That is not entirely correct.
Gambling can be loosly split into two catagories
Catagory 1 is gambling as you said on a game of chance which has by definition, random outcomes. In this catagory are games such as roulette.
Catagory 2 is staking money on the outcome of an uncertain event.
This by definition allows for outcomes which do not need to be random, only uncertain and is still defined as gambling.
There is an important and very big difference. This 2nd catagory is the one forex trading falls under, the outcome is not random it is uncertain.
This allows the trader to use applied information to better try and forcast the outcome or to gain an edge, or to swing the probabilities to their advantage.
I think there are really two issues here as to why some people are having a hard time accepting the FACT that ALL trading is gambling:
The religeous types whoās beliefs donāt allow it, so they are trying to justify it or claim trading alltogether it isnāt gambling.
Then there is the deeper issue as far as trading is concerned. Not [B]wanting to expose yourself to ANY financial risk.[/B]
The average person only considers a financial venture a good idea if itās very safe and pretty much sure.
[I]What the average person doesnāt realize is that safe things like a crappy 9-5 that pays 40k a year and small 401Kās will NEVER make you wealthy. large wealth from a meager starting point HAS to involve risk taking on some level.[/I]
There are only TWO types of people who are rich. Those who already have it and those who take risks to get there.
Most people associate gambling with very high risk and or a crooked scheme designed to take all the money you are willing to bet, with no possibility of ever being the winner.
The average person thinks, ārisk,ā means everyone eventually loses so why bother.
This is the same thought process that keeps most people from ever starting a business or engaging in serious financial ventures that have any potential to make them wealthy. Most people have it in their head, due mainly to collective brainwashing/upbringing, that if something is at all risky it just isnāt worth itā¦ working 9-5 until you are 60+ being poor and miserable is preferable because itās not, ārisky.ā
people in constant denial are just merely HYPOCRITES my apologiesā¦ but forex business is a gambling business, you can call it investment or whateverā¦ but still gambling!
to those who cannot admit it is gambling, ask yourself this, when was the last time you are so sure of the market, and when was the last time you have a big drawdown?
let the market show you humilityā¦ if youāre still in the market and able to trade
besides what everyone says, they are trading like itās gambling.
what need is there for money management if there werenāt uncertainties in every trade. if we could āknowā at any point what was going to happen, we could bet massive chunks of money on the trade and make huge sums.
if you can lose your initial stake on ANY GIVEN TRADE, how is that not a gambling exercise?
Hey, donāt you think that all this is a bit tedious and irrelevant, after all, itās a gamble crossing the road! Property investment could be considered a gamble - IT DOESNāT MATTER, stop worrying about it and concentrate on making a profit.
IMHO Category 2 is BETTING NOT GAMBLING. Thereās quite a difference between the two.
Anyway I deeply respect other peopleās opinions. But some of them are built on air, some other are well structured and argumented. Tymenās are of the latter as I learnt, and even if you disagree with him, you should better pay attention to his reasons and not simply taggin it hypocricy. Keeping an open mind and being ready to change it may be a positive mood.
hey donāt get me wrong, anybody offended my apologies, but really, to me itās gamblingā¦
regards.
p.s. and forex is not for faint heartedā¦ if you consider my honest down to earth opinion an abuse then think again my friend before you do trading forex for the market might just show you kindness :rolleyes:
edit: itās not seniority level here that makes sense
Would you like to explain what is the difference between the two ?
The dictionary appears to say they are the same thing and in fact, even uses the word betting to define the word gambling.
Taken from Miriam Websters Online Dictionary
Definition of GAMBLE
intransitive verb
1a : to play a game for money or property b : to bet on an uncertain outcome 2: to stake something on a contingency : take a chance
as soon as you set a stop loss, you are staking your money! if you donāt use stop losses you better be trading with no leverage and a whole lot of time on your hands!
once the risk is defined, it is a stake! It is defined by position size and the pip distance, and it carries the further risk of slippage which could result in losses beyond what you had defined.
i know you believe in stops tymen, so please help me see how you donāt see that as defining your stakeā¦
Itās a trait common amongst most folk who think theyāre more important than they actually are.
Correct me if Iām wrong, but didnāt the admin here suggest that it would be in your best interests to actively avoid & ignore potential confrontation?
Yet here you are not a week later, & after all the conflict that followed your previously boorish attitude toward others, imposing this holier than thou, supposedly superior attitude onto someone else.
Havenāt you received enough hostility over your pompous attitude already this month?
Give it a rest thereās a good chap.
Your constant strutting & postulating is embarrassing & rather sad to witness.
Trying not to be involved in a semanthic discussion Iām not able to argument, english not being my native language, Iād say the difference to me is the very same you have stated.
Gambling is betting on something which outcome is impossible to predict as every event has the same chance to happen (Roulette, Slot machine).
Betting is betting on something (sorry), which outcome is in some way possible to figure out with some degree of statistic probability (Basket game, Cards game, Forex price).
No ethical problem here for me, being a newbie the point is if the definition [I]āwhich outcome is in some way possible to figure out with some degree of statistic probabilityā[/I] fits forex price or not.
If it fits then my studies upon forex are worth my sleepless nights. If not Iād rather open my brokerās platform and toss a coin on going long or short.
Philosophical or semanthical discussions are useless as those kind of things involve certains feelings or beliefs or convinctions that are carved too deep within us to be changed by some words red on a forum.
In other words, weāre discussin angelās gender.
[I]
I already have proved it beyond a reasonable doubt, so quit trading.
If you donāt understand the nature of trading, that it is in fact a type of gambling, they you probably shouldnāt be trading anyway.
[/I] [B]It is a fact not my opinion. As defined in the dictionary when you trade you are betting on an uncertain outcome. [/B]
There is no need to have pseudo intellictual debate on what is and isnāt gambling. If you make a bet on an uncertain outcome the you are gambling.
Trading is gambling. You ARE making a bet on an uncertain outcome with something at stake.
You are either extremely thick headed or have the worst case of denial Iāve ever seen.
You mentioned that you think it isnāt gambling because you arenāt staking money. Staking money isnāt a required part of the definition.
But, no matter what you think YOU ARE staking money. I dont know about you but when I lose a trade money is taken out of my account.
Your SL is your stake.
In terms of trading: [B]Risk [/B]= your stop loss, something that is put at stake and may be lost. You are risking that.
[B]Gambling[/B] = to bet (risk something) on an uncertain outcome.
In terms of any other endeavor or action:
Risk= something you are putting at stake, something that may be lostā¦ you are putting it at risk
Gambling = to bet (risk something) on an uncertain outcome.
[B]You can do something risky without gambling. You canāt gamble/trade without risk.[/B]
my apologiesā¦ but forex business is a gambling business, you can call it investment or whateverā¦ but still gambling!
