Monday, 1 June 2015

Forex is Gambling

Many times when I tell people what I do for money, they respond saying "Isn't that like gambling?"  And I laugh and tell them

Forex is Gambling
IF you don't know what you're doing!

You know what else is a gamble?
  • Driving a motorbike if you don't know how to drive... without a helmet... in Rush Hour Traffic...
  • Taking out a Mortgage when your company is downsizing
  • Bench Pressing twice your body weight without a spotter
The thing is, anything in life can be a gamble.  It all boils down to "Risk", understanding the Risk, the Reward, and making educated decisions based on experience and probabilities.
Driving a motorbike for the first time without a helmet in rush hour is a bad idea.  The risk is quite high.   What happens when you take motorcycle lessons, ride in the parking lot with a helmet?   Your Risk goes down.  Add hours of riding experience, days and weeks of practice, and now you can ride the main roads, and soon the express way, in rush hour. 
Trading Forex comes with its risks like anything else in life.  You're obviously not going to take your entire pay cheque and put it in one trade.   You're going to get lessons from a Pro.  Get some coaching.   Practice, Practice, Practice.  And start out small, just like riding side streets, you make small trades.  Slowly graduating to the big boys club.  Perhaps you'll upgrade your motorbike and get a bigger bike, perhaps you'll get more lessons, or you'll be happy driving a middle of the class bike for the rest of your life, as you are content making small profitable trades consistently. 
Anything in life is a gamble, if you let it be a gamble.   So don't let it be a gamble.   Education pays. Many times over.   So do yourself a favor and get a Forex Pro to teach you.  If it's not me, then someone that you can relate with.