30% trading is gambling.

[iMusingKiMi]

There's nothing wrong with putting your money in a bank, but it definitely won't be growing very much profit while it is sitting there... It reminds me of this quote:
"How many millionaires do you know who have become wealthy by investing in savings accounts? I rest my case." - Robert G. Allen

Yeah, of course nothing wrong of putting money in the bank. We need not to say becoming wealthy, have you ever heard any millionaire only spend their interest income as their living?

 

[FxMaster]

But there are benefits about Bank accounts that there is no chance of losing your money while you may lose in Forex.

 

[RahmanSL]

Banks have been known to go bust for some reason or other.......or the money denomination in the bank take a steep dive, as has happened in some South America & African nations, rendering the money greatly depreciated.

Every investment is a gamble in one form or another....we just have to balance our investments....i.e in good quality stocks, bonds, gold, silver, etc....in other words, not to put all our eggs in one basket.

To trade the forex market successfully, we really require lots of patience....wait for a good setup before entering trades.....or have a fairly large trading account to make good money.

The most common problem that Newbies make is to expect to gain a lot of money with their small account in a very short time frame....e.g trying to increase their USD100-1000 to USD100k in 3months-1 year or something equally ridiculous time frame & target profits.
In my opinion & experience, if you want to earn USD1k per month, a good trading account size would be USD8-10k.

 

[FxMaster]

Banks have been known to go bust for some reason or other.......or the money denomination in the bank take a steep dive, as has happened in some South America & African nations, rendering the money greatly depreciated.

Every investment is a gamble in one form or another....we just have to balance our investments....i.e in good quality stocks, bonds, gold, silver, etc....in other words, not to put all our eggs in one basket.

To trade the forex market successfully, we really require lots of patience....wait for a good setup before entering trades.....or have a fairly large trading account to make good money.

The most common problem that Newbies make is to expect to gain a lot of money with their small account in a very short time frame....e.g trying to increase their USD100-1000 to USD100k in 3months-1 year or something equally ridiculous time frame & target profits.
In my opinion & experience, if you want to earn USD1k per month, a good trading account size would be USD8-10k.

My Vote with GOLD

 

[iMusingKiMi]

My Vote with GOLD

Even my vote with DISTINCT GOLD.

Every week, my trade only with 15 or maybe 20 trades maximum. Sometime, or even maybe 5 trades per week. A lot of newbie always have a trade running on their account, they though they have enough patience but aren't. Some people even asked me, I am watching so many instruments including indices as well, why your setup so difficult to come out? That's patience and price action trading.

I can see a lot of 50/50 markets everyday and that's trading, it is not easy at all to wait for high probability setup. But once I enter a trade, my SL hardly above 15 pips and usually 12 pips is more than enough. People think this is crazy BS, but that's the way to trade profitably and consistently.

A lot of people thought they can deposit USD 1k, growth it to USD 10k and that's trading in their mind . But actually it is definitely opposite. You should use USD 10k to profit for USD 1k, this is the truth realistic about trading.

 

[downtrend]

It only depends on an individual trader that how good he is in his trading. If he is using proper strategy and money management then gambling percentage on his trading will be low as compared to the one who is trying to become rich over night.

 

[iMusingKiMi]

It only depends on an individual trader that how good he is in his trading. If he is using proper strategy and money management then gambling percentage on his trading will be low as compared to the one who is trying to become rich over night.

As my previous post, nothing of a human being can get away from gambling. But how will you control your risk? What edge does your strategy provides to you? This question must ask to each individual trader. Some people do say trading outcome is random. Yes, I definitely agree is random in a single even but it is not in a series of trade. Casino having edge against player is 100 years good example how edge works for us. Don't tell me casino can control their outcome in table games.

 

[Pharaoh]

My Vote with GOLD

Gold and silver to protect against hyperinflation. Cash reserves in several currencies are good if you end up in a major recession or depression scenario. A secure place to keep your money and metal. These should help:

https://www.forexpeacearmy.com/forex-forum/forex-basics-boot-camp/3033-wealth-protection.html

https://www.forexpeacearmy.com/forex-forum/forex-basics-boot-camp/17128-wealth-protection-ii.html

 

[fxstrategist]

It is a game of probabilities, just like the way professional casino players see it. Focus on the probabilities, but you do need some degree of luck, because nothing is 100% certain.

 

[iMusingKiMi]

It is a game of probabilities, just like the way professional casino players see it. Focus on the probabilities, but you do need some degree of luck, because nothing is 100% certain.

Agree this. That's why I always mention it is not easy too look for high probability trades, instead of guarantee winning trade.