What is forex?

[fututraz11]

Around us, there are still many people who don't know what forex is. This is a crowed market but still strange to a part of the world at all. I got an idea of other friend who want us to define "What is forex?" in two sentence. We may have various knowledge about this, just make it known as simply as possible.

[graceheather]

Agree. There are still many in public do not know what forex is.

Trading forex is trading in FOReign EXchange market. Making profits by buying & selling currency.

Hope it makes sense.

[Magician]

Can we see the 4x as simply gambling?
like walking into the bookies, placing a bet.

I've read that it's just a huge scam, unsure even what the odds are to make money, I have read so many times that, new traders are busted, the percentage is in the 90's.

The question isn't if it's possible to make money from the Forex market,
toss a coin heads = long and tails = short
Your going to hit some cash sometime.

Consistency, that's what we are all talking about, can we make money consistently

Up or Down, and leave the sideways well alone......

[graceheather]

If trading Forex without any knowledge or strategy, it definitely equals to Gambling.

Just like any other investment tools: stock, options, etc

[Enivid]

Originally Posted by graceheather

If trading Forex without any knowledge or strategy, it definitely equals to Gambling.

Just like any other investment tools: stock, options, etc

Forex, stocks, options, etc. all require a lot of knowledge and strategy. That doesn't mean that one cannot succeed in the just by pure luck, like with any other thing in this life.

[styla786]

The foreign exchange market (forex, FX, or currency market) is a worldwide decentralized over-the-counter financial market for the trading of currencies.

[AlbertPortsmith]

Hello,

May different people had different thoughts on forex and as mentioned ,some often compared it with gambling..but the insight of it is different.

Since forex never offers guaranteed profits for anyone and it all based on the speculations.So,yes its a kind of gambling..but its good to say most renowned and widely respected form.Completely legal and here not everything depends on the fate or luck,what ever,but more the expertise means more the knowledge and more the success,it means more money.

so what's wrong in it.cheers Happy Trading

Thanks:
Albert

[DaveyBoy]

I suppose you could look at Forex as a kind of gambling. You're putting your money on a possible outcome and hope to collect in the end.

Luck does play a part, but like some games of chance, skill plays a very big part as well. Sit down at a roulette wheel and skill has little to do with the outcome - it's pure chance. Sit down at a poker table and skill comes into it. You might beat a skilled played for a while, but in the long run, the poker expert will walk away with the most money.

Consistent forex trading comes from a combination of skills, not least of which is money management. Knowing how much to risk at any given moment. Even the best traders find themselves in losing "hands" from time to time, so knowing when to get out of trade will make or break.

Yes, there is an element of chance, but skill tips the odds in your favor.

[iginee]

In Forex most people lost money because they are not psychologically prepared before enter the trades.

[luckstar]

Traders need to be prepared to learn and educated themselves first, and experience a period of trial and error before they find a system they’re comfortable with and they regularly make winning trades. This is why a forex demo account is so useful – traders that don’t bother simply become a statistic…