Is Forex Gambling? Differences between Forex and gambling
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.
Forex is not a tradable deal in gambling with which someone treats any kind of profession or profession where there is potential for efficiency and risk reduction.
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.
In trade, it is possible to inflict damage inflicted financially. Basically, in the realm of business, there is no law governing you, you are against yourself and you will be the final winner or loser. You surely believe you are trading against other market participants, but in fact you are entering into trading with yourself. You determine your loss or profit in the market. When a person is placed in an unlimited business environment, he is tempted to gamble his money, so there should be a way to fight this temptation. Many traders think they are trading, but in fact they behave like a gambler.
Because as Forex trader, without being aware of it, is easy to fall into gambling, it’s very important to review some of the main characteristics of a gambler and a professional trader to see which one You have a handle:
Major Characteristics of a Forex Gambler
• Does not use or use the business plan.
• Do not use or do not use the daily office (Forex Journal).
Rarely or at all, he does not care about risk management.
• Spend more time focusing on profits and rewards.
• During the trade, they often experience severe emotional fluctuations.
• It often continues to deal with the hopeless gains of gaining unrealistic profits.
• More than what should be traded.
Main features of a Forex professional trader:
• Mastering an effective strategy.
• Use a Forex Trading Plan.
• Use a Forex Daily Trading Office.
• Focus on risk management and control the risk in each transaction.
• Not too focused on profit and rewards.
• When a transaction is trusted to be commercially viable.
• Does not deal with emotional defeat or failure.
• deals with a business like a job.
Key Suggestions for the Forex Gambler
If there is one or more features of the Forex Gambler, it is time to change them. There is no problem admitting to gambling in the market because it happens to all of us. What you need to focus on is changing this behavior, in particular you should try to constantly improve yourself as a trader and as a person. Let’s take a look at some of the most important points that you can do today to make yourself a gambler to a professional trader.
List (Checklist) for Forex Gambler Trader (very important!)
• The first thing is to stop trading with real money. Getting away from the real money business can put aside your feelings and effectively re-energize.
• Second, make sure that you have a) a trading strategy that you know has a high probability of profitability in your business; b) you fully know how to use this strategy and have done so much in the trial version that you have been trading with. You have “mastered” it.
• Make a daily list or Forex trading plan and follow it as a daily trading routine. Keep track of your daily transactions so you can get help with it every day, so rarely enter random (random) or based on “guesswork” deals. It helps you look at your deals as a job.
• Provide a risk management plan and rely on it since you do not know when you will have an unsuccessful transaction; in other words, your trading ability is riddled throughout a series of transactions; So, know that you will not win with a deal and do not take more risk than your ability.
Register and track all your deals in a daily office … Do not violate this process.
• Decrease the time you spend on the market by up to three transactions per week to feel that you will not gamble again. Adhering to this law will help you to establish discipline in your business routine.
• Trust in your business strategy and instead of trying to “revenge” the market and return after a loss, relying on long-term business ability to compensate for short-term losses.
• Always be aware of your thinking and try to control your feelings by doing the above. If you feel desperate for business or risk too much for no reason, simply go out of the market.
Forex trading is based on habits. The first step in changing habits from a gambler trader to a professional trader is to know if you have a problem. If you are clear enough and honestly accept that you have trouble, follow the above for at least one month to find out if your trading, attitudes, and general physical condition are improving.