Is Forex Trading the same as Gambling?
I have been asked many times "Is Forex trading the same as gambling?".
The difference between the Casino and the Forex market is that, most are games
of chances with the former versus a contest of strategy for the later.
Unlike gambling, trading is much more than just betting on an outcome.
A good trader has and adheres to a trading plan that gives
him the statistical edge of winning.
Automating his profitable trading plan will give him the added advantages of freeing him the time to trade around the clock and without the emotional ups and downs that can cause many good trades to turn bad and bad ones to become worse.
The fact is:
No other businesses and professions can beat the $5 trillion a day Forex market in size and the advantages and benefits of Forex trading.
The entry barrier is low. A trader doesn't need a University
degree and years in practice to trade.
The earning potential is unlimited and the freedom to work for yourself is priceless for those who care to master the skills of trading.
A good trader is like a successful surgeon or business owner.
The Holy Grail in trading is no different from good practices adopted and
perfected by these professionals and businessmen.
Please click on High Probability Trade Setups and Triggers + Trading the EURUSD to see how price patterns can be used to trade profitably.
It's always better to trade with your own system than to rely on others' because the market is dynamic and requires you to adapt to stay profitable.
Trading with an EA based on profitable trading strategies is a bonus as it will free the trader from having to monitor and react to changing prices.
As an IB, I know of some traders who are making profit consistently in their trading, manually or otherwise.
Based on my analysis of the Traded Volumes, Funded Amounts and Current Balances, many of the profitable traders opened and held on to their trades before closing them within the following few days.
In my opinion, the trader who has the patience to wait for the optimal price to enter the trade, take the first profit with a partial close and let the remaining lots ride the trend will survive and become profitable under most market conditions.
This approach allows the trader to minimize losses from erratic price movements and still capture profits whenever the price continues to move in the right direction.