It’s quite common amongst forex traders around the world to sort of look down at the online gambling community. Myself, when I started trading forex currencies I thought it would be a completely different thing. Well, in a sense I was right. There’s plenty more to fall back on than just chance in Forex trading, which means you have a much higher chance of predicting the outcome of your trades than you would have in roulette, for example. But there is a fine line between trading and gambling, and anyone who’s ever gotten a bit carried away in their trading knows this. Forextrading.pm has an article on this subject which is definitely worth a read as well.
It’s a common occurrence that traders find themselves following their impulses more nd more as soon as they start to get success. The hunger for quicker and bigger profit is hard to resists, but what you’re really doing when you start trading more and more to profit faster is taking unnecessary risks. The more risks you take, the more forex trading starts to resemble gambling.
Just like in life in general, it’s hard work that pays off to people. The more you put in, the more you get out, and it’s really no different in Forex trading. There’s no easy 10 minutes a day trading tactic that is going to make your profits both substantial and sustainable. The traders that make the most profit are the ones that work the hardest. They don’t just check the chart every 15 minutes and invest in something out of impulse. They read the daily, weekly and monthly reports in order to understand the underlying principles that will change the market in a certain direction, as well as reading up on new strategies posted on websites like cambiodivisas.eu. They only invest when several criteria’s are met in order to confirm their analyses.
A trader that acts upon impulses on the other hand, without doing proper research and analysis, is nothing but a gambler in my opinion. They want to get rich fast, just like a gambler that dreams of a jackpot in a casino. They take too much risk, and they generally end up losing their money even though they might see some initial success.
In the beginning, it was hard for me to realize this. I would often find myself acting on my impulses, and feel the urge to make risky trades since the potential payouts were huge. However, as I got some experience I have now learned that that is not the way to go. Instead I have opened a demo account on the side of my real money account, and every time I find myself wanting to trade something risky, I do it for play money instead.