Sometimes when I am with friends or meet people and the subject of the conversation flips over to making money or how to make money, most of what I hear is that share / stock trading, forex trading etc. is gambling…
That’s what they say.
I tend to sit quietly and not say anything because I have nothing to prove. If I was successful in trading, then I would say: ” Hey fellas, look, trading is not gambling….look at me, I making a living trading and living the dream.”
But you can’t argue an issue if you have nothing to prove, right?
Now, going back to answering the question: is forex trading gambling?
As a forex trader, I find it hard to admit to myself that trading is gambling. But when you read what the definition of gambling is, forex trading comes pretty close:
- Activity or practice of playing at a game of chance for money or other stakes
- The act or practice of risking the loss of something important by taking a chance or acting recklessly
So is forex trading gambling? The short answer is yes. Trading is gambling.
Why?
- You are risking your money for a chance to make money
- Making money in forex is not guaranteed, its is like the flip of a coin, a 50-50 chance of success. If you get the trade direction right you make money, if you get the trade direction wrong,you lose money.
There are those that will argue that forex trading is not gambling…. I used to be like that once but I’ve change my mind about that. One major problem of gambling is called addiction. There’s a thing called forex addiction.
So what is forex addiction? I define forex addiction as similar to those of a gamblers addiction.
Forex addiction is when you get involved in trading, you’ve made money, tasted a little bit of success in it, then lose money in it and then you keep coming back with the hope and dreams of making it big and being successful.
And it does not matter how many times you’ve lost, when you’ve found some little bit of money somewhere, you keep funding your forex account to keep trading. You have this dream/hope that you can make it big one day and become a successful forex trader.
That’s what a forex addict does. I’m sort of a forex addict to an extent… and this website is my avenue to rant, share my trading ideas and techniques and also post a lot of free forex trading information for you to enjoy.