Is Forex Gambling?

[dhoee476]

Somebody closed this thread before I don’t know who and why

So I am starting this again. Feel free to post whatever you like.

i think forex is not gambling. forex needs a lot of knowledge to learn and there are many many systems out there. while gambling doesnot require any knowledge and you can start gambling in seconds.e-g to play on roulette table you dont need to master any strategy or skill just place your bets on the table and if you are lucky your number will come up.

we should not compare froex with gambling. its a genuine business. if forex was a gambling why there are many indicators out there. why not people just buy or sell currency randomly instead of following technical or fundamental analysis.

those people who think forex is gambling they are treating forex like that. they are playing it like gambling and loosing everythime.

but those people who think this is genuine business they respect it like a business and use skills and strategies needed to do it

[Master_Tang]

i think forex is not gambling. forex needs a lot of knowledge to learn and there are many many systems out there. while gambling doesnot require any knowledge and you can start gambling in seconds.e-g to play on roulette table you dont need to master any strategy or skill just place your bets on the table and if you are lucky your number will come up.

I have a friend that plays roulette. He has a system, and wins almost every time he plays… In short order, it goes something like this. He watches the roullete wheel until the green hiits, then he enters. He bets 5 black, 5 red, 5 black, 5 red, 5 black, 5 red, and after 30 times if the green didn’t hit, he starts betting green with chips on 0 and 00. until it hits. If green hits in the middle of his first round, he restarts the count on the alternate black/red bets. There’s more to it, but that’s the nutshell version. He has money management that’s involved as well, but that part is too involved to get into here. And just so you know, you can play 10 cent roulette at tables here in town

He’ll never get rich, but he almost never walks away with less than he had when he started, and usually more, and he drinks free all night.

Skill? or luck?

we should not compare froex with gambling. its a genuine business. if forex was a gambling why there are many indicators out there. why not people just buy or sell currency randomly instead of following technical or fundamental analysis.

This statement is ludicrous. What does the fact of having indicators have to do with legitimizing ANY business? You can put a moving average on a race horse’s career. You could put candlesticks and ichimoku on a baseball team’s win lose record if you made the candles in 5 or 10 game blocks…

those people who think forex is gambling they are treating forex like that. they are playing it like gambling and loosing everythime.

I have 3 different games I play with a forex chart. I don’t lose every time. In fact quite the opposite. The losses are far fewer than the wins…

but those people who think this is genuine business they respect it like a business and use skills and strategies needed to do it

I could consistently win having you toss a coin and tell me if I’m a buyer or seller that day…

This is a silly subject, and you are doing the forum no good to have reopened it.

All arguments on both sides have been exhausted.

You have the power to delete at your disposal…

Maybe that would be a good thing.

[simbafx]

I could consistently win having you toss a coin and tell me if I’m a buyer or seller that day…

He just needs someone to tell him its OK and that he’s not gambling, and his god wont punish him in the afterlife. Then he can go away, gamble, and lose (and if his beliefs are right, possibly even burn in hell for eternity).

Thats probably the fastest way of putting an end to this.

[Sweet_Pip]

I think re-opening this topic is a bit of a gamble right now. Don’t tell me you can’t grasp why or by who the original thread was closed? :rolleyes:

[dhoee476]

I think re-opening this topic is a bit of a gamble right now. Don’t tell me you can’t grasp why or by who the original thread was closed? :rolleyes:

you are right. 90% chance this will be closed again. what you bet on will it be closed or not??

[tymen1]

i think forex is not gambling. forex needs a lot of knowledge to learn and …

Nice post, [B]dhoee476[/B].

Though I do not agree with your logic, I nevertheless agree with your initial statement.

I came to the same conclusion thro a very different avenue.

[tymen1]

I have a friend that plays roulette. He has a system, and wins almost every time he plays… In short order, it goes something like this. He watches the roullete wheel until the green hiits, then …

He’ll never get rich, but he almost never walks away with less than he had when he started, and usually more, and he drinks free all night.

