Are You Gambling or Trading? Think about this.

[Peter Brandley]

If you really want to make consistent money in the forex market, your methods had better be professional and extremely disciplined.No guess work

Smart trading involves executing a plan. Do you have a plan? If not, then the hard truth is you are gambling.

Gambling is nothing more than buying or selling with the hope that you are right. So in my opinion, it is very very important that you trade smart. Have a plan and execute that plan.

Every trader must learn to recognize which is which. In your trading style, are you gamling? Or Are you trading smart?

 

[Toby]

You can also gamble smart like poker players

 

[inggo]

I guess Im somewhere in between , Im not the perfect traders and I still have a lot to learn, but I do use what I know to safely place my trades, average of winning trades are slightly higher than losing ones so I guess its goo, and Im earning with hotforex, though I do trade small lots and a position trader, I try to cut risks

 

[Enivid]

I hope that I am already past the stage where some trades can be qualified as gambles. Though sometimes I have some doubts...

 

[Fxpipper]

Gamble? No thanks..but like others, do think that some of the trades can stand-in for poker..

 

[Max]

it's true that both in poker and in Forex you need to really know your trade/play to become a pro and make money. However, when it comes to Forex (or any type of trading) you can learn a lot by understanding how to read charts and market trends and knowing these things is more important than actual technique.

 

[Peter Brandley]

You can also gamble smart like poker players

So you think that poker players and forex traders are the same ?
Do they use the same technique?

 

[M. Awais]

No in my view this is not gambling its a fair game in which you earn with fair means

 

[PredictiveModel]

You can also gamble smart like poker players

Actually, the government just announced that Professional Poker involves "skill" and is predicated on knowable outcomes that can be derived through logic, reason and deduction. Therefore, Professional Poker has been declared as being outside of the traditional "gambling" establishment - not gambling.

I'm sure the online poker establishment will want a full apology and reinstatement as a non-gaming industry at the very least.

 

[PredictiveModel]

If you really want to make consistent money in the forex market, your methods had better be professional and extremely disciplined.No guess work

I think the OP is obviously correct.

Consistency is the key in trading - no matter the market, or the instrument. Without consistency, the trader has no ability to objectively define any capital growth outcome, and is therefore merely flying by the seat of his/her pants.

The ability to make a projection about capital growth over time, is the very reason why one would decide to trade in the first place. If you can generate a higher return elsewhere, then there is no rational justification for trading given the risks involved. And, since capital growth projections cannot be made absent consistency in trade results, it (consistency) becomes one of the most crucial elements of all for the trader to nail down.

 

[Peter Brandley]

I agree with you. Poker demands a lot of skill- I often play poker. rarely very interesting game. Let clear the doubt about trading and gambling

Trading means the activity in which money is put at risk for the purpose of making a profit, and which is characterized by some or most of the following (in approximately descending order of importance): sufficient research has been conducted; the odds are favorable; the behavior is risk-averse; a systematic approach is being taken; emotions such as greed and fear play no role; the activity is ongoing and done as part of a long-term plan; the activity is not motivated solely by entertainment or compulsion; ownership of something tangible is involved; a net positive economic effect results.

On the other hand, Gambling means the activity in which money is put at risk for the purpose of making a profit, and which is characterized by some or most of the following (in approximately descending order of importance): little or no research has been conducted; the odds are unfavorable; the behavior is risk-seeking; an unsystematic approach is being taken; emotions such as greed and fear play a role; the activity is a discrete event or series of discrete events not done as part of a long-term plan; the activity is significantly motivated by entertainment or compulsion; ownership of something tangible is not involved; no net economic effect results.

 

[Fxpipper]

On the little or no research part on poker does that mean all the gambling books themed to provide you the winning edge in poker is fraudulent?!
Hah, knew something was cookin'

 

[nancyadvisor]

trading is not a game !!!!

 

[victorosakwe]

I trade the market, I don't gamble the market because I am well equipped with the required knowledge and system of trading. I follow my trading principles..

 

[Peter Brandley]

It depends upon trader that what he thinks about Forex, in my opinion Forex is a a business and that can be handled efficiently if we know about its operation, It is gambling for those who only invests initially and wants to take more and more profit without making serious moves.
If one trades with better strategy then he is able to take profit ****ually like a professional businessman otherwise he is gambling.

 

[jimcarter]

Before you enter the Forex market, keep in mind that it can be dangerous. Numerous dangers can lead to financial ruin. Trading strategies that are diligent and well-planned, on the other hand, will produce good results and help you become a professional in the long run. You should not base your entire strategy on short-term goals and ambitions, and you will improve with practice. Keep these considerations in mind at all times, and keep in mind that forex trading is not gambling. When you accept this, your decision-making improves, and you can learn how to develop profitable trading strategies. Trading forex is not the same as playing slots.

 

[Blackguard]

It’s in your mind. If you treat forex trading as gambling, it becomes so. And if you have a trading plan, don’t distract from your goal, and develop strategies on how to open profitable trading positions, you will succeed in your trading career. It’s not as easy as spinning a slot machine.

 

[Lewis Capaldi]

Well, Forex is my main source of income! So, there is no way to play with my luck! In my trading profession, I always respect the rules of money management since I believe this is the only one sustainable way here! Basically, gamblers make temporary money here, so no way to follow that sticky path!

 

[Flophouse]

In the beginning, most traders gamble because they have no live trading experience and still put their money at risk without having an idea of whether they will make a profit or a loss. They keep trying their hands at different strategies and plans so that at least one works out for them. But as they gain experience, they get to know what is suitable for their trading career and what needs to be avoided.

 

[HeavenLeighGill]

Trying my best to stay disciplined but I have to say that it does feel like gambling at other times...never certain about the outcome