Bitcoin Forum

Over some years now, I have been trying to figure out the difference between Forex and betting, and with my analysis, evaluation etc, I found out two difference which is,  exchange of currency in Forex while in betting there is no exchange of currency and also forex market has closing time and time it opens but betting doesn't( everyday).
However, Forex is same thing as betting. Betting can turn someone to millionaire, billionaire etc likewise forex. You analyse in forex likewise in betting.

Please give me some difference if you have.

Gambling:
Gamblers are losing to gambling site owners and share holders
Gambling has some strategies but no much special skills needed before you can start gambling
Gambling is basically about luck

Trading:
Traders are losing to traders while the broker or the exchange make money from the trading fee
Trading require technical and fundamental indicators and strategies and much more skills are needed
Trading make someone to have possibility of winning than gambling
Trading is not about luck for pro traders

But both are risky
Some people are using trading to gamble and all about them is to gamble with it like throwing a coin to show between up or down
As their is gambling addiction, also there is trading addiction
Discipline is required in both

Gambling can never be the same with forex trading as in gambling your chances of winning is 50/50 as you may win or you may lose but in trading if you apply the right knowledge and techniques, the possibility of making profit can be guaranteed.

And again gambling consumes lots of time to predict the outcome of an event main while trading doesn't gives much stress like that if you actually know what you're doing

This is my first time posting on the Nigeria local board. Hope I am welcomed.

I read your post and I wanted to correct a few things in your statement. First we all agree that Forex and betting are two different things one is trading and the other is gambling. But they both share one thing in common which is risk you will take in both cases, whether it's trading or betting. Nothing and nobody can guarantee you a 100% profit no matter how skilled or experienced you are in both fields one day you will lose or even in your first try. These two things are always unpredictable and if someone said the opposite he is lying or doesn’t know what he is talking about.

Gambling can't be predicted at all compared to trading as you mentioned and that's also incorrect. In Forex trading people use strategies and follow instructions to help them a bit in predicting the next price move and only a little. Every trader has a technique but, it's important to note that even the best traders in the world experience months or even years of overall loss, and to have an income from trading logic says that you need big amount of money and not only falling victim to course sellers, brokers, and scammers who target new traders with little knowledge.

If I am playing dice, roulette, blackjack, baccarat and other casino games, they do not consume time, or the time it is consuming is fun. If you are a scalper, trading will consume time. If you are a trading addict, it will consume your time just like gambling. Some traders will make analysis and still continuously checking the market to know if they have gained or not. Trading is not also easy but it depends on the type of trader that you are. Swing traders will not stress themselves.

It's not, there are professional traders who have made life through Forex. Forex is not gambling and it is not a get rich quick scheme. Acquiring the knowledge is a necessity and you shall flourish. There are people who at some stage doesn't encounter losses due to them using good risk management and risk to reward ratio.
I don't understand why people affiliate Forex with gambling, this thing have history and authors with books that will boost your Forex skill. It's something you will learn before you earn but some will just jump into it with out proper knowledge then generalized it as gambling when they encounter losses.

Undergo thorough training either self learning, YouTube or through mentorship. I advise you go through mentorship because it makes the journey easier since they are experienced already.

Both Gambling and Trading are two different things. I don't know how you found the two related. Gambling na simply the ability to take sides without thoroughly evaluating the the desired results but through emotions, instincts. In another word, Gambling na hin be the betting and staking of some amount of money over something valuable in the hope of making profit at the game of contest.

While, Trading is simply the buying and selling of goods and services for the purpose of making sales and profit. In trading, you're offering a service for a certain amount of money with the expectations of getting results or better still wooing the customer or clients into patronizing you.

Like gambling, Trading also have to do with more than one person and risk taking, unlike gambling, Trading is when you have something to exchange as a good or service with the other person, either as a merchant or as a buyer. In gambling, you don't have a merchandise but in trading that's the most basic essence of going into the trade, with the aim of selling out your merchandise.

It is at the bases of the aforementioned one will conclude that trading with forex is not gambling but a business of selling merchandise. When you understand how the market flows, you will certainly work towards the success of your trade.

I saw this same post on twitter  asking about the very question there was a reply which says "can you compare zobo and fruit juice " this is just a simple quote that answered your question

It is funny to even consider forex and betting as a thing or couple because, betting involves putting your money where your mouth is for live events, while forex is merely putting your money where you think it can double up.

Although from my analogy, money is involved in both instance, betting or gambling is a game of luck and predictions while forex exchange require one to understand the market or foreign exchange inorder to be successful therein.

