Is it possible to make money on Forex? What is the difference between forex and casino games, slot machines or thimbles? It is this attitude to the forex market, to equating it to one of the varieties of gambling is starting to be traced in analytical news reviews of many media. So what is Forex for the Russians and citizens of other countries?
Is forex different from gambling (casino, slot machines, shell games, etc.)?
Experts of analytical service of Academy of forex and stock trading noted, that trading on Forex, stock and commodity exchanges is fundamentally different from the casino games, slot machines:
- unified quotes around the world. Thus, the exchange rates of all currencies in all banks and exchange offices around the world depend on the movement of currency pairs on the Forex market.
- by the amounts of money earned; has anyone other than the organizers themselves earned millions of dollars at thimbles or slot machines?
- the legality of trading on the exchange, so the first book was a comparison of forex with the casino, but not with thimbles, and based on the weaknesses of forex, as a “world casino”, it was shown how you can consciously find the weaknesses of the computer settings “market” (or the organizers of the game forex) and on this basis knowingly take profit.
Otherwise – there are similarities between forex and any gambling in the world:
- organizers run any financial game to lose players, not to win them;
- The best clients for the game organizers are gambling beginners, who do not understand anything about the game, but came in search of easy and simple big earnings (no need to study, look for weak links in the game and consciously take profits – no need, just start playing money as soon as possible. What will end up such beginners, of course, is clear to all);
- The best methods of gambling are instantly banned (for example, over 40 brokers in the world were instantly banned from the Forex market).
- If a player (trader) earns and does not lose his money in a dealing centre or casino, he is not paid profit, as has happened with dozens of dealing centers in Russia – Broco, trading centres forex-mmcis, in-forex.com, Forex Euroclub and others, which did not pay their traders – Academy listeners for profits earned in the market (of course there are honest brokers, otherwise there would be no millionaires in the Forex and stock markets)
As explained by Max Gan (Santyago), the head of the department of volume analysis, the interbank market, like any other, functions thanks to the powerful financial flows from the large banks, hedge funds and TNCs, which absolutely do not care about small individual traders. To master the interbank forex market, you must first understand the logic of the major operators of this trading platform. This market has a certain structure and regularities, taking into account which a trader can make a profit. It is important to understand one thing: trading on any trading platform, whether it is Forex, stock or futures market, is NOT a game, but a serious profession, which you can learn. There is a very good phrase: “Big money in trading is earned through experience…”. Experience, is not an advertising brochure of numerous dealing centers with the “idea of free money”, but daily work on learning and building skills for successful trading.
How to avoid losing money in Forex?
Recommendations of experienced traders can be reduced to the following points:
- not to open a real account before you learn to understand every market movement and consciously take profits;
- Treat Forex and exchange trading as a hobby at first, not playing for money, but learning the basics for free and a possible profession in the future; (free school for novice traders) ;
- if you understand every step of the market movement, take profit from month to month on the demo account – open the real trading account for the sum, which is not vital for you;
- Never take money on credit or loan to work on the exchange, Forex. How Alexander Elder, after losing the first account, earned the necessary amount for a new account at the main place of work and began trading on the exchange again with this money.
Can anyone learn to trade successfully on forex and the stock market?
According to our expert Evgeny Antipenko (ATEI), the head of the medium-term trading department of the Academy, “anyone can learn to trade profitably on financial markets, just as anyone can learn to drive a car. But if you do not follow the rules in the market or on the highway after the driving school, the result will be disastrous. I, for example, began to feel more or less comfortably behind the wheel, after about a year of independent driving, the same at the market. And you know the difference between academy and courses on draining, which “as dirt” on the Internet. In a driving school (academy) they teach how to reach the destination without any failures on the comfortable road, other “instructors” (courses at DC) teach how to drive faster into a pole or a ditch, and the money will accordingly appear at their accounts. After all, most of them, I hope, will read the adults and sane people.
What do Forex brokers say?
Martin Lee, a Forex financial analyst notes: “Unlike thimbles, where you have to rely mostly on luck and play against an experienced cheat, the forex market is a naturally evolving system, which is not based on the actions of a single subject. Understanding these laws and processes is the key to successful trading. Another thing is that the market seems simple at first sight, but to really get into the essence of what is happening is very difficult. It requires a lot of knowledge, diligence and accumulated experience, the acquisition of which is often accompanied by mistakes and financial losses. However, it all pays off when the laws of the market reveal themselves to the inquisitive trader, allowing him in the end to successfully implement the acquired skills.
Michael Segal, lead analyst at Fresh forex. “Everyone is free to play thimbles or not to play, but currency exchange cannot be abolished: export – import – tourism, at least. In order to buy foreign goods, an exchange is necessary. For goods sold abroad, exporters receive foreign currency, which must be exchanged in order to purchase products, goods, and services inside the country. There are certain laws in Forex, both fundamental and technical. Those who work on Forex according to the system have the opportunity to earn regularly, while at thimbles only a master of machinations earns. Forex is regulated by the NFA(USA) and the FSA(UK). On FOREX it is much more difficult to manipulate pricing than in thimbles”, – stressed Michael Segal.