Yesterday, I met my old friend and he told me that his friend is a forex gambler. I was quite surprised because becoming forex gambler would only bring many disadvantages. Anyway, my friend and I are forex traders. Initially, my friend was a forex gambler too because he traded as he liked without consider about market, trend, and movement of currency at all. I told him that what he did was not true. I asked him to stop doing it. For the first, he did not want to do it because he thought that he did the true thing. He recently regretted after getting huge loss in which he lost thousands of dollars. He was very sad at that moment and nearly frustrated too.
I tried to support him as well as possible so he did not felt depressed and stressed. Fortunately, he wanted to listen to me and introspect himself. Then, I helped and told him how to trade as well as possible so he became a truly forex trader.
Anyway, do you know what criteria of a forex gambler are? If you don’t, please check the answer below:
Not learn about forex in detail
This means that forex gamblers don’t read information about foreign exchange in various sources, like books, eBooks, magazines, newspapers, and articles on various sources. They might just read little information and develop it themselves. Of course, this is not good because they cannot understand this trading well. If this happens, they will trade as they like without thinking about loss that they will get soon. You need to know that my old friend also did this at that moment. He just read some low quality articles and then traded. Like mentioned above, he just wasted much money and got huge loss at last.
Not do fundamental or technical analysis
In forex trading, analysis fundamental, analysis technical, and feeling are keys to know market trend and movement in the future. The problem is forex gamblers relies only on their feeling. They don’t do fundamental or technical analysis at all because they assume that it just wastes time and energy. They highly believe with their feeling. Imagine if they take huge lot and rely only on their feeling when opening or closing sell position and actually, market trend goes down drastically, of course they will get huge loss.
By knowing the criteria of a forex gambler above, hopefully, you don’t be one of the forex gambler. Realize that forex trading is not gambling or a game that you can pause, stop, and play anytime. Getting huge loss will come to you if you trade as you like. If you feel that you are not ready to tread, open demo account first and learn related information from various sources.