Tuesday, December 5, 2017

Is Forex Trading Like a Casino?

One of the things a good friend said to me when I told him I was interested in Forex trading is that I'm just wasting my time and soon my money. Forex is like a Casino, he said. There's no skill to it. You just risk your money and hope for the best.

This is actually the opinion of many people, even highly intelligent ones. They look on trading the currency market as mere gambling, something which is ultra-dangerous and even financially ruin.

Is this really the case or has Forex got a bad rap for no reason?

The truth is that Forex is far from gambling. You can learn it and there are various rules that you can apply to help you better trade your money.

For one thing, Forex is not like rolling a dice. The market is affected in real time by outside events, news, financial decisions, interest rates, and many more variables. Hardly like Bingo now, is it?

For another, it is quite clear that there are trading methods and systems which work better than others. They make use of all sorts of calculations, models, statistical analysis, and algorithms. While most of us may not understand how these things work, it's not enough to suddenly call Forex a Casino because of it. Quite clearly, there are methodologies that can help make Forex a less than a 50-50 game of chance.

You should also take into consideration the fact that Forex isn't just about winning or losing trades, it's also about knowing how to manage your trades as a business. There's a reason why the top courses and methods employ detailed risk and money management guidelines. Forex is a real business which requires a true determination and a set of skills to plan and execute correctly. Anyone who thinks this is easy as using a slot machine and hoping for the best should head on to Vegas, not trade Forex.

Forex is not a Casino if you take it seriously and spend the time to learn how to do it right. This is why it's called trading, not gambling. While luck adds something to the equation in all areas of life, to succeed in Forex you need a lot more than dumb luck: you need a true understanding or the market, a viable trading method, and the necessary education to know how to act in the market.

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