Everyone gambles if there is risk | Forex Factory

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Everyone gambles if there is risk

  • #1
  • First Post: Feb 24, 2014 3:56pm Feb 24, 2014 3:56pm
They may call it something else, like the stock market, or FOREX. But make no mistake. If you're risking something, you're gambling.

The odds of profiting in FOREX after 2 quarters of live trading are roughly the same as hitting runner-runner flush in a hand of Texas Hold 'Em.

And no, don't tell me you hit a runner-runner flush in a hand of Texas Hold 'Em pretty often...

All said...
The Black Swan: The Impact of the Highly Improbable
  • #2
  • Feb 24, 2014 11:23pm Feb 24, 2014 11:23pm
Quoting MapleLeaf
They may call it something else, like the stock market, or FOREX. But make no mistake. If you're risking something, you're gambling. The odds of profiting in FOREX after 2 quarters of live trading are roughly the same as hitting runner-runner flush in a hand of Texas Hold 'Em. And no, don't tell me you hit a runner-runner flush in a hand of Texas Hold 'Em pretty often... All said...
Please research what % of businesses succeed and tell me if that's not gambling.Anything that is worth doing requires risk.
That goes from sports to business to arts.
One can also go further and declare without risk life is not worth living.
In trading, you have to be defensive and aggressive at the same time
  • #3
  • Feb 24, 2014 11:34pm Feb 24, 2014 11:34pm
Quoting Davit
{quote} Please research what % of businesses succeed and tell me if that's not gambling.Anything that is worth doing requires risk. That goes from sports to business to arts. One can also go further and declare without risk life is not worth living.
Agreed totally. Even working for someone is a risk, including time and mental distress.If u understand a winner's mentality, it's about putting more time and effort than the average to succeed. Personally I sleep less than 3 hrs a day to accomplish what I want. Biz owners who i talked to, they sleep less or didnt even sleep sometimes, while they failed several business before to succeed today. If everyone gain success that easily by just thinking they can do it, you wont see less well to do pple on the road. But of course luck and opportunity may shorten someone's journey to success.
The only winner is the one who survive the longest...
  • #4
  • Feb 24, 2014 11:46pm Feb 24, 2014 11:46pm
Quoting kinspk
{quote} Agreed totally. Even working for someone is a risk, including time and mental distress.If u understand a winner's mentality, it's about putting more time and effort than the average to succeed. Personally I sleep less than 3 hrs a day to accomplish what I want. Biz owners who i talked to, they sleep less or didnt even sleep sometimes, while they failed several business before to succeed today. If everyone gain success that easily by just thinking they can do it, you wont see less well to do pple on the road. But of course luck and opportunity...
I can categorically state that Trading is most profitable by % of dollar spent.

Most businesses if they make 30c profit for every dollar invested is good return.Restaurants its more like 20C for every dollar.
Trading after spread and internet fees its more like 85-90% profit.No overhead,No bosses,No weather storms to worry,No unexpected accidents like roof caving in due to heavy snow list goes on and on.
All one has to do is apply themselves.Reason small % succeed is same as any other field.Those who want is bad and wont quit generally succeed..
Regards
In trading, you have to be defensive and aggressive at the same time
  • #5
  • Feb 25, 2014 1:11am Feb 25, 2014 1:11am
Quoting Davit
{quote} Please research what % of businesses succeed and tell me if that's not gambling.Anything that is worth doing requires risk. That goes from sports to business to arts. One can also go further and declare without risk life is not worth living.
Exactly, if trading is a gamble, so is life and that entails it.
  • #6
  • Feb 25, 2014 1:24am Feb 25, 2014 1:24am
Quoting MapleLeaf
They may call it something else, like the stock market, or FOREX. But make no mistake. If you're risking something, you're gambling. The odds of profiting in FOREX after 2 quarters of live trading are roughly the same as hitting runner-runner flush in a hand of Texas Hold 'Em. And no, don't tell me you hit a runner-runner flush in a hand of Texas Hold 'Em pretty often... All said...
Use the gambling scapegoat if you must, most losing traders do, but I suggest you analyze your own performance to find the reason for your failure to trade successfully.
  • #7
  • Feb 25, 2014 1:47am Feb 25, 2014 1:47am
Quoting MapleLeaf
They may call it something else, like the stock market, or FOREX. But make no mistake. If you're risking something, you're gambling. The odds of profiting in FOREX after 2 quarters of live trading are roughly the same as hitting runner-runner flush in a hand of Texas Hold 'Em. And no, don't tell me you hit a runner-runner flush in a hand of Texas Hold 'Em pretty often... All said...
I just "gambled" today and made 2%, funny thing is I gambled last week and made 4% last week....god I hope my 'lucky' run doesn't stop....

P.s (Of course everyone has losing trades, but that's all part of your risk management)
  • #8
  • Feb 25, 2014 2:03am Feb 25, 2014 2:03am
Of course OP is correct bit I fail to see his point.. So what?
perhaps a better definition of GAMBLING in the true sense of the word is;

Doing something with risk attached that "MOST" people don't do.

