Difference Between Forex Trading And Gambling, You need to Know?

[Kristine Christensen]

In gambling, you need luck to win money. It is very difficult to predict the success of a certain thing or investment if you don't have any idea regarding it, but in Forex trading, it is possible to win some money if you know the right techniques of making an investment. You can limit your losses and maximise your profits if you are well aware of market conditions.

 

[Leonardo_fx]

I believe that in gambling you can only count on luck, luck and random success. On Forex, you can count on mathematical luck, which can be more common than in gambling.

 

[Polakandil]

Forex trading is a business, that should treat like a business, gambling in forex will never last long, maybe a gambler get big profit in lucky trades, but relying on lucky will never exist, gambling only hope the luck is behind, but forex relying on knowledge and psychology trading, there are three points to success in forex, first, finding profitable trading system, second having good money management and third having good psychology trading or emotion control.

 

[quidsworth]

Gambling is done to prove your worth or get socially accepted that you can do anything. This often leads to taking risks in a field you hardly know about. Gambling in the forex market is mostly done when people feel too excited about the market movements and think that they will be able to make money through them.

 

[schmutz]

Gamblers are clueless and trade without any knowledge. Most think trading will make them easy money. But forex traders follow a plan and a method/strategy to win.

 

[somrat4030]

Who follow a plan while trading, he will never lose money on trading.

Gamblers are clueless and trade without any knowledge. Most think trading will make them easy money. But forex traders follow a plan and a method/strategy to win.

 

[flummeery]

Gamblers are clueless and trade without any knowledge. Most think trading will make them easy money. But forex traders follow a plan and a method/strategy to win.

Gamblers are more uncertain about their chances of winning than traders. Traders can minimise their risks by using certain trading risk management tools or techniques which is not possible in gambling.

 

[Astrogony]

Who follow a plan while trading, he will never lose money on trading.

Having a trading plan is undoubtedly the most important thing a trader must have. A good trading plan makes trading simpler.

 

[timothydanie]

When you trade seriously, it is pre-planned, and there is an approach. On the other hand, with gambling, you enter into the market with zero knowledge and "somehow" expect to make money.

 

[somrat4030]

When you trade seriously, it is pre-planned, and there is an approach. On the other hand, with gambling, you enter into the market with zero knowledge and "somehow" expect to make money.

Moreover, Inside gambling and trading have too much risk, but trading is a plan based and gambling is not any plan based.

 

[Whimsical]

Moreover, Inside gambling and trading have too much risk, but trading is a plan based and gambling is not any plan based.

And moreover a trader can use risk management to reduce his/her risks. Whereas in gambling, one either gains all the amount or losses all the amount.

 

[timothydanie]

The difference between them is quite simple. Gambling is based on luck, forex is based entirely on strategy and patience.

 

[Paulsy]

Setting your foot and investing your hard-earned money without knowing the depth of the market and making trades for the sole purpose of making money is indeed considered Gambling. Forex trading is an ocean and you've to be familiar with all its aspects to excel in it. Here's how to grow your Small Forex Account into a successful one.

 

[Blockhead]

Forex Forum, You can know the proper difference between forex trading and gambling.​

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Forex trading, sometimes referred to as FX trading, is similar to buying and selling other securities like stocks and is often done through the foreign exchange market.​

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Since you're trading in what is essentially the largest global marketplace for exchanging national currencies, trading forex means that you are always trading a currency pair - or selling one currency while also buying another at the same time. If the currency you buy moves up against the currency you sold, you end up making a profit.​

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On the other hand, Gambling happens when you play any game of chance or skill, in which you stake something valuable that has potential for a prize win..​

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Often, people who gamble risk money in hopes of winning a greater sum of money. For example, you might risk the cost of a lottery ticket for the chance at winning a large multimillion-dollar jackpot.​

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When we think about gambling, often places like casinos or racetracks come to mind, but gambling occurs in other places too, like gas stations, church halls, at sporting events and on the Internet.​

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Newbies always ask these kind of qeustions that is Forex Gambling? This is why we have decided to explain to you the differences between Forex and gambling. A Forex trading deal will become a gamble when it comes to gambling as a jackpot machine in a casino where the hope of winning is based on luck alone. A "blind" and no-strategy trading on the Forex market, like any other gambling game, will lead to a financial failure of the gambler. The results will be worse when the Forex gambler does not set a stop loss for their deals.​