Op you have already said the different from the bolded part of the thread. Even as that I will still tell the differences. They are not the same and they are not even related. And the only similarity is the risk involved in the two and that is all. Forex trading is related to stock market which is concerned on the buying and selling of Currencies and that is the process that making some countries economy to be weakened in this contemporary world.

Betting is for gambling and gambling is for games so to what extent do you even compare the two different concepts. You don't buy money in gambling but you buy money in the forex trading so how do dey related? Op they are not so don't bother yourself.

Truly forex trading and gambling share one common factor wey be risk, but dem types of risks de different. Gambling risks na mainly to try your luck, just like you analyse, to trow coin up in di air wey you no go fit predict di side wey go face up wen im land. Aldo some types of gambling like sports bets, require some extent of prediction, like di team wey you feel say dem get more chances of scoring and winning in a match. While forex no too de determined by luck, im own risk na di ability to study di forex market and know di determinants like supply and demand of currency wey you wan pair, to read news and know events wey fit to affect di price of currency. Forex require special skills to learn how to trade am, odawis e go became gambling. While normal gambling be say you fit to wake up one day and and decide say you wan go try your luck or just predict say dis team go win.

Di major thing wey differentiate dem be say gambling no too require special skills, you no even need to de enlightened to gamble, while forex trading require say make person de enlightened to understand how di market de go, weda e de favorable to to sell or buy currency.

Forex trading and betting are two different things, though both can rekt person down, however forex trading is not gambling I can attest to it, check twitter go see plenty forex traders wey don get six figure funded account from Prop firm dey make plenty money every month, the thing be say if you get the skill na sky go be your limit, in forex you analyze chart and watch out for Red news that would aid your trading but nothing like that in betting, however we also get plenty traders wey dey lose too those ones no get enough skill and would later claim that forex na gambling, though we have few gamblers wey hit jackpot but they are not plenty.

There is a whole lot of different from forex and gambling because forex involves trading of different pairs of currencies and cryptos which is done on the forex market, how it works is that if you have study a particular pairs that the price will go uptrend you place a buy order indicating your stop lose and take profit, for risk management of your account.

While gambling involves betting on sports games, which the winings are very uncertain so the only relationship gambling and forex trading has is that when you are trading on forex and you tend to risk higher by increasing your lot size which could result to account blown so in this case we call that kind of trader a gambler because his chances of profiting from the trade are not certain.

Because say two things fit give you the same thing on mean say dem be the same. Forex and betting na different things but e get people wey dey gamble when trading forex like dem dey gamble when betting too and dem dey succeed but e no dey last long for forex because at a time the market go catch you and if you no get stop loss you go lose everything wey you get. Here are some different between forex (trading in general) and betting;

• For most betting na the house wey get the winning odds like na dem get the higher chances of winning but when trading na the trader get the odds of winning and not the house (infact na the traders be the house)
• For difficulties: Gambling dey more easier than forex trading. Person wey no get any experience go fit dey bet and dey win but for forex e dey very unlikely and even though you win e no go last as last last the market go get the last laff
• Forex trading na the betting on currency pairs but you need knowledge of the currency pairs for you to profit but betting (gambling) na playing of games wey no need you to get much knowledge or skills on am and with just your luck on probability games you fit win
• Timing: some betting requires you to join the game as e dey start but trading no get timing, you fit enter and exit the market anything and make your profit. Betting get time limitations but trading no get expect say the market no dey open Saturday and Sundays.

One thing about forex na say, if you no learn am well you go lose but gambling is mostly about luck, you no need to learn am per se. Weda na forex or gambling wey you dey do or dey interested in, know say both of dem dey very addictive and if no discipline yourself well you go lose your focus which is to make money. In forex you fit master a strategy wey go work for you constantly and can be thought to others and una dey use am dey make profits together but when you dey gamble, there's no proven strategy wey you fit teach people wey una fit dey use make money. Everyday for gambling na try your luck but for forex, same strategy can be used multiple time to make better profits them.

E be like say that stop loss wey dem dey talk about dey important for forex and one of the difference wey dey between am and gambling. The market for forex no dey pass 5 working days but if na gambling that one na non stop especially for the people wey dey play online. Again nothing concern person wey dey trade with anything like decentralized or centralized exchange, so you get just little to worry about how secured your funds dey because dem regulate am Wella.

