Hi,
I am relatively new to Forex and got into it kind of through the backdoor: I work for an European company and got paid in European currency. I also have stock/options in the company which has been sold in Europe. I had to be careful when I took the money over to the US so that I didn't loose on the exchange rate. After a while I thought: "There must me money in this somehow" and ended up finding the Forex trade!
I'm beginning to get the picture: Trading Forex is not "Get Rich Now" unless you have tons of luck, luck which in that case could have been spent almost as well in a casino. I am going for the small every day wins which adds up over time, just like I do with my salary evey month! Small losses, small wins, but more of the latter than the first have been my initial goal, and it's working out so far. I may be too careful, but heck, it's my money and I do not want to throw it out there unless there's a reasonable chance it will result in a little more profit than investing it elsewhere would.
However, I keep seeing people say "trading Forex nothing but gambling" in many places, even scattered around this forum. If that's the case major banks are basically gambling with peoples money? Banks are as far as I know pulling huge profits from Forex trading every year. Why is it supposedly gambling for me but not for them? I guess they can trade differently and with more resources than I do. But in the end they need to be able to see into the future just like anyone else to make a profit. They can't just be "better gamblers" than I am, can they?
I am relatively new to Forex and got into it kind of through the backdoor: I work for an European company and got paid in European currency. I also have stock/options in the company which has been sold in Europe. I had to be careful when I took the money over to the US so that I didn't loose on the exchange rate. After a while I thought: "There must me money in this somehow" and ended up finding the Forex trade!
I'm beginning to get the picture: Trading Forex is not "Get Rich Now" unless you have tons of luck, luck which in that case could have been spent almost as well in a casino. I am going for the small every day wins which adds up over time, just like I do with my salary evey month! Small losses, small wins, but more of the latter than the first have been my initial goal, and it's working out so far. I may be too careful, but heck, it's my money and I do not want to throw it out there unless there's a reasonable chance it will result in a little more profit than investing it elsewhere would.
However, I keep seeing people say "trading Forex nothing but gambling" in many places, even scattered around this forum. If that's the case major banks are basically gambling with peoples money? Banks are as far as I know pulling huge profits from Forex trading every year. Why is it supposedly gambling for me but not for them? I guess they can trade differently and with more resources than I do. But in the end they need to be able to see into the future just like anyone else to make a profit. They can't just be "better gamblers" than I am, can they?
//C