Many people consider forex trading to be a gamble and depending on the methods used to trade the market it could be classed as so, however the definition of gambling is "to bet a wager on a result that is based purely on luck" bearing that in mind and the amount of work that goes into technical analysis You can hardly say that the outcome is based on luck. There are lots of people out there that are losing money on the forex market in fact around 90% of them and the reason is they do gamble on the forex market especially newbies to the currency trading arena. So the answer to the question, Really depends on the traders' methods and discipline.
The foreign exchange is the most volatile market place in the world which makes it the most profitable but it also makes it the hardest to predict. There are literally thousands of trading systems out there that claim to make money on the forex market and the truth is that some of them do for a time, the problem is that the market changes very quickly and methods that might be profitable today might not be tomorrow. The most successful traders in the world are the ones that can adapt their strategies very quickly to the current market conditions.
How Can a Trader Take the Gamble Out Of Forex Trading
Education is really the key to successful forex trading although if you are willing to trust in a professional trader that is selling his signals then this can be very lucrative. A forex signal business is very simple and can work n automation.
A professional trader will make trades on their account which will send a copy of that trade directly to subscriber accounts. The subscribers don't have to be present to accept the trade as it all happens on automation. The benefits to this service are overwhelming but do cost a reasonable amount. The key is to study the past performance of the trader to see if the percentage return is going to cover the cost of the subscription that way you are simply marking the cost down as a business expense and still seeing realized profit.
Are Forex Signal Services the Same as Trading Robots'
No, a forex robot is a program that is written for the MT4 trading platform that will open and close trades based on predetermined trading rules. These robots are for sale all over the internet but unfortunately they do not always deliver what the sales copy promises. A forex signal service, although might be governed by a trading robot some of the time there are usually a team of professional trades monitoring performance and changing settings as the market changes. Using the signal services available is the best way to take the gamble out of currency trading.
There are several different ways to make money with forex, some people like to trade off there own analysis of the market and others like to use forex robots. On of the most reliable and profitable ways to trade is by the use of a forex signal service which will completely automate your portfolio.