Skill? or luck?

Pure luck (gamble).

It does not take an extensive mathematical background to look at the 38 identically sized spaces on an American roulette wheel (note the 35-1 payoff on a single number) and conclude that the wheel is unbeatable.
With a 1/38 chance of having a number come up on the next spin and the 35-1 payoff, it is easy to calculate the often quoted expectancy of the player of -5.26

The only skill here is that the person has the nous to collect the free drinks!!

[TalonD]

I have a friend that plays roulette. He has a system, and wins almost every time he plays… In short order, it goes something like this. He watches the roullete wheel until the green hiits, then he enters. He bets 5 black, 5 red, 5 black, 5 red, 5 black, 5 red, and after 30 times if the green didn’t hit, he starts betting green with chips on 0 and 00. until it hits. If green hits in the middle of his first round, he restarts the count on the alternate black/red bets. There’s more to it, but that’s the nutshell version. He has money management that’s involved as well, but that part is too involved to get into here.

That sounds almost identical to the roulette system I was selling on Ebay.
By betting on red / black alternately with a martingale double up, you rarely have to double up more than a few times. And by alternating colors you eliminate the problem of a long string of one color killing your bankroll with too many double ups. What people fail to realize though is that you will also get strings of alternating red/black that is opposite of your betting pattern so the long term odds still get you in the end.

The wheel does not have a memory. It doesn’t know how many times a color comes up. It’s like flipping a coin. If it comes up heads ten times in a row the next flip is still exactly a 50:50 chance. Unless you’re playing flip the coin with me in which case it’s my coin, heads I win , tails you loose, and it’s a two headed coin… LOL

[Master_Tang]

That sounds almost identical to the roulette system I was selling on Ebay.
By betting on red / black alternately with a martingale double up, you rarely have to double up more than a few times. And by alternating colors you eliminate the problem of a long string of one color killing your bankroll with too many double ups. What people fail to realize though is that you will also get strings of alternating red/black that is opposite of your betting pattern so the long term odds still get you in the end.

The wheel does not have a memory. It doesn’t know how many times a color comes up. It’s like flipping a coin. If it comes up heads ten times in a row the next flip is still exactly a 50:50 chance. Unless you’re playing flip the coin with me in which case it’s my coin, heads I win , tails you loose, and it’s a two headed coin… LOL

True on all accounts.

But he doesn’t ever double up on the black/red.

He also uses minimum bets there. They just keep him in the game until green comes up.

So essentially, he’s trying to bet with the house… If that makes any sense.

He’ll pretty much break even on the red/black, then he cleans up when green hits because he’s got the color, AND the number with bets on both 0 and 00.

But of course since it’s in a casino… It’s ALL luck…

Good grief!!!

[TalonD]

True on all accounts.

But he doesn’t ever double up on the black/red.

He also uses minimum bets there. They just keep him in the game until green comes up.

So essentially, he’s trying to bet with the house… If that makes any sense.

He’ll pretty much break even on the red/black, then he cleans up when green hits because he’s got the color, AND the number with bets on both 0 and 00.

But of course since it’s in a casino… It’s ALL luck…

Good grief!!!

I wish your friend the best! but I still think the odds will catch up to him given enough spins.

Those casinos make a lot of money that’s for sure. And a lot of it comes from the tables.

[ninety9]

As for the thread start title

[B] Is Forex Gambling??? [/B]

Absolutely, Positively, whole heartedly [B] Yes [/B]
Does it matter? Not at all. :D:D

As long as you don’t gamble more then you can afford.

Does this mean I don’t use a strategy?
No, I do use a strategy and it seems to work for me since Forex is all I do.

