Are you a trader or gambler?

Why do you trade forex?

Let me guess…

Because you want to make a crapload of money and be able to buy anything you wish?

While this is a perfectly valid reason, it will most likely lead to excessive greed and ultimately lead to your trading account’s destruction.

You might as well take your money to Vegas instead, and gamble it away.

Once your money is all gone, at least it was entertaining.

Greed is the worst motivation for trading. The market will always punish greed and will always reward moderation.

Never try to make all of your money on one trade.

Never try to make all of your money on one trade.

If you do, you are not trading, you are gambling!

There is a fine line between traders and gamblers. When there is real money on the line, there are always those who take blind chances.

If you want to be a successful, do NOT think like a gambler, do NOT take blind chances and do NOT solely rely on luck.

Luck comes and goes just like the gambler.

It’s the trader who remains.

  • William Hill Promo Codes

    I do think there needs to be more info out there.

  • bingo bonus

    If any unskilled gambler does the gambling then it is most of of the cases very much unsuccessful.

  • Football Betting Odds

    I am a gambler. I think there is not a big difference between investing trading or in gambling. I also want to become a successful gambler.

  • Rawtid

    Sound advice

  • Pipmeup

    I take your point but I think you should differentiate between skilled and unskilled gamblers. It’s a bit of semantics really. Also, when you are really right on a market you need to step up. Soros says when you are right be a pig…in a sense this is conviction but a small bit of greed too.

  • Rawtid

    Sound advice

  • Pipmeup

    I take your point but I think you should differentiate between skilled and unskilled gamblers. It’s a bit of semantics really. Also, when you are really right on a market you need to step up. Soros says when you are right be a pig…in a sense this is conviction but a small bit of greed too.

  • ohkingdavid

    I agree with you wholely because once you lose your focus and see only the money you will make, it means you are counting your chicks before they are born and your eggs might be broken just before the birth process
    I am in Africa and hope to find a real broker soon. But my fear is that lots of people are fake brokers and i don’t know how to find true and genuine broker. This has made me not to go into this business

  • ohkingdavid

    I agree with you wholely because once you lose your focus and see only the money you will make, it means you are counting your chicks before they are born and your eggs might be broken just before the birth process
    I am in Africa and hope to find a real broker soon. But my fear is that lots of people are fake brokers and i don’t know how to find true and genuine broker. This has made me not to go into this business

  • efelicia14

    This is a very valid point. I first started trading in the ForEx market with demos in February of 2009. I studied some great skill about the market and then decided I needed to get in an hold long on every trade hoping it would mark me a profit the first day in March on the EUR/JPY. I did just that healed long and made 1000 dollars on the first day I was so excited. I felt like I hit the lottery. And I could trade with a live account. So I kept doing the same thing on the demos for a while. Before I knew it I was losing large amount of money on ridicules trades and creating bad habits… I didn’t know I was gambling until I saw my self sitting at the computer, all hour of the day, hold my thumbs on a trades, while my capitol was sinking further into the negative… After going through eighteen, five thousand dollar demos I decided to come up with some rules. My rules worked on a few trades but it was difficult to stay disciplined to my rules Because I felt like I was missing out on a lot of money.. So finally I decided to get on Babypips.com and I read about how to come up with your own trading strategies after that I was able to sit down and really analysis the market. I decided that if I were to lock in just 20 pips a day with a 10 pips s/l I could double my account in just 2 months. I was so excited. I felt like could make money, spend just 5 to 20mins on the computer, and stay sane. I started doing this on June 26th , 2009 and my account is in the positive so far. I have big win and small loses but I feel more patient and declined to trade I can truly say I am a trader not a gambler…

  • efelicia14

    This is a very valid point. I first started trading in the ForEx market with demos in February of 2009. I studied some great skill about the market and then decided I needed to get in an hold long on every trade hoping it would mark me a profit the first day in March on the EUR/JPY. I did just that healed long and made 1000 dollars on the first day I was so excited. I felt like I hit the lottery. And I could trade with a live account. So I kept doing the same thing on the demos for a while. Before I knew it I was losing large amount of money on ridicules trades and creating bad habits… I didn’t know I was gambling until I saw my self sitting at the computer, all hour of the day, hold my thumbs on a trades, while my capitol was sinking further into the negative… After going through eighteen, five thousand dollar demos I decided to come up with some rules. My rules worked on a few trades but it was difficult to stay disciplined to my rules Because I felt like I was missing out on a lot of money.. So finally I decided to get on Babypips.com and I read about how to come up with your own trading strategies after that I was able to sit down and really analysis the market. I decided that if I were to lock in just 20 pips a day with a 10 pips s/l I could double my account in just 2 months. I was so excited. I felt like could make money, spend just 5 to 20mins on the computer, and stay sane. I started doing this on June 26th , 2009 and my account is in the positive so far. I have big win and small loses but I feel more patient and declined to trade I can truly say I am a trader not a gambler…

  • rokasvivas

    There is one thing I would like to know. It is said that scalpers generally takes just a few pips; but to make this pips worth, they used to take huge lots (of course with a good competitive spread).

    Is this action a Gambling Action?? Please notice that some traders do not feel comfortable to stay in a position for too long, so they better really look at the charts for an opportunity to grab 5 or 6 pips, and repeat it two or three times daily. I agree with Rawtid; this is a skill matter. Please comment.

  • rokasvivas

    There is one thing I would like to know. It is said that scalpers generally takes just a few pips; but to make this pips worth, they used to take huge lots (of course with a good competitive spread).

    Is this action a Gambling Action?? Please notice that some traders do not feel comfortable to stay in a position for too long, so they better really look at the charts for an opportunity to grab 5 or 6 pips, and repeat it two or three times daily. I agree with Rawtid; this is a skill matter. Please comment.

  • Lordpipi

    sorry for deviating in dis discussion….but can anyone tell me wot platform is best when it comes to FOREX trading…I know you guys will cum out with: “the one you are used to”….I dont want that…there should be a recommended one

  • Lordpipi

    sorry for deviating in dis discussion….but can anyone tell me wot platform is best when it comes to FOREX trading…I know you guys will cum out with: “the one you are used to”….I dont want that…there should be a recommended one

  • eminifuturesblog

    Useful advice, there is indeed a fine line between gambling and trading. I’d like to add my own article about this at some point. Tim

  • eminifuturesblog

    Useful advice, there is indeed a fine line between gambling and trading. I’d like to add my own article about this at some point. Tim