The common name Lucky Bamboo is deceiving, this plant is not a bamboo at all, but actually a member of the Dracaena genus. Lucky bamboo is typically sold growing in water. If growing in water, the water should be changed frequently, so that rot does not develop. Dracaena sanderiana can also be grown in soil, just like any other houseplant. When grown in soil, it is usually known by the common name of the ribbon plant.