Then "most" people can feel more comfortable. Such a dirty word this gambling... It shouldn't really be
Howlin' at the Moon on the Roof
  • #9
  • Feb 25, 2014 3:19am Feb 25, 2014 3:19am
Forex is like gambling in some aspect. But I think it's like a business since we don't play forex like the way we gamble.
  • #10
  • Feb 25, 2014 3:33am Feb 25, 2014 3:33am
IMO it is gambling in the sense that there is an element of risk. The difference of course is that in trading you have the opportunity to manage that risk. How well (or not) you manage that risk will determine the extent of your success or failure. You can also choose if, where, when, how to enter the market and which instrument to trade. In gambling how do you control the risk of, for example, a horse or dog running around a track? The spin of a roulette wheel? You can't, and this is the difference.
  • #11
  • Feb 25, 2014 4:10am Feb 25, 2014 4:10am
Yes it is, and it does make you question why people pick such crappy odds, 2/1 or 3/1, it's like playing red, black for a living everyday.

Of course the reason is that everyone over estimates their own ability. 70% of Harvard graduates thought they were in the top 5%, it's a human trait.
tradewith60
  • #12
  • Feb 25, 2014 4:36am Feb 25, 2014 4:36am
If not all but easily 80% of everything human beings does evolves risk.. simple things.. walking, eating, driving, working, f-ing.. if you do any of this simple everyday exercises rather recklessly and out of normal, your at risk.. same goes for business and trading.. everything in life comes down to Management and Balance. If you ain't got the M & B part of your Trading then gambling is a understatement.
I like to add one more thing... Trading simply is not for everyone to put it in nutshell. Everyone is equipped and talented differently.. this profession is tough and rough down to boiling your blood pressure at times, even for best of bests.. it's not for everyone.
Passion, Persist, Patience, Protect
  • #13
  • Feb 25, 2014 4:50am Feb 25, 2014 4:50am
It's a its a valid point you're making and as I read your post I was predicting the predictable answers which haven't disappointed. Have you got that link to support your 2 quarters successive gains quote? Worth repeating it again.



Quoting MapleLeaf
They may call it something else, like the stock market, or FOREX. But make no mistake. If you're risking something, you're gambling. The odds of profiting in FOREX after 2 quarters of live trading are roughly the same as hitting runner-runner flush in a hand of Texas Hold 'Em. And no, don't tell me you hit a runner-runner flush in a hand of Texas Hold 'Em pretty often... All said...
  • #14
  • Feb 25, 2014 5:15am Feb 25, 2014 5:15am
Quoting MapleLeaf
The odds of profiting in FOREX after 2 quarters of live trading are roughly the same as hitting runner-runner flush in a hand of Texas Hold 'Em.
I think you need some new material. Have a look at this. It's right up your alley.
  • #15
  • Feb 25, 2014 7:14am Feb 25, 2014 7:14am
I to don't think Forex is gambling but hell, I'm not one to get too wrapped up in semantics.

If being able to run a very profitable incorporated business around my Forex Trading all the while NOT having to go into an office or answer to some A-hole boss, travelling where I want when I want, and having tons of free time to do what I want is gambling then hey, that's okay by me.

I don't know about the accuracy of the OP's favorite number but then again, maybe I'm just one of the lucky .4%
  • #16
  • Feb 25, 2014 7:41am Feb 25, 2014 7:41am
Tell me one thing in life that does not involve risk??
Even when you go to buy milk in the supermarket,there is a risk to be hit by a comet or meteorite,small risk but still exists.
  • #17
  • Feb 25, 2014 9:37am Feb 25, 2014 9:37am
Quoting MapleLeaf
They may call it something else, like the stock market, or FOREX. But make no mistake. If you're risking something, you're gambling. The odds of profiting in FOREX after 2 quarters of live trading are roughly the same as hitting runner-runner flush in a hand of Texas Hold 'Em. And no, don't tell me you hit a runner-runner flush in a hand of Texas Hold 'Em pretty often... All said...
So... you dont think Success is possible??? Thats the whole point of the post isn't it?
  • #18
  • Edited 4:50pm Feb 25, 2014 3:26pm | Edited 4:50pm
Quoting MapleLeaf
They may call it something else, like the stock market, or FOREX. But make no mistake. If you're risking something, you're gambling. The odds of profiting in FOREX after 2 quarters of live trading are roughly the same as hitting runner-runner flush in a hand of Texas Hold 'Em. And no, don't tell me you hit a runner-runner flush in a hand of Texas Hold 'Em pretty often... All said...

When you know and accept that trading is gambling (stocks, futures, bonds, options, forex and so on) you finally can put it in perspective. You can finally give up the erroneous notion that "it is a business". You start really enjoying your real job - the one that really matters because it pays for your gambling habit. You begin to feel really amused when you hear about millionaires in RETAIL forex as you now know that the someone who knows someone who knows someone who is a forex millionaire is all marketing from the schemers and scammers. And something peculiar happens, now with your eyes wide open and your mind clear you start making better trades for you and you only and you don't talk about it because speaking about it would put you back on square one.

"I swear to God, if I were a piano player or an actor or something and all those dopes thought I was terrific, I'd hate it. I wouldn't even want them to clap for me.... I'd play it in the goddam closet." Holden Caulfied, Catcher in the Rye.
  • #19
  • Feb 25, 2014 4:06pm Feb 25, 2014 4:06pm
............. and this was worth starting a thread ???????????????? oh brotha...

so what...

Why, you're not making any money at this? If not, go back to the drawing board cuz you're doing something wrong...

gotta love the doom and gloom in the OP's signature....

Why is this place full of these people....?
SPC * Swollen PocketZ Crew!
  • #20
  • Feb 25, 2014 4:53pm Feb 25, 2014 4:53pm
It's all about money management. You cannot be certain of how much a trade might gain, but you can be absolutely certain of how much a trade might lose. It's called a Stop Loss. Gamblers don't use a Stop Loss!
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