Ways in which Forex trading is different from gambling

4 Ways in Which Forex Trading Differs From Gambling

We always have the question in mind: "Is Forex trading the same as gambling?". So let's see why they are so different.

We need to understand that there is a certain percentage of gambling when you open a Forex position. No expert, no matter how long they have been trading and analyzing the Forex market, can tell you with full confidence what the American Dollar will do today. There are many tools that can be used to help you make an informed decision but do not be fooled by the so-called Forex experts if they tell you that they have already found it.

Let's compare a gambler who plays a game with a gambler who just hopes to make money if he gets lucky and weighs the results. Similarly, there is a difference between a professional trader who relies on training, a systematic approach, and prudent financial management and a trader who relies on fortune-telling. Well, there is also a gray area between these two situations where most retailers live.

1. Numbers: Before we get into ethics, morals, legal issues, and legitimacy, let’s all focus on why anyone gambles or trades with Forex; money. Also, there is no way to compare the amount of money traded daily in the Forex market with that of the gambling platform. In fact, we do not know of any industry (well maybe something different) that manages so much money every day. Depending on who you ask, there are between $ 2 and $ 5 trillion traded daily in the Forex market. We can't get exact figures about how much money goes through daily casinos, but I'm sure the numbers don't match.

2. Tools: Although there is a risk factor involved in Forex trading, we are not completely in the dark when opening a position. We can find different schools of thought offering more time and resources trying to eliminate as many risks as possible. Forex is not about luck. We can view and analyze the Forex market days before opening a trade. Also, consider the type of money you want to buy, and only then, based on your studies, make your move. There are no such reliable tools in the gambling world, leaving you in the hands of luck or fate. Either way, we will not want to rely on chance with my hard-earned money.

3. Emotions: One of the main causes of gambling, as we all know, is that it can lead to addiction. When we think about this a second time, the reason is that people let their feelings be better for them. People enter casinos with nothing but their desire to make money. When they do not achieve this, they continue to try and it is not long before they lose all their money, which often leads them to gamble even more, and they often become aggressive. This is a very serious problem. In forex trading, the first rule of any trader who knows how to leave his emotions out of the equation. Sell ​​honestly and scientifically, set your own trading goals, and stick to them.

4. Strategies: It is true that a very high percentage of traders end up losing because they trade blindly and have no strategy. This is the biggest mistake a seller can make. Every time you trade in cents, you need to make important decisions about your trading goals and limits. Also, stop your losses and take your profits based on trading strategies and not weak human emotions.

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