The people who know just a little about the forex market always have a misconception that it is just a game of gambling. Though it is not true in any sense. If it was gambling, then it would not have been possible that famous traders like Hafizzat Rusli could stay in the market for so long. Gambling is all based on luck, but being successful in a profession is not the same and thus it is completely irrelevant to think of the forex trade to be gambling. Here are 5 facts that are going to support this statement.
1. Flow Of Money
Gambling is a hobby to some and addiction to the few but forex trading is a serious profession. In the forex market, the flow of money is a lot more than what is there in gambling. The main reason for this is that forex trade is not a hobby or addiction but a serious career option. If it was also a game like gambling, then the flow of money like 3 to 5 trillion dollars a day would not have been possible in the currency exchange market.
2. Participants
In both gambling and forex trading, there are a lot of participants and some invest both big and small amounts of money. But since gambling is based only on luck and not on logic, calculations, observations of the market, etc. big financial institutions do not involve in gambling. The forex market has individual traders, banks, central banks, and big business firms, and thus this market is much more legitimate and regulated than gambling.
3. Tools
In the forex market, the risk is involved like it is there in gambling but there is a major difference. There are tools in the forex trading which give you a very transparent picture. The foreign exchange market is also in some ways unpredictable, but a trader surely has the information which can allow the trader to predict the opening and closing position and he or she is not simply shooting in the dark. In the forex market, the traders use various tools like forex news, technical analysis, etc. and thus they can control the outcome. If we talk about gambling it is total luck and there is no chance or bending things in your direction unless you are having a very lucky day. Even before you open the trade you can predict the market and then decide to enter the trade or not.
4. Emotions
In gambling, you must have noticed that it becomes kind of an addiction to many people. Gambling is such an addiction that many people become penniless from millionaires. The main reason to gamble is the thrill and that is an emotion. Whenever a person thinks of gambling it is for the reason that they seek some kind of fun and adventure in it. The moment they lost a gamble, they tend to get more emotionally involved and have the desire to recover the loss or even win more. Since there is no logic but only luck involved in gambling, this kind of behavior is expected. Whereas trading is logical and thus a trader can learn to control emotions. When you are dealing logically and not emotionally, you have the chance of altering things in your favor.
5. Strategies
When a person is gambling it is just luck. A gambler does not have strategies that are based on observations, market study, market trends, etc. It is just about being lucky. Though in the foreign exchange market, you have strategies to imply. The strategies are the backbone of forex trading. If you have invested a good amount of knowledge and time formulating a strategy you even have 100% chances of success.
If you have learned forex trading from a genuine mentor, forex trade can be the best option of making money. One of the best mentors for forex trading is Hafizzat Rusli. He has developed his forex trading course which has helped many people around the globe become successful traders. Though in the past, there were many scammers who used fake profiles of Rusli because of which many people lost their money and Hafizzat was also found in headlines like pembongkaran penipuan hafizzat rusli. Thus to keep yourself safe from such scammers, and to get the right information about Hafizzat’s trading course, click the link here.
