Forex is not like gambling

SteveFx11 posted:

FXOday posted:
Yes, forex is business and not gambling, but depending on yours as an account holder, if want to work as a gambling trader you can bet in the forex market based on luck only, and forex trading is not based on luck, it required experience, knowledge patience, forex trading is high-risk business but not as gambling.

To be honest, Money Management is very much important! There is no way to make quick money in Forex! On the other hand, which traders try make quick money here, end of the day they lose their full capital!

Traders can use strict money and risk management strategies while trading to mitigate the risks involved in trading. Whereas in gambling people either win the whole amount or lose the whole amount.

Forex is only different from gambling if you believe that forex price movement is predictable. If you cannot predict the price movement accurately then you are just gambling

Forex can be gambling if you want it to be gambling. But then results will be similar to what you can expect in a casino. House always wins (in the end). I did gambling in forex for many times. Especially during those hard times when I lost faith in my strategy. Only to be knocked down on the ground. And then to be beaten even harder when I witness how much I could have earned if I was disciplined and patient enough to actually execute my strategy.

I remember one evening I was taking picture with my camera in the streets. I was approached by a stranger and he asked me what I was doing. He listened to me with interest and humbleness. And then he told me that he was a casino addict and that he was waiting for the court the next day. Because he was in debts. He had lost everything - his money, assets, wife, family... His friends abandoned him and the only friends he now had was the casino pals. Guys in the same boat as him. Broke and addicted.

He said to me: what you're doing is beautiful. Don't you ever end up like me.

And he walked away.

Well. I didn't go to a real casino yet. But I went to forex. And I did my part of gambling there. Now I'm learning to trade professionally.
If I ever go to casino - I will go when I'm rich and I'll drive there with my Maserati. Just for the fun. :)

Forex trading is not exactly gambling, and they are not the same thing. Trading forex can always be profitable if you have good skills in predictive analysis. To make money, you must study past and present events and have a good understanding of the forex market.

Forex is not gambling but those who gamble here, Forex is a gambling for them. Greed is the worst human nature that leads a person to gambling. People can hardly benefit from gambling because it’s an illusion. So, come to real time leaving gambling.

Trading seems a bit more secure than gambling once one factors in charts and other data that they are basing their decisions off of; however, we are basically betting money based on what we think will happen.

Forex is a legit business but some dishonest people use it in illicit way to derive higher return from it. Forex is a risky business and so you can apply different techniques to earn more and more money from there but gambling isn’t a proper way of earning. So, trade Forex in the right way.

Forex is a speculative market, but that doesn’t mean you will make money with pure guesswork. Forex trading demands skills and hours of practice and study. It requires a method, which certainty is not the case with gambling where everything is a fluke. Hence, they both are different.

See gambling is a pure chance. But it is not the case with forex trading. It requires logic, mental strength and a bit consistency. All in all we can say it requires proper learning before implementing.

Forex trading requires skills, knowledge, experience, and a research–oriented mind. However, gambling is mostly a game of luck. In the forex trading market we trade international currencies and compete against the market's odds and place trades based on technical and fundamental analysis. Those traders who trade live without any prior preparation are the ones who’re gambling.

Gambling is when you don't have the edge in your favour. Backtesting is where you identify the edge

Forex is challenging and that’s why people can hardly survive in Forex. Traders can hardly understand the market flow and as a result of this they cannot make any progress from trading easily.

Even though most of the flourished traders have right strategy, they lose from the market. The reason is the volatility is the nature of the market.

It is a gamble if you choose unreliable brokers.

This is a big problem.
I mean, a lot of people think that Forex trading is some kind of casino. I'm talking about friends and relatives.
Agree that there are traders whose parents and friends do not believe in Forex and think that this is roulette.
Sad... But there's nothing you can do about it.
I think that every trader must learn to explain people what Forex and CFD trading is. Then more people will understand that Forex brokers are serious financial institutions.

To trade in forex, one must examine fundamental analysis and technical analysis . Trading is a skill unlike gambling which is just a matter of luck.

Forex needs a good amount of knowledge on how to place your trades in order to survive in market. It is nothing like gambling.

Gambling is when you take financial risks and hope that your luck works for you. But when you are talking about trading forex, you are talking about a skill that you need to learn and practice before you are ready to take any kind of financial risk.

Oh I agree with those who prefer to say Forex is business. Because it really does. You can burst and not withstand the competition, or take off and be rich. It is important how developed your management skills are, how quickly you adapt to stress and the ability to quickly process information.