Forex Gambling Problems?
Gambling in forex is still a lot of people who do it, especially those who are still early in the world of forex. Forex trading lends itself to gambling with high rewards and increased leverage available to traders. Likewise, most forex traders have the same mindset as gamblers. They want to make a lot of money and fast.The idea of getting the next big win is what usually attracts gamblers and forex traders to do what they want to do.
DO YOU GAMBLE ON THE FOREX MARKET?
To determine whether you gamble on the forex market or not, ask yourself the following questions:
- Do you have an advantage over the market?
- Have you ever risked more than 5% of your forex account?
- Do you trade with money that you cannot lose (loss)?
- Do you only survive for the next bigger trade?
If your answer to all of the above questions is yes then you most likely gamble with your money in the forex market compared to professional traders who approach their trading more carefully as they will run a business.
You must know that gambling in forex does not see what they do as a business.Instead, they approach forex with a dangerous spirit. But here is exactly where forex trading can be different from gambling. Traders can use proven methods to give themselves and control the market.
Most gamblers act on expectations. The hope of the next victory and hope to restore the losses that have been experienced. When forex traders act because of hope, they will enter a very dangerous area.
WHAT CAN YOU DO IF YOU PLAY ON FOREX?
Realizing that you are trading like gambling is a painful realization. But this can be overcome by starting to treat your trading like you would a career or run a business. All businesses have a healthy business plan and your trading should be in the same position. Your business plan must contain the following elements:
- Understand how much you will risk your trading
- Entry and exit rules
- Trading management rules
- How many times will you scan the market
Being realistic about what you can achieve in your trading plan is very important.Forex trading can make money consistently but if you open an account with $ 1000 you will not make $ 1 million and get out of your job.
Moreover, every business must keep records of money generated and spent.Trading You must also have a book or trading journal. This journal must track everything including the trades placed and the results (whether profit or loss) and how you manage trading.
START ACTING LIKE A PROFESSIONAL TRADER
Professional traders don’t see the market as a game or place to take big risks.Professional traders know that forex trading is about managing risk. Start into the right mindset and become a professional in managing your risk.
Stop using your position and take risks that can paralyze your account. Instead, work on your money management techniques and how you can protect your negative side while not limiting profit potential.
So the conclusion is, have you been trading or gambling in forex?