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Here is the different between Forex trading and Gumbling:​

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1. Numbers​

Before I get into morals, ethics, legal issues, and legitimacy, let us just focus on the reason anyone gambles or trades Forex: to make money. There is absolutely no comparing the amount of money traded daily in the Forex market to that of the gambling arena. In fact, I am not aware of any industry (ok maybe there are a few exceptions) that handles so much money on a daily basis. Depending on who you ask, there are anywhere between 2 and 5 trillion dollars traded daily in the Forex market. I could not find exact statistics about how much money passes through the casinos daily, but I am pretty sure the numbers do not compare.​

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2. Trading Forex as a Business​

If the trader is not employing a strategy, he is not playing from his right mind. There is a need to do that. Similarly, betting is gambling in a casino, but the way you approach it and adopt tactics turns it into a serious business. An experienced player who is playing a certain card game that he has developed skill at will get an edge over the game. The forex trader must have a strategy on how to go forward in the trade. This has to be followed thoroughly and implemented with discipline. In the end, make a total of wins, and losses to get the final picture.​

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3. Players​

The Forex market is backed by the biggest and most important financial institutions on the globe. It is true that traders do not trade with the banks, but rather on the retail market, even so, the fact that the market is supported by such organization provides a much higher level of legitimacy than the gambling world. While gambling always faces challenges on the legal front, Forex is as legitimate as any other market, such as stocks or commodities. So, if you are interested in spending your hard-earned money and taking a risk, wouldn't you be better off putting it where you know the law and morals are on your side?​

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4. Flexibility​

The difference between Casino and Forex is that casinos are mostly gambling and Forex games compared to a series of strategic tournaments. Unlike gambling, a Forex trader can decide on models and price analysis to open or close a position and have a chance to win.​

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Why Forex Trading is not a Gambling​

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Forex trading is becoming increasingly popular around the world. More and more people register at a forex broker and try to trade. But it's more like testing their luck when they start trading because most new traders actually gamble and don't trade seriously. They open positions due to emotions or feelings lucky and hope that the trade will go in their favor. Obviously forex trading leaves no room for emotions and feelings like that. And there's no doubt that everybody who trades according to feelings will go broke sooner or later.​

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Imagine yourself as a profitable trader. You wake up, grab a cup of coffee, and sit in front of your computer. You see a nice setup on your favorite currency pair, and you decide to enter. Now you wait. For a couple hours, days, who knows. All you know is you see a set up in line with your rules, and your rules give you about a 70% win rate, so you expect to win. The next day, you see you have won. Or you see you have lost. Regardless, you do the same thing. You wake up, look for entry opportunities, then go about your day.​

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Indeed! Also, I feel that when you trade seriously, your decisions are based on facts and analysis. However, when you gamble, you take actions based on your intuitions, which are not always correct.

 

[Neology]

Gambling is greed-oriented. You only care about making money somehow, with no plan or strategy in hand. However, when you trade, you keep your eyes in all the four directions and proceed with caution and planning.

 

[somrat4030]

Gambling is greed-oriented. You only care about making money somehow, with no plan or strategy in hand. However, when you trade, you keep your eyes in all the four directions and proceed with caution and planning.

Thanks, Inside gambling have no trading plan, It's depended on luck. Could you please share your trading strategy with us?

 

[Isonomy]

It irks me whenever people say they are the same thing. They aren’t. One is based on luck and can be done by anyone without any skill set. The other is based on learning, hard work, time and effort. They are incomparable.

 

[Hippomobile]

In simple words, we can say that trading forex without any plan and strategy is gambling, otherwise it is a profession.

 

[GlenWest]

Glad that you shared this post. Traders need to know that they are not gamblers and they will have to learn to become successful.

 

[ellisdelgado]

For those who have never traded or traded without knowing it, often compare it to gambling. They are those people who start trading just to get rich and when nothing such happens, they start blaming the market. But ask those who have been learning and practicing day and night to make their trades work. Trading involves a lot of hard work and does not rely on luck, unlike gambling.