Forex trading is a marketing structural aided designed digital currency exchanges with the possibilities of valuing and devaluing (fluctuating)  with the facts of its decentralized currencies.
This is a set of market domain with a trading system of its investors (traders) buying and selling its currency of one another to the others and exchanges where its rate values is determined between the traders demands and the suppliers (buying & selling).
And here a capital is its property for revenue.

While betting could be a game that is determined an  online or offline Play with the key role to based on guestures or critical calculations points between 1 person or more person's or to be played or with a machine (computer).
This is as a stake value that may determine your reward's according your odds values as a gambling.of winner or a looser at its ends of result.

This is not entirely correct. You can gamble on casinos anytime that you want. On bookies, are many in-play matches that are available. There is sport virtual bet which is a available everytime. For people that are gambling in sport, matches are always available until around 1 to 2 am that north and south American countries will finish playing, and new days matches will start in the morning. I think you are not the casino type and you prefer only the big leagues is the reason that makes you think of gambling like this. Crypto trading can be anytime but forex will be closed during weekends but this thread is about forex.

Everything is evolving, development are affecting how we knew things, before now a bet can only take place when a game starts and when it ends but we now have cashout prices as specific duration of games, you can bet on specific events that happens during a sports game etc We aren't speaking about crypto trading, here but forex trading and everybody knows crypto trading happens 24/7 unless an exchange stops trading that's when you can't trade on that specific exchange.


If you went to be specific this is also incorrect since when we talk about gambling generally, you can also lose directly to your opponent when you bet. We have games that are like tournament that when two or more people join and the rest lost, the winners takes it all. We have DEX platforms that organized games between players while they just take a commission from the price money won.

In today's world, nothing is as exactly as we know them before as different things are been introduce to satisfy our tastes.

Before we compare forex to gambling let's first understand their meanings, forex trading is the act of buying and selling of a country's currency in other to make profits. Then gambling is a way of betting money on an event in other to also make profits on probability.

Even if a forex trader sometimes incure losses but he isn't gonna lose all his money but a gambler has a 50/50 chance of making profits and if he lose, he loses all his stakes.

So for me their is no comparison between forex and gambling because looking at our society today, how many people has gambling helped? Few people. But check out forex traders like all these alhajis they make lots of money in forex trading and most of them are living a luxurious life so you can dual the difference

Le me start from here. Let me quote the OP:


I can easily know that OP 'no exchange of currency' means those online gambling sites, although not clear. What makes me concluded it is that he said gambling does not have a closing time.

In continuation, I have not seen this type of gambling online before that does not have a closing time. The last time I saw it was when I was in school, students and some other people that like crazy things like that. The gambling OP is referring to gambling on online sites and the ones on the gambling board on this forum which I have stated already. But using timing to compare between gambling and forex is not totally correct, not totally correct means not that it is wrong, but not entirely true.

OP is referring to online gambling. Is there online gambling that individual can bet and gain or lose to one another instead of the casino itself?

I will also appreciate corrections. If you see my mistakes, please correct me, that is why we are here, to learn from one another.

Nobody spoke about gambling not having closing time, I said trading doesn't excluding weekends and that's because the discussion here is Forex trading and not cryptocurency trading. Like I also said just because I didn't specify the type of gambling I meant which is (sport betting) doesn't make me wrong because we all have been generalizing here by just saying Gambling.  The OP is talking about forex so crypto trading explanation has no merit here, crypto trading and forex are different.

You're not a gambler so you don't know, gambling goes beyond what's happening on casino and sportsbooks. Haven't you heard about gambling tournament held online, even the ones gamers gamble by betting on who wins the games and those prizes, the house has no say sometimes they take commission and other times the players get everything without involving the house and all this are done online not manual.

We said gambling which should cover everything gambling and not just casino games or sport betting. We have decentralized games were users bet P2P, it isn't very popular among the forum users but it's happening and just because you don't know about them doesn't mean it isn't happening. I could name sites but I don't what to promote any site that'll make people lose money and if you browse online (which everybody can do), you'll see platforms offerings such services. Here's an article posted on August 2023 which will let you know P2P betting are gaining momentum;
Web3 betting is taking betting from the house having the edge to the players to own it. Timing also has an impact in sport betting which is also gambling but mightn't have in casino games but they're all gambling.

What I also meant there is that forex as well have closing time, not about crypto trading which does not have time limitation. Although I was unable to first understood that probably due to the typo which supposed to be 'except' instead of 'expect'. I meant forex has a time limitation is what I meant on my post as well. But what I prove as not entirely correct is that betting have time limitation is not entirely true.


