Some people enjoy the thrill of gambling money and don’t mind if they lose. Gambling can be defined as playing games of chance for money; betting. Now, while there is an element of chance in Forex trading, it is not a game and you shouldn’t treat it like a one, unless of course you are only in it for the thrill. However, the majority of people are into Forex trading for money and not just for thrills.
It is obviously recommended that you don’t just gamble your money away in the currency market. Many beginner Forex traders and investors do this, even though they think that they are investing, because they don’t know any better. Investing is about making rational investment decisions which are backed by knowledge and experience – if you have neither, you won’t get very far. You can build a little knowledge quite easily through studying and you can build a little experience through practicing on a demo account.
Many people turn to gambling instead, because they don’t like the idea of working hard for profits. This is understandable because not many people actually enjoy working hard, but you don’t even have to work that hard in order to see Forex profits.
Longer-term profits require considerably less work to acquire than shorter-term ones. If you are interested in making money in the FX market without having to work too hard, then you should try focusing on long-term profits, using a long-term trading strategy. Of course, you will still need to do your studies, create a trading plan and such, but it will be worth your time (whereas gambling won’t).
Another alternative to gambling in the Forex market, is social Forex trading. Some Forex brokers now allow you to interact with other traders, share market predictions, analysis and even copy other traders. This social type of currency trading is very popular, especially among beginners. You can be a successful social Forex trader without having to work at all really, if you copy the right traders and investors. If you are a gambler, then you might want to consider copying other Forex traders and participating in social Forex trading instead, because this way you can still get the same thrills of gambling with no hard work needed, but you also stand a much greater chance of profiting too.
In conclusion, although it might be fun to gamble money in the market for currencies, gambling isn’t sustainable. However, there are alternatives to gambling, fortunately. Of course you could trade Forex the professional way, which involves a lot of hard work, but there are other alternatives. Instead of gambling you might want to focus on long-term profits, which does involve taking a professional approach to Forex trading, but requires much less time and effort. Long-term profits might be modest, but they can provide you with a more sustainable, passive income that is easier to obtain. Perhaps the enjoyable alternative to gambling in the currency market though, is social Forex trading, which essentially involves working with and/or copying other traders and investors in a social Forex trading network.