Forex and Gambling are different things all together. In as much as there are risk associated with trading and gambling, the risks involved in Forex could be minimised/calculated while the risks associated with Gambling are entirely based on luck or chance.
Most traders(Forex) especially Newbies or beginners embark on their Forex journey as gamblers leading to what is known as Forex Gamblers thereby losing a lot of their money. This has led to the saying that one should only trade with the money that he/she can afford to lose.
In as much as there is great risk in Forex the potentials of money making in Forex is as close to endless as any, if not more than any market in the universe. A market where more than 3 to 5 trillion dollars are traded on daily basis far exceeds that of all the stock exchanges globally put together. While the comparison between Gambling and Forex is not totally baseless.
The under listed features differentiate the two industries>>
The Forex Market/Industry is backed by the biggest/largest financial institutions in the world. In as much as traders do not trade with the banks but on retail basis,the fact that market is supported by such financial organisation leads more evidence to a higher level of legitimacy than the gambling industry. Gambling as we know worldwide faces challenges of legitimacy on the legal front.Forex on the other hand is a legitimate business as any other business such as stock markets or commodities markets. Hence one should look out to put his/her hard earned resources in learning how to trade and trading which is legalised and controlled than the Gambling business.
Unlike Gambling one is not totally in the dark about/when opening a position or taking/placing trade. Various schools of thought/Academies are trying to or dedicating much of their time and resources in a bid to minimise the risks associated with Forex trading as possible.These are carried out via technical analysis as well as fundamental analysis. Forex is not about luck unlike gambling. Forex is investment and investment worldwide is knowledge based unlike Gambling. The Forex market could be analysed for days before opening a position and traders could keep an eye on the currencies they intend to trade on before taking a decision to either buy or sell. No such tools exist in the gambling world which is simply based on chance,luck or fate.
One of the main problem with gambling is the issue of addiction. People go into betting,casinos etc with the sole purpose of money thereby letting their emotions get the best part of them. When this desire of making money is not realised they simply keep on gambling thereby losing all their money and most times becoming aggressive. This is not the case with Forex whereby the trader is advised to put his emotion in check or out of the equation though most traders especially newbies or beginners find this psychological aspect very difficult, they soon find out that the way to go/follow is with knowledge unlike gambling. Forex Traders are advised to trade objectively,scientifically,set their goals and abide by them. Thereby Avoiding over-trading and revenge trading this would also put greed in check.
4. STRATEGIES (InstaForex Nigeria Special Tips):
It is said that a high percentage of traders lose money. This is true because they trade blindly without adequate knowledge,skills and above all strategy. Before a trade is taken one has to make serious decision as regards his/her trading goals. Once the decision is made it must be adhered to and implemented to the letter using a brokers platform. Application of stop-losses to checkmate our emotions and the quest to be in a losing trade instead of getting the hell out of it. Secondly, application of take profit to curb our greed of remaining in a trade instead of hoping that the our trade would continue to increase in value. Please utilise stop-loss and take-profit as part of our trading strategies instead of depending on our weak human emotions.
The Amount of money traded in forex on a daily basis cannot be compared to that of gambling worldwide.
Between 3 to 5 trillion dollars or more are traded in the Forex market daily which by far surpasses that of the gambling industry worldwide, hence the Forex market is said to be highly liquid and volatile.
From the above analysis,do you want to be a Forex trader or Gambler? The choice is yours. I’d rather choose to be a Forex trader than a Gambler of which the benefits of profit making is endless and stands out as a long term business.
For information on how to open a free Forex account or instant account funding in Naira Click here..
Your ability to observe Support & Resistance together with RSI Indicator as advised by Professionals at InstaForex Nigeria increases your chances of winning on every trades..
HOW TO OBSERVE SUPPORT AND RESISTANCE:
The support and resistance levels are key areas or zones; In MT4 charts in which traders look out for it enables them make accurate decisions as regards successful trading or in execution of their trades.
I) AT RESISTANCE LEVELS: Sellers are expected to come in more into the market thereby exerting a downward pressure on prices thereby forcing prices DOWN.
II) AT SUPPORT LEVELS: Buyers are expected to come in more into the market thereby exerting an upward pressure on prices thereby forcing prices UP.
At resistance levels prices might be retesting the resistance levels after a major uptrend thereby forming a channel.likewise after a major downtrend prices might be retesting the support levels thereby forming a channel.
Please note that resistance levels are not straight lines but an “area or zone” the same applies to support levels
PROFITABLE USE OF THE R.S.I INDICATOR:
The relative strength index(R.S.I) as the name implies enables the trader to determine the strength of the trends. It is better used with the default parameter.
Its applications are such that:-
If R.S.I is above 50 = BUY
If R.S.I is below 50 = SELL
If R.S.I is above 70 = OVERBOUGHT Which means that it started buying from Level 50
If R.S.I is below 30 = OVERSOLD Which means that it started Selling from Level 50
If the R.S.I is above 70 level it is said to have been overbought because it started buying from 50 and could remain at overbought level for days. If RSI is Less than 30 Level it is said to have been oversold because it started selling from level 50 and could remain at over sold level for days, This indicator is more stable when viewed at the bigger picture i.e on the daily time frame.
