Do you know the difference between a gambler and a speculator? It’s actually a thin line of difference. One who is known to take a gamble on sports, horse racing, visiting casinos is branded as a gambler. The other type of people one who do some analysis and know what they are doing on forex trading, stocks, property etc is known to be a speculator. Today I brought this topic up is of course not to test your intelligence, but to alert our forex traders that you are pure speculators and not gamblers!
Often people will mix up gambling with forex trading, true that they may seem like friends, but definitely not the same family. However, they have some similarities, both have the possibility of losing more money and winning more money. They also have uncertainties over the future. trading The difference here is that gambling does not have a set of data to analyze and you can’t increase your chance of winning, it’s pure luck. For forex trading, you will need to analyze the past history using forex indicators etc, though it does not confirm a sure win. But it will definitely increase the chance of success. I know of many successful forex traders who make a living out of it (I’m one of them), but have you heard of gamblers making a living? I only know that they have to owe a lot of debts in their lives.
Some of the beginners who has just starting to learn forex think that they can make quick and easy profits from the forex market. This is totally not true and forex trading is not gambling. Firstly you must have the right mindset if you decide to embark on the currency trading journey, treating this as your own legal business. Secondly, your trading decisions must not be gut feelings, you do not think or feel whether the price will up or down. Thirdly, you must only be dependent on your forex strategy and forex trading systems, and not luck!
Make use of all the resources you need to become a successful trader, there is no easy way out and you must learn it through experience. I can give you all the forex tips and strategies you want, but you will really need to get tough with the forex market to learn valuable stuffs. But no worries at all, I will be here to give you all the help that you need in this business.