Forex Trading = Gambling

MoneyTec Forums General Trading Forum Forex Trading = Gambling

This topic contains 59 replies, has 5 voices, and was last updated by  FXGuru 3 weeks, 5 days ago.

Viewing 15 posts - 31 through 45 (of 60 total)
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  • #600

    pjeg
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    some methods of gambling apply to the forex markets…. i think that some indicators only work after the markets moves….

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    #601

    Fxexcel
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    Take this in consideration,

    If you have a system with a RR ratio of 2:1, you only need 37% of accuracy or effectivenes to break even.
    If you have a system with a RR ratio of 3:1, the accuracy needed to break even is only 25%.
    Now, most systems are around 50% or a little below that…

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    #602

    pittsburgh
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    There is no guarantee that you are going to be alive tomorrow, so why not kill yourself now?

    Everything you write on this post is negative.

    You need to find a new hobby.

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    #603

    forexhr
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    I would say that some methods of sport betting can apply to the forex or any other market but certainly not gambling where your chances are 50:50 (like toss of a coin). Everything is about the edge, like graemenash say. But developing an edge for successful trading is much, much harder then for successful sport betting.

    Take a look at the chart pattern statistics that are result of study done by Thomas Bulkowski in his book “Encyclopedia of Chart Patterns”. He comprised a database of 500 stocks, all with durations of 5 years (1991-96) of daily price data – it can be useful in developing an edge.

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    #604

    J327
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    Trading is gambling. I can somewhat agree to that because no one can predict the future. Take this example, we all agree that professional poker players are gamblers too, right? However, they only take trades that are in their favor, and control their money…that is how they win…time and time again. Of course, luck plays a great part in it. Just like trading. A professional can lose because he just doesn’t get any good cards, or someone else got better cards. But most of the time, they play the odds. It is technically gambling, but they gamble with the odds in their favor by recognizing upper hands, just like our patterns and price action.

    Do you know how many times a professional poker player has to fold compared to playing the cards? A lot.

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    #605

    ForexWizard
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    I have worked at investment houses and I can tell you ITS NOT GAMBLING. Walk into the trading floor at Goldman Sachs or JPM Chase and you will see what its all about. You think all those MBA’s and wake up in the morning in their million dollar apartments and say: “oh let me go gamble some more money at my job today”??

    Do you think these institutions could manage billions in client cash every day exposed to the fluctuations in the currency and stock market with the same odds of a casino? Yah thunk? They consistently make positive returns and its the most normal thing in the world. You are looking at the trees and forgetting the forest!

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    #606

    TRADE
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    This has all been discussed time and time again.

    If you play a game of chance where money can potentially be made and lost the gambler will be the one who blames the game for his misfortune.

    The speculator will blame himself!!!! its all in your control

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    #607

    comenow
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    No you don’t need to do that at all. You can have a system that wins 40% of the time and still succeed.

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    #608

    pmha
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    Forex my friends is neither a game of chance or luck it is an art ,this i can say with confidence as one who has mastered the art.

    Have u failed at forex? are u struggling ? its a normal reaction to make excuses for our failures.

    There are ways to trade with unbelievable accurate entries and exits.

    I can say that a basis for any system or trading style has to begin with a sound understanding of how the market moves.

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    #609

    pjeg
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    jp morgran, man finacial, etc, take positions in real markets, no in otc like you people… the solutions is in data feed (anyone know FINLABS?)… in otc market if you have the more powerfull data feed (like use finlabs) you will have the best chance to win… many firm in FOREX play with you peoples (in pips)…. and that is the true…

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    #610

    graemenash
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    True, if you have good money management.

    That in itself is an edge; any system which produces a gain over time is an edge.

    Having an edge is not gambling.

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    #611

    honeyeater
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    pmha,

    “There are ways to trade with unbelievable accurate entries and exits.”

    As a trader who has mastered the art, could you give some of your accuate enrties and exits. What time frame do you trade and what indicators do you use?

    Did you teach yourself the art of trading? How did you get to the point of mastering the art of trading? I have troubles with seeing trading as being anything other than gambling, as I cannot predict price. Could you tell me how you predict price?

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    #612

    comenow
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    I am a very successful trader who does this for a living. However, I think it is gambling. People like you and I are just good gamblers. It is a strange excuse to say it is gambling because one fails at trading. After all, there are professional gamblers who make their living out of gambling.

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    #613

    birdjaguar
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    In the final analysis, I guess gambling can be defined however one sees fit. And we are certainly not going to get everyone to agree on its definition. Based on what many of these posts have revealed, any entrepreneural endeavor is gambling. What does it matter if one can make money consistently? The following definition is official and should suffice. It is from Websters Dictionary

    Main Entry: gam??????ble
    1 a : to play a game for money or property b : to bet on an uncertain outcome
    2 : to stake something on a contingency : take a chance

    By the way, this thread started with issues regarding EUR/USD not hitting 1.1900. This pair still seems to be diverging towards a dollar short. And the wave analysis that was posted looks right on point. I don’t use wave analysis, but perhaps if I had, I would have been long at the double bottom of 1.1912 rather than 1.1980. Not much wagered. I am still in the game. Happy trading.

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    #614

    metal
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    Successful traders or successful brokers.

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