[dhoee476]

I have a friend that plays roulette. He has a system, and wins almost every time he plays… In short order, it goes something like this. He watches the roullete wheel until the green hiits, then he enters. He bets 5 black, 5 red, 5 black, 5 red, 5 black, 5 red, and after 30 times if the green didn’t hit, he starts betting green with chips on 0 and 00. until it hits. If green hits in the middle of his first round, he restarts the count on the alternate black/red bets. There’s more to it, but that’s the nutshell version. He has money management that’s involved as well, but that part is too involved to get into here. And just so you know, you can play 10 cent roulette at tables here in town

He’ll never get rich, but he almost never walks away with less than he had when he started, and usually more, and he drinks free all night.

Skill? or luck?

This statement is ludicrous. What does the fact of having indicators have to do with legitimizing ANY business? You can put a moving average on a race horse’s career. You could put candlesticks and ichimoku on a baseball team’s win lose record if you made the candles in 5 or 10 game blocks…

I have 3 different games I play with a forex chart. I don’t lose every time. In fact quite the opposite. The losses are far fewer than the wins…

I could consistently win having you toss a coin and tell me if I’m a buyer or seller that day…

This is a silly subject, and you are doing the forum no good to have reopened it.

All arguments on both sides have been exhausted.

You have the power to delete at your disposal…

Maybe that would be a good thing.

you and your friend are living in fools paradise. no system works in gambling. i have tried myself many many and in long term every system fails.there is also a possibility that your frined is not telling you the truth.

moreover if you think that this system works why dont you try yourself and make money instead of wasting time and hard work in forex.

[EnPoint]

I have a friend that plays roulette. He has a system, and wins almost every time he plays… In short order, it goes something like this. He watches the roullete wheel until the green hiits, then he enters. He bets 5 black, 5 red, 5 black, 5 red, 5 black, 5 red, and after 30 times if the green didn’t hit, he starts betting green with chips on 0 and 00. until it hits. If green hits in the middle of his first round, he restarts the count on the alternate black/red bets. There’s more to it, but that’s the nutshell version. He has money management that’s involved as well, but that part is too involved to get into here. And just so you know, you can play 10 cent roulette at tables here in town

He’ll never get rich, but he almost never walks away with less than he had when he started, and usually more, and he drinks free all night.

Skill? or luck?

I would say this is luck. While he does have a strategy and MM in place to try and put the odds in his favor, the outcome of the next spin is still going to be completely random. Forex is not random. Its chaotic (but not random). Price just doesn’t move by itself or by some computer that is inputting random numbers. Price is moved by people (buyers and sellers). The question is: Who is stronger? Once you can determine this, you can easily put yourself on the winning side of the fence. Momentum is key here. Find it and take a seat. Theres no momentum in craps, roulette, etc… theres going to be a completely RANDOM outcome everytime. Price just doesn’t jump 100 pips in a single tick. If it did do this… if it jumped from .3345 to .7622 to .2365 to .5491 in the matter of seconds all day long then yes, forex WOULD be a gamble but thats not the case here.

[tymen1]

I would say this is luck. While he does have a strategy and MM in place to try and put the odds in his favor, the outcome of the next spin is still going to be completely random. Forex is not random. Its chaotic (but not random). Price just doesn’t move by itself or by some computer that is inputting random numbers. Price is moved by people (buyers and sellers). The question is: Who is stronger? Once you can determine this, you can easily put yourself on the winning side of the fence. Momentum is key here. Find it and take a seat. Theres no momentum in craps, roulette, etc… theres going to be a completely RANDOM outcome everytime. Price just doesn’t jump 100 pips in a single tick. If it did do this… if it jumped from .3345 to .7622 to .2365 to .5491 in the matter of seconds all day long then yes, forex WOULD be a gamble but thats not the case here.

Great post!!

I think that despite our differences of opinion on the status of forex, we can all agree that casino betting is gambling.

If it were not, the casino would possibly go broke and the patrons would be rich!!

[YapYap]

Great post!!

I think that despite our differences of opinion on the status of forex, we can all agree that forex is gambling.