I do not know this is existing. Which means there are P2P gambling sites online. Although, if they are online, the are likely to be online always as well, but gamblers are the ones to determine when to gamble or not, and the games to gamble with or not. I have just known this right now.

And you're still misunderstanding as I noticed you're editing and reposing your replies multiple times and I received notifications each time which means you're correcting whatever you previously wrote. Maybe you should understand the sentence well before replying as mistakes can be made in spelling (not intentional but due to auto correction) but if you pay attention without rushing to reply you'll get what the person is trying to say.

Again your statement of a P2P gambling site been online regardless isn't responding perfectly to my statement of we having a P2P gambling site. I made that reply in response to your point below;

What I'm trying to say is not all gambling leads to you losses going to the site owners or share holders, we have decentralized gambling and it's growing just as online gaming/gambling grew to the multi-million industry it is. The point isn't about gambling been online always but about where the losses goes to.

From the point of experience, being a trader and a gambler, I tell you that both are quite different from the other at some point in the sense that,

Trading

1. Trading requires training yourself.
2. You slightly can control what happens in trading, like taking profits,  adjusting stop-loss, exiting the market when you feel like existing, etc, than you do in gambling.
Lastly, if you know what you are doing in trading you profit more than you profit in gambling.

Gambling
 
1. Requires little or no skill to get involved.
2. After staking, you can't adjust your bets or change your bet decisions after a particular time frame.
3. You are not in control until the end of the game.

This is getting funny  ;D. I think you have the mindset that I am correcting you there. I am not correcting you. The only correction which I do not even admit that it is wrong, but not entirely right is what I quoted. But I will not refer to it again because I do not want to keep repeating myself.

Secondly, on this thread, yes I edited the typos, but I did not repost anything. You can use Ninjastic.space as proof. This is Bitcointalk and people can correct mistakes and typos and some people do even admit that. I do this on English boards as well without anyone raising anything as they understand.

You are the one that is misunderstanding because I did not imply that you are wrong about this statement. Or you can point to anywhere that I meant that you are wrong about it.

And you're misunderstanding again which is why I said you should read well and understand before writing, not correcting whatever you wrote then reposting. You didn't understand the statement or didn't get the idea I was passing across. You don't quotes and correct what isn't wrong. I gave you an example as you wrote what wasn't entirely correct but I understood the angle you're coming from because I calmed down and read your reply and not just having a glance and immediately quoting to respond. Your statement of the house having the edge in gambling isn't entirely true for all gambling but I understood you're talking from an angle of a part of gambling and so is my response of the timing.

Next time calm down to read and not rush to respond and keep editing for reposting as you can edit without reposting. I don't enjoy writing in English on the local board so I'll stop responding on this thread as well.

https://www.talkimg.com/images/2023/10/09/RZeVq.jpeg https://www.talkimg.com/images/2023/10/09/Rn2gf.jpeg

Like I implied before, I did not repost anything.

Click on the link, I posted it at 11:48 am, I did not delete and repost it at 11:54 am.
https://bitcointalk.org/index.php?topic=5469396.msg62968445#msg62968445
https://www.talkimg.com/images/2023/10/09/RnauZ.jpeg


Click on the link, I posted it at 11:35:49 am, I did not delete and repost it at 12:42 pm.
https://bitcointalk.org/index.php?topic=5469396.msg62968647#msg62968647
https://www.talkimg.com/images/2023/10/09/Rnuxw.jpeg

I do not know why your bot is sending you edited but not reposted posts notifications. Yet I am still inline with what I am discussing.

Forex may share some similarities with gambling only if you are an amateur trader, but professional traders will never agree to this idea. The fact that they share a similarity which I think is also common with other business does not make them same, even if you venture into any kind of business physically you can get Rich doing the business and at same time also become poor if you suffer losses too often, this is common with business generally.

So the above is a generalized experience with business generally and not peculiar with forex and gambling. Forex is professional, the act of trading can be acquired as a skill and become someones means of lively hood and most often than none your could be sure to be profitable if you are skilled enough and have a good risk management strategy with which you trade with. Big investors who trust your skill in trading could confidently invest in your skill and hope to be profitable bearing the agreed risk which could be often defined. But with gambling you hardly define your risk,  you are not proud enough to present it to investors as an opportunity which they can investing in and you can not depend on it as a means of income, it as so many disadvantage because it solely luck dependent but forex is not luck dependent you need skill.