Making money online from forex trading and gambling are not same. I think everyone of us ever bought a lottery ticket or approached somewhat they call a “bandit.” I did… before I started my own “Forex way.” And still there is a single question I can watch us, the traders, arguing about: it’s not life forms on Mars, but IF there is gambling than Trading with Forex? Ok. Before I’ll hit you with those ultimate “five” non-gambling Forex features I just want to admit: there is something to that gambling-trading question.
When we are opening up a Forex position, there is some percentage of a gamble. Why? No Forex “veteran” or expert can tell you which way the US Dollar is going today. Of course, there many helpful tools that will make your decision more educated. And here BEWARE of so called Forex experts who tell you they’ve got the entire currency picture clear. They won’t beat math and simple logic’s as a person holding a trillion-dollar day market in hands must be a billionaire. And of course this “minion of fortune” would not waist his precious time to convert you into a Forex trader.
image shows forex trading The core is… there is always risk as there is NO “Forex Secret.” Even if you handle all the technical indicators and totally “fall in love” with fundamental analysis, there is still some risk and a gambling factor.
If you’re a newbie, opening your Forex account, you better say your money a warm “farewell” to know that you might lose it. Face the fact! And face the common statistics: because of a small piece of gambling too many Forex traders just lose.
Are you still with me..? OK, heads up! With Forex there is the REWARD that we cannot ignore. The money-making potential is endless! I call it “the FX-Galaxy”. Below I put the gambling-trading comparison that basically differentiates “the FX Galaxy” from “Gambling Space”.
1. NUMBERS & numbers
Let’s put off all the morals, ethics and speak about MONEY! That’s why we trade/gamble Forex. I admit that money circulation within the whole of gambling arena is huge. However, still it’s a fly in comparison to “a Forex elephant.” Nearly two trillion dollars change hands each day with Forex environment! I am unaware of exact casino numbers but pretty sure they do not compare.
2. Safety Players
FX market has the biggest “bodyguards” behinds its back. The highest level of legitimacy is supported by the most important financial institutions on the globe. So what about gambling..? It constantly struggles on the legal front while Forex legitimacy is as proven as of stocks or commodities. Ask your hard earned “greens” of the way to be invested: where law and moral is on your side or… elsewhere?
3. Tools or Trumps
When starting with Forex, you must know that it’s not about luck. The light bulb in the darkness of the unknown is presented by different schools of thought. Their goal is to lower as much of risk as possible. You can trust in the technical analysis and “Trend is your friend” saying. On the other hand, you can just live constantly “hunting” all the Forex news and be the disciple of fundamental analysis, etc. It’s definitely like hunting… you wait for your victim until make a shot. And so is with Forex. Analysis and close watching do precede opening a trade. You are keeping a close eye on the desirable currency and only then, after studies, make a move. I don’t think that gambling keeps such tools for your success.
4. Motions and Emotions
Gambling often causes addiction. Common fact. It happens when emotions rule the people so their mind totally belongs to the game. And yet it is still unproven: whether a loss or win is more dangerous for the appearing addiction. You lose – you want to carry on getting your money back and gaining your profit. You win and here comes greed saying: “What are you afraid of? You are lucky today, son, grab it while you can!” It is a big problem. The first Forex rule is put off emotions aside. You have your objectives set up so stick to them. It saves you from overcompensating with trades (money loss) or beats up your greed when profits come to you. Follow the strategy, Forex-soldier!
5. Non-Military Strategies
Many Forex traders end up losing this… um… “Money war.” Let’s call it like this. Why? They trade blindly and have no strategy. Biggest mistake! When start trading, you must know your goals and limits. Only then try to implement them with your trading platform:
use Stop Losses: it prevents you from staying in the trade waiting for it to go up eventually
use Take Profits: defeat your human greed when it tells you not to get out because your currency is increasing value.
These are only five differences between FX trading and gambling that I think are crucial.They Both are great Income Infuser. If you find them useful, just say, “Yeah!” (I’ll feel it. I promise). If you have something to add, or you disagree, please, feel free to add your comments.
No comments:
Post a Comment