Please note that where level 50 is not on your indicator window, locate the horizontal line on your instaforex trading platform and drop it between levels 70 and 30. Double click on it and as soon as the white dots appear on the two extremes of the horizontal line, place your cursor on the horizontal line and then locate the 50 level accordingly
You can use the RSI technical indicator to create your own technical system.
This system will never work 100% of the time, but if they work 70% – 80% it should be enough. To further increase your chances of winning and reduce your probability of losing on every trade you can use fundamental analysis. I think that most traders choose one or the other but many traders use both.
Fundamental analysis is to trade the news.
Start your trading way right now with InstaForex Nigeria!
Your ability to abide by these four basic rules as contained in this post would help you make money out of the Forex market!
The Forex market is a 5.2 trillion dollar daily market. This is higher and more than trades in all the world’s Stock exchange put together. This is what makes the market tick. Come to think of it; The Banks especially in advanced countries,Investment companies,millionaires,billionaires such as Warren Buffet, George Soros,etc are all in it making lots and lots of money out of it. With the recent BREXIT REFERENDUM many Forex traders made money more than ever before. What are we saying here?
Knowledge!!! According to the WD GANN (the greatest Forex trader of all times)”money spent on gaining knowledge is money in the bank”.At instaforex.com.ng we teach you how to make a business out of it.
1. ABILITY TO OBSERVE SUPPORT AND RESISTANCE ON YOUR CHART.
This is one key factor that enables traders to make money in the Forex market. The best means is the ability to observe it on a bare chart and utilise the Resistance and support areas in making money out of such market as regards your entry and exit point/areas.
At instaforex.com.ng Our experienced trainers and analysts are always ready to take you on a one-on-one basis and show you the technical way forward.
2. THE USE OF INDICATORS
Indicators act as a guide. Ability to abide by its rules is very vital and would help you make money out of the Forex market. Patience is a virtue. Good indicator should be able to give or produce a minimum of 65% actualisation of trade targets. At InstaForex Nigeria we make available to our trainees,indicators with a minimum 75% good trades at no cost(free).
3. RISK/MONEY MANAGEMENT.
Every Forex trading platform has its money/risk management embedded in its VOLUME.The traders ability to understand the use of volume as regards money/risk management relative to his/her broker give you an edge. InstaForex is a micro platform provider,this allows both small and huge investors alike to have access to the Forex market via its trading platform.
4. SEEK A MENTOR
it is said that when you stand on the shoulders of mentors,one could avoid the various pitfalls or mistakes along the road to financial freedom. Mentorship is one of the Edges a trader utilise in making money out of the Forex market; SEEK IT,Go for it,start making money and you would be years and years ahead of your trading peers.
Come join the World’s leading Broker and you would be glad you did. At www.instaforex.com.ng it is nothing more than “Instant Forex Trading”
InstaForex account registration only takes a few minutes and allows you to conduct trading operations in the Forex market..
After registration, you will be entitled to all Bonuses been offered to traders by InstaForex ranging from NO DEPOSIT BONUS, 30% WELCOME BONUS, 55% BONUS, 100% LFC PARTNERSHIP BONUS and so on. Each bonus received from InstaForex can be instantly used to trade financial instruments or investments in Forex projects.
This is what you need to do in order to open an account:
1. Accept InstaForex Terms of the Public Offer Agreement; This agreement does not have to be signed in order to be binding; it is as legally valid as a standard paper contract.
2. Fill in the special registration form; After you have completed all the fields, you will receive the following information via email: your trading account number (login) and trader password needed to access Client Cabinet. They are also used for conducting operations via a trading platform; your phone password (keyword) used when you contact InstaForex Nigeria Technical Support or Dealer Department; your PIN code for confirming withdrawal requests.
You can start making deals on the Forex market after you have deposited money into your InstaForex trading account for the first time. You need to do it within one month after account registration. The minimum deposit size is just $5.
Now you can set up a trading terminal on your PC, tablet or smartphone, and start real trading!
Still unsure whether you need to open a Forex account? Let us list a few of the benefits you get from trading with InstaForex:
-InstaForex is recognised as a world-class Brokerage Company;
-Instant Funding & Withdrawal from Banks within Nigeria.
-Free International MasterCard for withdrawal on all ATM’s world wide
-More than 3 million traders worldwide choose InstaForex;
-Our trading conditions are designed to suit every trader in the Forex market;
-We create efficient online services with user-friendly interface to make trading process more convenient and accessible;
– (InstaForex Nigeria Support Dept) will teach you how to work inside the trading platform, make orders, use the most effective Forex strategies, etc;
-We will provide you with all necessary information,data and Forex News;
-Our online charts featuring a wide range of additional tools make technical analysis as precise and comprehensive as possible;
-All our traders disregarding their level of experience can participate in various campaigns and contests regularly held by InstaForex
-There is a great number of trading bonuses you can get by trading with us.
CLICK ON THE LINK BELOW TO OPEN AN ACCOUNT.
Click on the following link to instantly Fund your InstaForex Account in Naira.
Click on the following link to Withdraw from your InstaForex Account in Nigeria.