Since my first live trade in the forex market in 2009, it is 24 hours now that I am realising I have been BETTING on currency quotes and not actually trading spot forex.
I appreciate the folks at babypips school for giving me more insight on this. When I started ny journey, this website was helpful in guiding me through what I know about trading as a student with no idea of finance or economics.
Truly, retail forex traders are gamblers.
The only shocking revelation is this topic brought up again .it’s been argued many time s on here ,it contentious and also pointless post
A real problem is that the entire industry does its level best to conceal the fact that we are betters, not buyers and sellers. They presumably feel this gives the business a perception of respectability, and that they themselves therefore have more integrity, they are not just out to take our money.
Yes true though same people will win or lose whatever route they take ,
I missed the other times the topic was discussed, but I don’t mind bringing it up as a painful reminder to the old hands here and a warning to the newbies who may think this is a real business.
I believe your sincere the point your trying to put across, but I thought the post was a little imbigious ,as some my see all forms of trading as gambling not just spread betting .Maybe you could do another post on why you think Spread betting on instruments is unethical and a con instead Open up a debate maybe .I myself would be interested in others opinions.
The topic is trading GAMBLING on here is old rope.
So called Forex is not forex. Please be aware and save your money. The brokers are not brokers, they do not pass your deals to banks. They just use bank charts with some manipulation to take your money. No body wins in the long run. To make sure it is not a scam they have created a wealth of false knowledge base, videos, analyses…etc. Please be aware. It is not like any trade. If you buy anything you can sell when suitable. You are not exposed to the market and not so with so called leverage trap. You can open multi currency account and do your own FX between your accounts without risk of leverage or market exposure.
@kadhiem - I’m just guessing but maybe you’ve not been as successful in trading as you think you should have been in a legitimate market. You blame this on market manipulation.
It would be more than helpful to inexperienced traders if you could show some examples of how your trades have been unfairly manipulated against you, or some tricks the brokers try to pull to cheat clients out of money. No need to risk naming names, but some evidence would help everyone.
I don’t quite understand. I use spread betting platform - I know the product is a derivative and i’m not actually buying anything. I don’t see it as gambling though cos my decisions are based on technical analysis. I also seem to win more than I lose. Are you saying that the charts that spreadbetting platforms use are fake and not representative of what’s actually going on in the Forex market?
I am not even sure what it is
so called brokers manipulate the charts’ spread but they use the charts as they are otherwise. That is their main tool of getting clients. What I am saying is that in principle it is more like a scam. Since human psychology is based on grab quickly, leave the loss for luck then the ultimate end is loss due to exposure. If I buy currency and keep it under my pillow until its value is high I am safe and wise. You may win over a month, a year…etc but you wouldn’t stop the deals until you lose it all. Just look at various analyses (half predict short, other half long), and no one can explain minor or major flash crashes…
Kadhiem I appreciate your concern the brokers I deal with have been in the business for 48 years .They regulated too ,though I feel they have done things whilst I been with them, I feel is unethical it would not be in thier interest to scam retail traders as you suggested
Kadhiem why don’t you start your own post ,as the original guy I think he had similar issues against spread betting .I’m sure members will have their opinions on the subject
I agree it’s easy to get stopped out by sudden widening of the spreads - it’s happened to me enough. So I switched to pairs with thinner spreads e.g EUR/USD and oil - wafer thin spreads / difficult to get stopped out by the spread
I’m not sure it really makes much difference and thus is probably not worth thinking about too much. The goal is still the same regardless.
Just read through the kindergarten section of babypips, they are honest enough to break it down for you. You are not trading actual foreign currencies, as a retail trader, you are simply betting the price of a currency pair will rise or fall. The money in your REAL account has NO EFFECT on the quoted price you see on your screen.
I personally believe that it is up to the trader how they take trading. If they keep taking risks without thinking much about what they do, they will surely turn into gamblers. But with proper risk management and learning, they can trade forex as a business.