is Forex trading gambling
.this is one of the question many people have been asking me but today i am going to be sincere with you with this post.i just don't know why even gurus are being myopic about it,not telling the truth.there is lot of things you need to know about Forex trading before you engage in it because belief it or not, Forex trading is gambling.there is lots of features that classify Forex trading as gambling.Forex trading involves chances of either winning or loosing as a result of trading in the market and when something as chances is involved in any kind of business,it is gambling,why you may ask,then let me explain further as to why Forex trading is gambling.
you know if you asked a professional Forex trader to tell you if Forex is gambling, most of them will say it is not,they will cover it to be an investment or business.no doubt it is a business but it has every features of gambling.people say it is financial currency trading.the name Forex trading makes it look like no one is gambling in the market.it makes us believe that we are trading currency,when the price is about to go up, we will buy and when it is about falling down, we will sell but the fact still remains that we don't even know if the price will fall or rise as we predicted even after carefully making our technical and fundamental analysis in the market and this makes it a thing of chances which means the price action could go up after we decide to click the sell button and also the price could fall after we decide to click the buy button.so we are not suite Sayer to know the next direction of the price action.you still don't get it, then let me define the word gambling
what is gambling
according to WIKIPEDIA,
Gambling is the wagering of money or something of material value (referred to as "the stakes") on an event with an uncertain outcome with the primary intent of winning additional money and/or material goods. Gambling thus requires three elements be present: consideration, chance and prize. The outcome of the wager is often immediate, such as a single roll of dice or a spin of a roulette wheel, but longer time frames are also common, allowing wagers on the outcome of a future sports contest or even an entire sports season ( http://en.wikipedia.org/wiki/Gambling
gambling is a thing of chance that involve staking something valuable in return of winning or losing something valuable.what you may win or loose depends on What you stake,it could be a house,money,car, etc.so with this definition and features of gambling, lets picture it into Forex trading being gambling.
from the definition of gambling, here is some of the attribute of gambling listed below
game of chance
either you win or loose
staking something valuable
in Forex trading, you have to stake something valuable which is measured in monetary terms for you to either make profit or loss.before you can enter the market, you will have to place order whether immediately or pending, the order will only be executed if you have fund in your Forex trading account and that fund is something that is valuable to you.some people sells their property to trade Forex and this property is not something you picked from the trash, its either you bought it with your hard earned money or someone gave you as a gift, which ever is the case, you have given up something of value to trade Forex.
as a result of trading, you don't know if you are going to make profit from a trade or not,if peradventure, the market did not move to your direction, you end up loosing that trade and you can not recover the lost unless you trade again and this automatically qualifies Forex trading as gambling because you gambled away your money in the market
You Make Profit Or Loss
if you are gambling, the two event that will determine your success its either you lost or win.every one is looking up to win more than loosing in the Forex market.even a professional traders do lost some trades but the ability to win more trade daily makes you consistent and professional because at the end of the day, even if you lost some trades, you still end up making profit before the market was closed for the day.so in other words, Forex trading is not an exception to loss or win because you will either make loss or win to determine your profit but note that your winning should not be based on luck because Forex trading is more of making analysis before entering the market rather than luck.if everyone is making profit and no loss in Forex, then most of us would not be working offline.
don't be deceived by those who painted Forex trading as if its all win win all through.if you are willing to learn the in and out of Forex trading, you will surely smile to the bank no doubt about that but for those who thinks Forex trading is a means to make millions over night, then you should have a rethink before its too late.
so with this features of win or loss, then Forex trading is termed gambling because if you win, you smile, if you make loss, you frown and something valuable is gone but will only be recovered if you trade more
No One Knows The Outcome Of A trade
no one in the market knows the outcome of any price movement whether it will move up or down even after making effective analysis before entering the market because a spike in the market may render you trade useless and end up loosing the trade.anything could happen in the Forex market so one just have to be ready to consume some loss because no one knows the direction of the price action.since no one knows the direction of the price movement, then Forex trading is termed as gambling because it is also one features of gambling.
in gambling, we don't know the outcome until it is out and Forex trading is not an exception.when the trade moves to the direction you predicted then the odds was on your side and you end up making profit base on your lots size else the reverse is the case, although luck is also involved in Forex trading but it is less than 10 percent, while the remaining percentage has to come from your technical or fundamental analysis, so if you think Forex trading is by luck, then you should try baba ijebu
i believe with this little features that qualifies Forex trading as gambling
, you will agree with me that Forex trading is surely gambling because it involves win or loss and to recover your loss, you will have to trade again but do it smartly.
also note that, the ability to discipline yourself and be consistent with your trading and making profit even if you lost a trade at the end of the day, you end up making profit and that makes you professional.you don't have to trade Forex like a machine Gun, you should trade forex like a sniper, you hit your target when the shot is right and not just entering the market even when there is no trade setup or opportunity.
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I disagree that Forex is gambling.ReplyDelete
you should have at least give your own reasons why you think so. i gave a reason for my argument. what about yours?Delete