Whenever someone brings up the subject of Forex trading, things start to get heated. There seem to be two types of opinions which prevail on this topic. The first group thinks that Forex trading is solely based on luck. The other half of people think that Forex trading requires skills, and it is based on mind games.
Let’s find out if Forex trading is luck or mind game?
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We went through Reddit and Quora answers related to this topic. We also browsed other social media websites such as Facebook and Twitter to gather reviews of the general public. Based on our understanding, we found out that a significant fraction of people think that Forex trading is luck and is similar to gambling. However, the other half of the public thinks that Forex trading requires a piece of proper knowledge and understanding.
Another interesting fact is that most people who classify Forex as luck have never tried Forex trading themselves.
Facts that justify Forex trading as a luck
Even the experts in Forex trading can confirm that Forex trading does require a bit of luck. No matter how long someone is doing Forex trading, you can never eliminate the risk factor associated with Forex trading. Hence, the probability of risk can be called luck.
Some experienced and retired Forex traders even say that Forex trading is worse than gambling. This Forex trading article on Forbes has sufficient testimonials from veteran traders. All of these veterans say that Forex trading is even worse than gambling because, in gambling, the traders are aware of the sporadic nature of the game. However, in Forex trading, people believe that there is a skill set required to succeed in Forex trading.
Facts supporting that Forex trading is a mind game
Forex is one of the largest trading platforms in the world. It doesn’t make sense that the whole platform is based on luck. We think the same way. We can’t just say that Forex is a total luck game.
Some websites are based on providing training to Forex traders. Several brokers also provide categorical knowledge to their customers. There are also many statistics available over the internet that attest that understanding and learning skills improve Forex trading.
Our readers can use some methods to improve their Forex trading. Some simple tactics can improve the result of any trader. Hence, we can claim a strong skill factor associated with Forex trading. There is also a long-term understanding required to master Forex trading.
Forex trading is an evolving platform, and the trends keep changing. Global events and conditions also affect Forex trading platforms. Hence, you can never learn all the skills and mastermind games used to do ultimate Forex trading.
So let’s sum this up. Is Forex trading just a luck game, or is it a mind game? We can’t deny a risk factor associated with Forex trading. However, you do need a skill set to improve your Forex trading. A trader needs to take a lot of things into account to excel in Forex trading.
If you want a complete guide on how to start forex trading in south africa, then make sure to surf the web and do proper research.
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