Now, if you bet only once heads or tails, you have an even money chance of winning. This means that you have an even money chance of being lucky providing you win and walk away and play no more. You also have an even money chance of losing providing you walk away and play no more.

If you won you were lucky and if you lost you were unlucky. You took a chance and won, or you took a chance and lost.

There is luck, and then there is making the right or wrong decision not by chance but by reasoning. If making a decision by taking a chance and you win, than it is luck. If making a decision on the basis of working things out and you win, it is not luck but the consequence of making the right judgement. If you lose it is not bad luck, the cause is due to making a bad judgement.

People tend to mix luck arrived at by chance, with causing the right or wrong decision based on their judgement. Often, many people work things out incorrectly and thus get an unwanted result, and automatically think themselves as being unlucky. Until they study more what they are into, they will keep on being unlucky.

Take a case where a man loses a five pound note and another man finds it. Here, the finder is plain lucky. The person who lost the five pound note was careless, not plain unlucky.

Being prepared for eventual good or bad developments may result in a loss or gain situation. More often than not, preparation and foresight determine the extent of luck or bad luck.

When professional gamblers or bookmakers lose at the races it is due to information or calculations nor being as good as they expected and not because of bad luck. When the ordinary punters win, it is due to luck based on purely taking a chance.

Well read, and well experienced foreign exchange operators are less likely to be unlucky than haphazard players.

A pilot has to fly lots of miles before he knows all the eventualities. A car driver, albeit he or she passes the driving test, cannot possibly know all the likely unexpected situations that can arise and often do arise, unless they have completed thousands and thousands of miles under all sorts of conditions.

Using the services of a good realtor, stockbroker, builder, accountant etc. may sound to some as not too important and many think they can do it on their own. Like the ordinary punter at the races, their success will be mainly based on luck. However, it is prudent to remember, that there is always a limit with luck. To get more mileage out of luck, the best way is to take precautions to avoid bad luck Getting professional advice and increasing your knowledge about whatever you are working on, is the best way forward.