Trading is not easy. Of course, on some days the same deal turns into one of the simplest things on earth and profits from the earth and the sky will flow into your trading account. Some days it might not seem possible to profit at all. As a multinational brokerage and cooperation with over 100,000 traders in the financial markets, we find that most of the traders are losing their losses due to psychological challenges rather than technical reasons . You can also read the article “What’s the role of psychology in forex market?”
Emotion leads to errors.
Trading is not easy. Of course, on some days the same deal turns into one of the simplest things on earth and profits from the earth and the sky will flow into your trading account. Some days it might not seem possible to profit at all. As a multinational brokerage and cooperation with over 100,000 traders in the financial markets, we find that most of the traders are losing their losses due to psychological challenges rather than technical reasons . You can also read the article “What’s the role of psychology in forex market?”
Time to wait
One of the most important things to learn as a trader is that you can recognize the time to wait and stay away from the errors. Markets are not always the best place to stay, and you don’t always have the right mind to trade with it. Even if you have the right mind, you need to know when markets are unstable or too slow. Exercise, study, relax; do whatever you like to get your mind ready to deal with, and the market situation will return to the desired conditions to get better trading opportunities. Patience isn’t just a time when markets aren’t conducive; when you have reached your goal and your day-to-day trading is over, it is time to wait and get out of the market. One of the big mistakes you can make is that when you don’t need to do a deal, open another position. As you know, it is not easy to cope with the market because as much as there is potential to profit, there is potential for loss. After achieving your daily goals, close the software or your transaction application. Not only should you learn to avoid the transactional terminal, but you should not be involved in the diagrams and anything that relates to the forex market. Does life have no other aspects than the trading aspect? When the Forex market has nothing to offer, withdraw from the market and practice patience.
Consider a long – term range; patience is in your favor.
Jesse Livermore is one of the best traders in trading history. It was someone who said, ” patience is for your advantage.” Because sometimes the market has dual behavior, it has to wait and see which direction it is chosen. You have a plan to open your position at a certain time and when the currency pair’s price reaches the desired level. So you have nothing to do then and you don’t have to go into the market before. Entering the marketplace, before your currency pair’s price reaches the desired level is a certain way to lose money and thwart all your previous planning and efforts. The market at different levels takes up certain decisions. If you have no plan to deal at these levels, then you can easily guess the next move of the market and plan for your next transactions. If you don’t have patience to reach these positions, then you are going to to lose a lot of money in the Forex market
Trading like a professional trader
If you want to trade in a short time frame, like a professional trader, count on ITBFX support, and in addition to studying the blog, the Forex basic training articles, the advanced tutorial articles, and the analysis on the website, follow our Instagram page. You can also follow the latest news of Forex on our news channel in the telegram. ITBFX has recently started to open the APARAT account and published many interesting videos and training videos there. The good news is, you will soon be able to provide the ITBFX Forex training package via the same website. Follow the next notices from our website and social networking sites.
Is Forex Trading Gambling ?
Sometimes, when we talk to someone about our job as a trader, they think that trading on the Forex market is a gamble. Because no trader can be sure what the market is going for, there are similarities between trading and gambling. However, there are ways in which traders can measure market performance and make scientific decisions about their positions. In this way, we suggest that you take into account the performance and long-term goals before you accuse a Forex trader to gamble.
Similarities between trading and gambling
Let’s take a look at the similarities in the Forex market trading and gambling. Most importantly, there is no guarantee of what the outcome will be. In both cases, participants put money into the market and hope to make a profit rather than a loss. The Swiss franc, in that sense, is no different from betting on the result of a game. You either benefit or lose money. A professional poker player and a currency pair trader must admit that there is no way to predict the outcome of the bet or trade definitively. In both cases, these people are risking their money in hope of making profits. Both have to realize that loss is part of the game. Also, there are unpredictable and unavoidable events in the Forex market that have a gambling equivalent. In the financial world, an unpredictable event is the headline that destabilize the market. For example, you may hear from news sources that a country is taking military action against another country. The event will destabilize the currency market. Iraq’s invasion of Kuwait is one of its examples. As expected, this happened not only in the currency market but also the crude oil market. In the gambling world, the equivalent of this one can be “four aces” in your opponent’s hand, which is seldom seen but likely and can cause a terrible loss. Finally, the main similarity between gambling and market transactions is that in both cases, having mental fitness and mental stability is essential. Both traders and those who gamble, they should prepare themselves for how to cope with the potential loss, not to react overly or indulge in trading and gambling
The difference between trading and gambling
It is not to be said that there are many serious differences between trading and gambling. If you are a professional currency trader, you have strategy or a system that has positive results in the long-term. As a professional trader, you need to be careful about your business strategy and you need to know that in the market, it’s natural to experience successive losses at a time, but what is important is to make progress. But it’s not about gambling; gambling is not a scientific phenomenon, and is more tied to chance. Also, as a professional trader, you know that there are certain conditions and incentives that will enable you to increase your capital. In addition, as a professional trader, you will never trade in inappropriate situations because you know you are losing money on these conditions. In this respect, trading with gambling has a considerable difference; when trading is done properly,it has a scientific background, but gambling doesn’t There are a number of forex traders who are able to make consistent returns from trading the forex markets. While this group is relatively small estimated to be between 10-20% of the total forex trading population, this suggests that skilled traders may be able to turn a profit from forex trading. Gambling typically precludes gamblers from being winners in the long run, due to the fact that most games have a built-in advantage for the house.
For instance, the game of Roulette will see the player go bust eventually though this may take a considerable amount of time. With forex, there are numerous instances where traders have been able to remain consistently profitable over the long-run, which suggests for skilled traders forex is not akin to gambling. Technical analysis has also made a major difference between these two because it puts a set of indicators and strategies that will help him determine when it is time to enter a position. Different games in the gambling category have different conditions but generally, dice, card games, and more than any Russian roulette, do not follow a particular thesis and strategy, for example, there is nothing called a chance chart. The latest and biggest difference between transaction and gambling is capital management. A trader will never endanger a large amount of their capital in a deal, while those who gamble may play all their money in the game.
Is the trade a gamble? It is up to you.
Yes; the answer depends on you. For many of the traders, the trading is really a gamble as they are not based on the market analysis, which deals with the inner feelings. However, when you develop your trading strategies, dealing in the Forex market is a scientific matter that is less likely to depend on the luck, which makes it completely distinct from gambling. The success of Forex traders and those who gamble largely depends on the control they have on them, but that similarity does not mean that dealing in the Forex market is gambling.
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