1. Is Forex Trading Same As Gambling Slots
2. Is Forex Trading Gambling Reddit
3. Is Forex Trading Same As Gambling Poker
4. Is Forex Trading Gambling Or Not

Are You Trading Forex Or Are You Gambling?

Forex Trading and Gambling are similar because you need money to start. You need capital to execute your first trade or to place your first bet and the reason why I have compared Forex as the world’s biggest casino is that the money that fluctuates in both industries is enormous. Yes this is fact, actually Forex trading is not gambling but 60% people’s believe that Forex trading is just gambling. Let me explain you that usually people play Forex like gambling in which they make money and loss all. Forex is a good source to earn smart profit but need to trade in professional manner.

There is a very awkward reality many traders need to face; they may not be trading at all!

Yes, certainly, there is an element of gambling. Or some may say it is flat-out gambling.

I guess I couldn’t disagree according to the definition.

The Oxford dictionary definition states:

The action of gambling money on the outcome of a race, game, or other unpredictable event.

However, I would class myself as a trader and not a gambler although I’m sure many would disagree.

I would say that after consistent gains there must be an element of predictability, right?

Forex requires a strategy, proper risk assessment, and management, yet many believe it is nothing but trying to play chances.

This creates an incorrect approach that remains embedded in their psychology and one that is difficult to accept and overcome to become consistent in gains.

Anyone can learn how to leave such a mindset. But it requires them to swallow their pride remove the ego to realise it. Don’t worry! You are about to learn how to judge your trading mindset and correct it.

How Does A Gambler Think Forex Works?

Because of the speculating nature of trading in itself, many see it as random.

It is easy to dismiss Forex as just trying your luck at predicting, and that is what draws the idea of similarity with gambling and more likely excitement and getting rich quick!

A trading gambler sees indicators and charts as measures of likelihood instead of data, so they believe that everything is left to chance. To them, a strategy is pointless in a seemingly random industry.

As such, risk management is something they do not take into account, and why would they? It would be akin to using a shield if you do not know where the strike is coming from.

For trading gamblers, Forex is more about using assistance and luck than studying, and it is easier to get on that train than taking responsibility and making a real effort to apply and learn.

How Should A Forex Trader Think?

Now, many read the previous paragraph and nodded, the idea is obvious, but others saw their eyes open. The truth is that many traders, even those with positive numbers, think that way.

So, how should someone trading Forex see the market?

Well, the chance is always a reality. You cannot ensure that a strategy will yield a 100% chance of winning, but risk can be curbed through many methods.

Capital preservation is key

Good Forex traders realise that studying price movement and coupling market sentiment, along with fundamentals like political and economic events, is helpful for success. For real traders, Forex is a market of demand and supply, and those pinch-points are what I look out for.

In the end, you are trading a type of commodity that others want(to speculate on), so the market itself will inform you about your chances for trade depending on its situation and conditions

With that in mind, successful Forex traders design their strategy understanding how risk plays a part in trading, and they work around it through studying the market for indications in direction and remain patient for the correct conditions to present itself.

Is Forex Trading Same As Gambling Slots

How Can You Leave Your Old “Strategy” And Embrace Real Trading?

All mistakes can be fixed by studying and taking trading as a serious career. That is why finding the right source of knowledge is critical.to understand the basis of risk and working a strategy—or if you are starting out from scratch— The Able Method course will certainly help you become the best trader you can be.

Through consistent effort and perseverance, you can be sure that you will get to the necessary point to make consistent gains Forex trading.

I know, I was once in your position! Do you want it bad enough?

Go to the course page here to find out more

To many outsiders, the forex market appears to be like a gambling market. Certainly, the forex market and the casino industry have a lot of things in common, such as the money involved, and the amount of risk involved. Certainly, one small mistake in both cases can lead to great financial losses to the person involved. But it would be harsh if one would label Forex trading as a form of gambling, due to many different reasons. There are many brokers who offer forex trading to South African citizens. It is necessary to know more about the best forex brokers in South Africa and their role in forex trading.

Forex is not Gambling

The opinion that forex trading is a form of gambling mainly comes from outsiders as well as a section of unsuccessful traders. They point to the high rate of failure in the forex market as a major proof of their claim. While no one can deny the rate of failure in the forex market, the reasons behind it can be many folds.

Common mistake novice traders make when they enter the forex market is to have a gambling mindset. The sheer size of the forex market may appear intimidating to many, causing them to take many hasty and wrong decisions.

Differences between Gambling and Forex Trading

Is Forex Trading Gambling Reddit

A trader requires a definite degree of skill, knowledge and experience to execute profitable trades that could lead to consistent profit generation. Gambling, on the other hand, involves a large degree of luck. While there certainly are some similarities, Forex trading differs from gambling in the following ways.

• In Forex trading, a trader can never lose more than what they have in their trading account, no matter what decisions they make. This concept is largely absent in the case of gambling.
• The price movement in the Forex market is based on economic laws such as supply and demand, and are not random. Thus, for a trader to become successful, he/she has to analyse the market, predict the price behaviour and then take trading decisions accordingly. In the case of gambling, on the other hand, the casinos always tend to have an edge over the gambler.

Thus, trading in Forex has very little to do with gambling or luck. Rather, the success of a trader is based on the trader’s knowledge, the proper management of funds and creating an appropriate risk profile that prevents losses from being extravagant.

Trading Forex as a business

Casino gambling is considered a form of gambling. However, certain individuals can turn this into a business. They participate only in certain casino games such as Blackjack. Similarly, a forex trader can also concentrate on a single or few currency pairs with a solid trading plan.

Is Forex Trading Same As Gambling Poker

The trading plan in place should be implemented in a disciplined manner. Many traders who have perfected their trading plan can easily remove the risky elements in trading, such as emotionally driven decisions or trading with a gambling mindset. Thus, a trader with a sound trading strategy and plan has increased chances of turning a profit than his/her peers.

Conclusion

Is Forex Trading Gambling Or Not

The forex market has the potential to make a trader rich in a very small period of time. Over the years, many people have likened it to a form of gambling. However, it is quite clear that success in forex trading involves a lot of other factors and not just luck. With the proper skills and technical know-how, any trader can turn a profit when trading forex.