Currency traders - help?

Quote from Rufawana:

Thanks for the feedback fellas, seems no matter how you skin it, it's gambling.
I'm gonna give the professional athlete speech again, with the heart rendering story of a determined athlete, single testicled champion of sportmen and tour de force, Lou Farrigno.

Thanks ppl, but if you can think of another angle here, that would be choice.

Cheers

:cool:
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Its not gambling when a traders consistently profitable, is it?

Then its a "sure thing".

Sure things in the Market are few and far between. You need to find out what they are.
 
I was going to say that if you were making money then it would'nt be an issue.....

forget about trying to get your spouse on side and get some education.
 
How's trading gambling? You can argue everything is gambling in a sense: a '9 to 5'? You're betting the company you're working for is not going bankrupt, or just plain and simple fire your ass (you're betting on their empathy). Crossing the street? You're betting the mofo cab driver will stop at the red light. Feeling like dining out? You're betting the chef from a country you never heard of washed his hands before peeling that rat for you. What's not gambling that involves some kind of contact with other living organisms?

Merriam-Webster's Law dictionary says: "to risk something of value for the chance of winning a prize". Well, shucks. Is love gambling? Living? Having kids?

This is totally pointless. I usually tell anyone who questions me, that no matter what they do (trade/gamble/dig their heads in sand), they are all affected by everything that I 'trade/gamble' on. If E/U shoots through the roof, they are affected. If Ben goes on a cutting rampage, they are affected. If Trichet has visions of Weimar, they are affected. Only I can do something about it, because I'm on the market, I have the 'chance' to profit. No matter what happens, if they dig their heads in the sand, they will be on the losing side, they don't even have the 'chance' to 'win'. In my experience the previous sentence is when the questions stop. It also helps if you can show some toys that you 'won'.
 
Quote from cabletrader:

The gambling debate is an old chestnut, some call trading gambling, some say it's investing, some speculation....

I guess it all boils down to how consistent you are, if you turn a profit every month then no-one will care what it's called. On the other hand if you're losing consistently (which I suspect you might be) then your family has every reason to worry.

Take a job with a regular income to provide a guaranteed income for you and your family. It will make them feel secure and also take the pressure off your trading. Trade and/or analyze the markets part-time with a micro account until you're consistent, then you'll be in a position to present your case to your family for trading full time and you'll have a track record to support your argument instead of trying to think up stories to convince them and yourself that you're on the road to success.

If you're totally honest with yourself this is probably stuff you already know....
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All good points. I am consistantly profitable, but am consistantly worried that the moment I leave my full-time job, I won't be profitable. And my wife and kid are my reason for living.

I would LOVE to leave my job and become a trader, and eventually I will - when I am ready to retire (which I plan on doing at age 45) - and after I've amassed enough wealth where I can screw around and work on a strategy without jeapordizing my family's livelihood.
 
This is worth repeating... on my god, the best quote this year:

When I was young, I was called a gambler. As the scale of my operations increased, I was known as a speculator. Now I am called a banker. But I have been doing the same thing all the time."
-- Sir Ernest Cassel, banker to King Edward VII
 
Taking on risk for the sake of risk and entertainment is gambling

Taking on risk that comes about from the normal course of doing business is trading.
 
Tell your love ones and friends that you are training to become a currency analyst to take advantage of market conditions based on a country's economic condition for profit.
 
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