Forex Trading Is Not Gambling
Some people compare Forex trading currency pairs to casino type gambling.
Some details about Forex
It is easy to miss the big picture if you are new to the scene and have arrived like a fish on a hook lured by some self-proclaimed guru on platforms such as Etoro like I have.
Understanding basic operating principles will make all the difference in the world and help determine whether you succeed in the business or fail.
Arriving at the gate with the notion that Forex trading is easy will not properly prepare you for what is ahead. Considering something to be easy is probably never a good thing and could be the cause of your downfall in Forex trading.
Professional training is encouraged and recommended to all who plan to make Forex trading a serious part of their lives. There is much help available on most of the platforms that I have visited over the years. Etoro provided info and links to many extensive and comprehensive courses I unfortunately overlooked and unwisely ignored.
Most platforms offer a demo account that really should be taken seriously. I advise that a demo account should be your first step before diving in pool with the piranha. I didn't use a demo account but that is because my mistakes could probably outnumber the grains of sand on Wreck Beach Vancouver. Not! I should have eased myself in with a demo account but chose not to. Luck was probably always on my side since I never traded poorly.
One of the important topics taught in the courses offered is market analysis. Understanding market analysis arms you with the ability to reduce the risk factor involved in trading currency pairs. Reduction in risk can still never guarantee that the currency pair will trade significantly in the predicted direction. Inherent volatility in currency pairs could never be determined with 100% accuracy no matter what some unscrupulous self-proclaimed guru claims.
Stocks and bonds trading is docile compared to currency pairs, so expect your endeavor to be a challenging ordeal to put it lightly.
What makes trading pairs different from gambling is the strategy that is involved. Although speculation in trading is necessary, it stands apart from gambling due to the strategic aspect. Proper market analysis is the fundamental cornerstone that improves the trading outcome.
It should therefore be clear that currency pair trading should not be attempted without at least a basic understanding of the market involved. Education and knowledge is important but still guarantees nothing.
I have seen gurus with economic and financial PHDs fail in contrast to the uneducated newbies that lucked out and amassed large fortunes. Anyone with average intelligence has the building blocks to do well.
Trading was never a good thing for me even though I always seemed to profit. I never slept more than 2 hours at a time constantly observing my iPhone or computer screen with a trigger finger ready to stop loss or buy/sell. Trading currency pairs happened to be the most stressful side job I ever had. Even the satisfaction of winning was overshadowed by constant panic attacks.
Trading Forex currency pairs is not gambling in my books, but it is not something I will ever recommend or do again anytime soon.
I will stick to occasionally buying and trading cryptocurrencies and writing articles such as these on Publish0x. The Basic Attention Token known as BAT appears to be a solid contender in the cryptocurrency wars. The majority of my personal investment is divided between BAT and Ethereum at this time.
BAT appears to have a bright future in light of all the Brave Browser promotions I have examined so far. BAT will be my investment choice at the current time.
With ID and payment in one, the Civic Wallet let's me leave my physical wallet at home.
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