If it were not, the brokers would possibly go broke and the clients would be rich!!

Couldn’t agree more MrWortell

[this_barb]

Is Poker Gambling? - Poker Psychology and Strategy

Replace every instance of the word “poker” with the word “forex” and you have your answer.

[Master_Tang]

Okay, now let’s take you to the REST of the story.

Does he get rich?

No.

I never said he did.
He plays probabilities, and he’s found a way to get FAR more out of it than a break even win ratio.

See, casinos have cards that rack up points. If you are a frequent gambler, and play often, you get a lot of side benefits.

His first goal is to find a roulette table with the best looking dealer.
His second goal, is free drinks, and some playful banter with the often great looking hostesses.

But the main objective is to rack up points on his casino card, because see, these casinos operate together.

If you have a casino card, every dime you spend in a casino gets you comps. The more you spend, the better the comps.

Dinner at great restaurants with VIP status.

Overnight stays out of town in class A resorts that are associated with the chain of hotels the casino is in.

Concert tickets.

Special event invitations.

The list goes on and on.

So, he plays a game of probabilities based on not getting rich off the table, although he makes more money than he loses over time. The winnings are a pittance, but his casino card racks up frequent flier miles. The cards don’t show them how much you cashed out, just what you turned into chips.

Skill… Pure and simple.

I would rather sit at home, make a few trades, have a beer, and not wind up smelling like an ash tray.

[Master_Tang]

you and your friend are living in fools paradise. no system works in gambling. i have tried myself many many and in long term every system fails.there is also a possibility that your frined is not telling you the truth.

moreover if you think that this system works why dont you try yourself and make money instead of wasting time and hard work in forex.

I’ve been there with him.
It’s not hearsay, it’s fact.

And you have NO idea of mine, nor anyone else’s trading abilities on this forum, or any other. We are a bunch of anonymous personalities with screen names, and 95% of us are lying to ourselves and others.

Also, I saw your post before staff edited it.
My guess is your trading, and gaming abilities suffer greatly because emotion is too strong a content in your personality.

You have a lot to learn young Padawan…

You can have my luck quotient, I don’t need it.

Just to help you along, here’s a movie line that has served me well in trading.

“Don’t think meat… Just pitch the ball.”

[simbafx]

we can all agree that casino betting is gambling.

If it were not, the casino would possibly go broke and the patrons would be rich!!

Most of the money thats made in the gaming industry isnt actually generated from the casinos edge.

[dhoee476]

I’ve been there with him.
It’s not hearsay, it’s fact.

And you have NO idea of mine, nor anyone else’s trading abilities on this forum, or any other. We are a bunch of anonymous personalities with screen names, and 95% of us are lying to ourselves and others.

Also, I saw your post before staff edited it.
My guess is your trading, and gaming abilities suffer greatly because emotion is too strong a content in your personality.

You have a lot to learn young Padawan…

You can have my luck quotient, I don’t need it.

Just to help you along, here’s a movie line that has served me well in trading.

“Don’t think meat… Just pitch the ball.”

well i am not lying but i dont know about you and others. i have told you my own experience and not my friends or anybody else. i have tried many many systems they do work in short term this is true but in long term every system fails. i tell you most popular is roulette sniper software. try it. there are lots of you tube videos about it. check it out. to be honest this is amazing system. i tried myself . it does work but at some point it just fails because casino software recognises you are using some software to play. what you told about that martingale system that is a very very old system like parley. nobody uses now. latest is roulette sniper.

i am fully confident about my personality.i dont need your advice. why i started this thread just to aware people that forex is not gambling. if it is i wont be doing.

easiest example is in forex some real thing is invovled like any other business which we buy and sell. this is money. in gambling there is no real thing involved which you buy or sell… you just stake money. i am surprised by the fact why people dont understand this simple thing and they bring difficult definitions of gambling from dictionary. this is just amusing.