's say long term.  If you luck knowledge, go for long-term trading and do DCA way.

Trading may be similar to gambling in some ways but the two are different from each other and I can tell you that while gambling is based on luck,  trading on the other hand is based on skills because in trading,  it is the skills of the trader that determine his total profits since he will be trading against other traders who are humans like him.

Unlike in gambling where it will be the gambler against the house and already there is a set house edge that places the interest of the casino against that of the gamblers and that has resulted in several house advantages against the gambler.

I tried to trade without any analysis, relying only on luck, I was flipping a coin for each trade I entered.
During a three day period, I initiated three trades per day, each with a small profit target and a stop-loss order. Surprisingly, these results outperformed the trades I made based on speculation and trend analysis.
it is important to note that the long term outcome remains uncertain.
I considered this experiment a success mainly due to the fact that I was trading on a demo account with no emotional involvement, and the trades automatically closed when they reached their stop loss levels, and I did not make impulsive decisions to alter the stop loss orders.
In real trading scenarios, emotional factors, such as adjusting stop-loss levels and increasing leverage, often lead to losses.