Forex, but online trading in general, is viewed with suspicion by the average person. Only recently, in fact, have brokers managed to penetrate the market of potential investors, i.e., those who have never done it professionally. In this regard, one of the most frequent accusations leveled against them concerns the alleged proximity to gambling. According to detractors, there are more elements in common between Forex and a slot machine than between Forex and any investment activity. In reality, these are mere prejudices that do not affect the technical and intellectual stature of trading in the currency market. In any case, here are some irrefutable reasons why this accusation is false.
Forex Is a Complex Market
Forex is complex. Gambling, aside from card games, which could also be defined as sports, is not complex. Slot machines are relatively simple devices. The currency market, on the other hand, is very complicated. It has its own rules, dynamics, and unwritten laws. It is up to the trader not to suffer them but to ride them, using them to create profit.
Chance Does Not Dominate the Market
Chance does not dominate in Forex. Randomness is the main element of any gambling, including slot machines. The currency market, like any other market, may appear to be dominated by chance, but in reality, it is governed by particular dynamics that are studyable and moderately predictable. In simple terms, in Forex, you don't improvise. That this is the most frequent mistake of beginners, there is no doubt. But this represents only one of the ways to trade, moreover the most wrong one. For a look at another risky mindset, see how indecision can look like gambling.
Trading Requires Intellectual Resources
Forex requires intellectual resources. Slot machine players do not employ any kind of resources, except economic ones. No skill is needed to play. To trade in Forex, as in any other market, a lot of intellectual resources are necessary. One must have studied the dynamics of prices, the behavior of assets, even the platform through which one operates. And, of course, it is necessary to know how to put the accumulated theoretical notions into practice.
Trading Requires Moral Discipline
Forex requires moral qualities. From a mental or emotional point of view, the slot machine player is totally at the mercy of the machine. Moreover, in extreme cases, this can cross into the realm of gambling addiction. The trader, on the other hand, is called upon to maintain firm control over himself, to resist stress, to react to negative solicitations. Those who trade effectively, therefore, put into play moral qualities of a certain level. For this reason too, Forex is not for everyone.
