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.
UweMoench posted: Forex is not like gambling. I have taken trading as a business and a business isn't a betting it is about speculation. Different traders intentionally or unwittingly consider trading to be betting. Thusly they wind up losing their cash. We should see it as a business.
Traders should be devoid of the tendency of over trading and revenge trading because if traders nurture these practices, these will turn their life into hell. So don’t let it be and repair your habits.
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.
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.
Although it is a speculative market, it is nothing like gambling. Successful trading requires rigorous learning and a lot of backtesting. On the other hand, gambling is a game that involves not calculations & analysis, but only greed.
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.
Forex is real business, buying and selling currency using another currency called pairs. Gambling relying upon luck and is fully speculative. Trading forex needs knowledge and understanding the psychological market. Forex is not gambling but high risk high gain business.
Some people don't see games in games either. It's just a way to make money. Forex is like any other business. With its risks and losses, luck and profit. In general, I believe money can be made on everything without exception.
Forex is more of a business than a game of chance. Gambling is primarily about luck, but forex is trading currency pairs by educating yourself well. In Forex, you must be very conscious of the market conditions and grasp the fundamentals as well as the technicalities in order to maximise your profit. Forex requires patience and in order to be good, you must continually practise until you reach a level where you consistently win deals.
Gamblers wager on outcomes that they find extremely challenging to forecast. Therefore, the most frequent strategies they can rely on are luck, chance, and good fortune. In Forex, you can utilise legal strategies, techniques, and procedures to guide your trading decisions. Trading execution calls for in-depth familiarity with trading instruments, skillful use of analysis and data, and sufficient self-control to ward off unreasonable impulses.