Dr. Jason Gospodarek has been actively trading in the forex market mentoring traders, creating forex courses, promoting websites and working with brokers. What he gets asked a lot is, isn’t forex trading the same as gambling? Today Jason will explain the differences of Is Forex Trading Gambling.
“The first thing you've got to do is turn down all of the noise and listen to yourself.” - Dr. Jason on deciding if it’s a gamble or legitimate business to learn
Don’t Believe Everything You Hear
There are too many scams, faked reports, whether on a website or in the statements you get from your broker, claims that are out of the world, the good and the bad, the rumors, and jumping on the bandwagon.
Whatever you hear, distill it down until you feel it is what you feel your own opinion should be of the market and then decide if this is a gamble or a trading business that I can learn and be more successful with into the future.
“Stick to your plan. You should always have a target.” - Dr. Jason Gospodarek
Chances are if you’re listening to this podcast, there is a really good chance you are already a trader, you want to be one or you already are one that wants to be better. The first thing you’ve got to do is turn down all of the noise and listen to yourself.
If you’re really not committed to trading and what you want to do is flip the coin and hope to get lucky, anyone can do that. Lucky is good. But you cannot be lucky all of the time.
Control Your Greed
You have to learn how to control your greed in the market and not take on too much risk. You don’t want to be all-in on one trade, one news event or even one week or one month.
“If you learn to use the right trading system you can also learn to get an edge in the marketplace.” - Dr. Jason Gospodarek
Think about the casinos, the true gambling halls. The casino owners don’t care if someone hits the $10,000 jackpot today because they are making that small percentage, that small house edge anywhere from 5%- 12% on all of the games all of the time, day after day, minute after minute. They know they have a dependable, consistent return on their money.
Is Forex Trading Gambling
There are a lot of differences and a lot of similarities between forex trading and gambling. Download Is Forex Trading Gambling to learn all the details and you'll be able to make your own decision with help from Jason!
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