I got an email from a Gambling site the other day (won’t mention their name), asking me whether I’d like to promote their site on my forum. I told him he’s approaching the wrong person/site, because Forex and Gambling are two totally different playing fields. But then he replied to me trying to convince me how they’re actually very similar. That got me thinking on how to refute his ludicrous assumption based on ignorance.
So anyway, here’s a question I’d like you to think about and try to answer it if you can. Is there actually any difference between Gambling and Forex (and trading in general)? If so, what are the differences?
Here’s some of the answers you’ll get from fx traders:
a) Forex requires skill.
b) Even though Forex takes years to master, it is possible to make a consistent income/living out of it.
c) Forex is not really “addictive”, most traders who can’t make it, usually give it up.
d) Forex is not a “game”, nor is it done “for fun”.
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And here are some of the “refutations” from gamblers:
a) Some forms of gambling require skill, such as Poker.
b) It’s also possible to make a living out of gambling.
c) Forex actually is gambling, no-one knows where price is going to head in the future.
d) Gambling is only a game if that’s how you approach it, there are many Professional Gamblers who treat it very seriously.
Of course, these are just words from the gamblers. If you make claims, show us your proof. I’ve yet to come across a single profitable gambler!
Bottom line – the richest man in the world is a trader, not a gambler.