Is Forex Trading Gambling?

Is Forex Trading Gambling?

7 February 2017, 10:58
maxfxtrader
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Trding on the Forex market is an art and as any art it requires a technique, approach and a strategy.

You need to trade on the Forex market according to a plan, Forex trading cannot be considered as casino where you bet at random and pray for your desired outcome. Forex trading is a serious and responsible business. The profits in the Forex market depend on a lot of factors. First of all it depends on the size of your deposit, which amount you invest per trade, your strategy and of course your personal psychology. 

 Forex trading is not a casino game and works absolutely differently. At the same time while trading is more serious than gambling, you still must enjoy it in order to make it work.

As I mentioned before, in order to succeed in online Forex trading, you need to have a reliable trading strategy and follow its rules very clearly. 

Where do you get the strategy?

You need to develop it or take it from other traders. But if you decide to take from others, you need to consider that all people are different and if some strategy works for one trader, it doesn't mean that it will work for you too. It is recommended to devote some time and create your own Forex trading strategy that will answer your personal character, work hours and trading goals. Of course you can take other strategies as a basis for your own strategy and then twist its rules.

One of the most important aspects when developing your own forex trading strategy is to test it. Some trading platforms allow you to back test your strategy on the historical market rates. This is the best way to know if your strategy works and what profit it gives.

Once your strategy is ready and tested, its time to start applying it on your forex trading account.

 

As you can see, Professional Forex trading has nothing to do with casino and gambling, simply because it requires another approach in order to make it profitable and make money on Forex. For many traders Forex is a profession that they use to make a living on a regular basis.





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