Often people fall prey to the false beliefs of forex trading like ‘forex can make one rich overnight’, ‘forex is easy’, and ‘forex is the game of the lucky’. And of course, these beliefs are false, and they make one feel that it is similar to gambling. Gambling does not require advanced tools or expertise. It is based on luck, while forex trading is based purely on education, skills, and expertise.
The reason why so many traders fail is because they fail to recognize that forex is not gambling. If it were not so, the percentage of the people who are failing in the forex market would be less.
Yes, but how is trading different from betting?
Leverage trading can make you rich in short space of time with substantial account .But there are obviously risks of losing big losses or blowing up an account
There is a massive skill overlap with sociology, and psychology between gamblers and traders.
Why I am good at both, but since I am a trader, better than Texas Hold’em and blackjack, Craps etc.
Most people can develop skills to succeed in both with aptitude in those fields.
Gambling and forex are not the same things. When gambling, your chances of losing are high, but when trading forex, you consider many factors that will eventually increase your chances of profit.
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Forex is definitely different from gambling. In forex, you need to work hard for years to master it. Gambling does not require any kind of hard work or skills. If you think gambling is similar to forex trading, your doomsday is near. I would say to understand the nitty-gritty of forex and start to work hard only if you genuinely want to trade. Otherwise, beliefs like ‘forex is just gambling’ does not serve the purpose.
In gambling, winning or losing is entirely dependent on luck, whereas in Forex trading, you must learn a great deal and put in thousands of hours to become an expert.
I think gambling has more to do with your psychology rather than the activity.
You gamble when you do not know the outcome of a process and you choose to bet on this outcome without any certainty with only the reward in mind.
You can gamble in business, at work, or on the fx market, life can be your casino.
But if you are a trader you usually use Technics and analytics tools that are supposed to raise the chance success higher than simple randomness. If you add money management you are far from the compulsive nature of gambling.
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Forex trading is a long term thing and it requires a certain amount of experience and skills to trade on forex. Whereas, gambling is a short term pastime.
Forex trading is not the same as gambling because trading requires analysis, strategies, risk management & Gambling on the other hand, is based on luck or simply betting.
Forex is more addict than Gambling because it Hedden behind the word “Trade”
In my opinion, it all depends on your mindset to consider it like gambling or not.
If you dont own what you buy or sell ( physically) then call bet or gamble not Trade
We are bet on which direction the assest will be next . It is very clear written on CFD contract. All OTC forex are CFD , which means it is betting on price .
Now this is a scientific definition .
I respect IG market and XM because they make it clearly for all clients
Forex is highly random what makes it ideal place for gambling if you don’t conduct trading analysis and follow risk and money management rules.
It is true that both gambling and forex trading are high-risk endeavours. However, trading forex is not the same as gambling. Because forex trading is based on facts and market data, whereas gambling is entirely based on the luck factor.
Well facts can easily be confused with luck especially if you are using false, misleading information (past news, obsolete trading patterns) and you have little means to discern what really works and matters for the price.
Forex trading and gambling are often compared because both involve risking funds on a certain price movement that may or may not occur.
Every bet/trade individually is a gamble but over a length of time a professional trader/gambler is profitable because of their knowledge or skill or knowing an edge
It seems to me that these are completely different concepts. I have repeatedly convinced myself that these two aspects are completely different from each other.
Trading is different to gambling.
The vast majority have more chance at the roulette table than they do with Forex trading, allowing a tiny minority to have significantly better odds with Forex Trading than at the roulette table.