Differences Forex Trading and Playing Gambling
It is true that there are some gambling percentages when opening forex positions. No expert, no matter how long you have been trading and analyzing the forex market, can tell you exactly what the USD will do today. There are many tools you can use to help you make better educated decisions, but do not be fooled by forex experts who tell you they have them. Actually, this is simple math. If they have a market of 3 trillion dollars per day, why are not they billionaires? If they really know the key to eliminating the risk of forex, they will not waste their time to turn you into a forex trader. Even in their trading, there are certain elements of forex gambling.
No one knows "Forex Secrets". You know why? Because there is no such thing. You can familiarize yourself with all the technical indicators, study the fundamental analysis from dusk to dawn, and there is still some risk when trading forex. You will still meet certain factors of forex gambling. For this reason the percentage of very high forex traders end up losing more than they get. For this exact reason, it is very important when you first open a forex trading account so you only use the money you can lose. Call it vacation money, set it for your forex account, and face the fact that you might miss it.
You know that despite the big risks in forex, rewards that may be something you can not ignore. The potential for making money in forex trading is almost endless like any market in the world. While forex gambling / forex trading comparisons are not entirely unfounded, they are also not accurate and the following is a list of five attributes that distinguish these two industries. 1) Numbers: Before entering into morals, ethics, legal issues, and legitimacy, let's focus on the reasons people gamble or forex trading money. There is absolutely no comparison of the amount of money traded daily in the forex market with the gambling arena. 2) Players: The forex market is supported by the largest and most important financial institution in the world. It is true that traders do not trade with banks, but in the retail market, nevertheless, the fact that markets are supported by such organizations provides a much higher degree of legitimacy than the world of gambling. While gambling always faces challenges on the legal side, forex is as valid as other markets, such as stocks or commodities.
3) Tool: Despite the risk factors involved in trading fForex, you are not really in the dark when opening positions. There are different schools of thought that dedicate a lot of time and resources to eliminate as many of those risks as possible. Forex is not about luck. You can see and analyze the forex market many days before opening a trade, and also keep an eye on the currency you want to buy, and then later, based on your studies, you can move. 4) Emotions: One of the main problems of gambling, as we all know, is that it causes addiction. In forex trading, on the other hand, the first rule traders know is to leave the trade objectively and scientifically. Set your trading goals, and obey them. 5) Strategy :. Before you redeem a dime, you need to make some serious decisions about your trading goals and restrictions. Once you have made the decision, you must apply it using your trading platform. Use Stop Loss to prevent emotion and your inner voice from getting you to stay in the trade because you have to go up soon. Use Take Profit to prevent your natural human greed that tells you not to go out now because your currency will continue to increase in value. Stop your losses and take your profits based on trading strategies and not weak human emotions.
No one knows "Forex Secrets". You know why? Because there is no such thing. You can familiarize yourself with all the technical indicators, study the fundamental analysis from dusk to dawn, and there is still some risk when trading forex. You will still meet certain factors of forex gambling. For this reason the percentage of very high forex traders end up losing more than they get. For this exact reason, it is very important when you first open a forex trading account so you only use the money you can lose. Call it vacation money, set it for your forex account, and face the fact that you might miss it.
You know that despite the big risks in forex, rewards that may be something you can not ignore. The potential for making money in forex trading is almost endless like any market in the world. While forex gambling / forex trading comparisons are not entirely unfounded, they are also not accurate and the following is a list of five attributes that distinguish these two industries. 1) Numbers: Before entering into morals, ethics, legal issues, and legitimacy, let's focus on the reasons people gamble or forex trading money. There is absolutely no comparison of the amount of money traded daily in the forex market with the gambling arena. 2) Players: The forex market is supported by the largest and most important financial institution in the world. It is true that traders do not trade with banks, but in the retail market, nevertheless, the fact that markets are supported by such organizations provides a much higher degree of legitimacy than the world of gambling. While gambling always faces challenges on the legal side, forex is as valid as other markets, such as stocks or commodities.
3) Tool: Despite the risk factors involved in trading fForex, you are not really in the dark when opening positions. There are different schools of thought that dedicate a lot of time and resources to eliminate as many of those risks as possible. Forex is not about luck. You can see and analyze the forex market many days before opening a trade, and also keep an eye on the currency you want to buy, and then later, based on your studies, you can move. 4) Emotions: One of the main problems of gambling, as we all know, is that it causes addiction. In forex trading, on the other hand, the first rule traders know is to leave the trade objectively and scientifically. Set your trading goals, and obey them. 5) Strategy :. Before you redeem a dime, you need to make some serious decisions about your trading goals and restrictions. Once you have made the decision, you must apply it using your trading platform. Use Stop Loss to prevent emotion and your inner voice from getting you to stay in the trade because you have to go up soon. Use Take Profit to prevent your natural human greed that tells you not to go out now because your currency will continue to increase in value. Stop your losses and take your profits based on trading strategies and not weak human emotions.
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