Forex is a luck business or mind game

#1
First I would like to say that any business that solely depends on luck is gambling. so do all traders depend on luck to earn? Do you depend on luck to earn or you think it is a mind game? Forex is a business that involves buying and selling, however, you need to learn how to when to buy and sell in order to make profit. Does this sound like luck?

People who depend on luck while training forex are called gamblers, but forex on its own is not a gambling business. so you can decide to gamble with your capital and depend on luck. Or learn the forex skills and make consistent profit not depending on luck.

what Do you think?
 
#2
First I would like to say that any business that solely depends on luck is gambling. so do all traders depend on luck to earn? Do you depend on luck to earn or you think it is a mind game? Forex is a business that involves buying and selling, however, you need to learn how to when to buy and sell in order to make profit. Does this sound like luck?

People who depend on luck while training forex are called gamblers, but forex on its own is not a gambling business. so you can decide to gamble with your capital and depend on luck. Or learn the forex skills and make consistent profit not depending on luck.

what Do you think?
Professional gamblers (in the western part of the world) are not gambling their money away. They are in the BUSINESS of Gambling. If you are not in the business of gambling, you will be called a gambler and will be depending on your luck most of the time. If you are taking gambling as your business, you will treat it like a business and will know when to stop if you are losing and when to encash when you are winning.

Forex trading or any kind of trading is not gambling. It is pure business for people who know what they are doing, have a proper business plan and take their trading seriously. Rest every one will treat it like a gamble and will lose money and eventually either blame their luck or blame the game of trading as gambling.

Hopefully this answered you question.

Cheers

Ichimoku India
 
#3
Hi Paul,

I believe Forex is a combination of all the ingredients that you mention. Luck, well off course we need luck to help our trades prosper, gambling although that word triggers thoughts of losing and desperation there are definitely elements of that in Forex too. Business, BIG BUSINESS !!. That is our mission to be successful we need to run it like a business but that is probably not enough either as many business' of any kind go under water just the same.
The mind game is where its at the most. The game is played inside our heads so this is where we win or lose. No different to most sports and athletes, in competing they all reach a level of fitness and skill needed to compete just like us but the winners have that edge in their mental psyche that can keep things turning over in the pressure cooker moments and that's where we all need to get to.

Unfortunately for our genetic makeup that will not be possible for all of us. The law of the wild will prevail survival of the strongest species the rest will be extinct eventually.

Forex is also the most manipulated of markets which doesn't make success any easier to come by. I wish you well with your endeavors.
 

angelnish

Active Member
#4
I don’t consider forex as a matter of luck. You need to have proper skills to trade in the market. I think experience, strategy and knowledge are the most important qualities in trading. So if you don’t have the skills you will surely lose, because luck doesn’t exist for a long time, especially in forex.
 
#5
Agree with you. A good trader should never depend on luck. yes forex is mind game. its all about proper planning for trading, learning from mistakes and trad again and again according to market trends.its all about to keep an eye on market trends.
 

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