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Ask Your Advocate: Is Trading Gambling?

20 Years ago | March 11, 2014 11/27/21, 12:00 AM

Question for the Advocate:

Is there a difference between forex trading and gambling? I find myself gambling as much as trading.

Your Advocate Says:

This is a good question as it can make the difference between failing and having a chance to succeed. Compare a professional gambler who plays the odds with a casual gambler who hopes to make money if he gets lucky and measure the results. Similarly, there is a difference between a professional trader who relies on a systematic approach, discipline and prudent money management with a trader who relies on luck as much as skill to stay afloat. Of course, there is a area in between these two extremes where many retail traders reside

Whatever path you choose to take, you will see a difference if you treat trading as a business and not a casino. I have covered this in a section entitled Treat Trading as a Business and Not a Casino in Jay Meisler’s Trading Tips and suggest reading it to stay out of the gambling category.

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