Luck is what you need in gambling but you have to get to work with trading - page 3.

lixer

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Quote from: Litzki1990 on June 26, 2023, 12:39:53 PM

In order to profit from gambling, one should have some understanding of gambling in addition to relying on one's own luck. As much as imagination is needed, luck is needed. But in the case of trading, nothing will happen if we depend on luck, but if we trade depending on luck, then we will suffer more in that trading. To be successful in trading, zero percent is dependent on luck and 100% of your skills must be used. One should never get involved in trading without having sufficient idea or knowledge about trading. First we need to know about trading after getting full understanding about trading then we have to get involved with trading then we can get success.

Understanding trading is a very tough task and too many people think that they really understood it when in fact they didn't. Not realizing that you are still far behind and you still need to learn so much about trading is a big ask, and not a lot of people will be able to do that.

It is going to be pretty daunting task to learn all there is to learn about bitcoin and trading, but you need to do that in order to be good at what you do. People cut it short, and try to find a loophole on getting rich. Unfortunately bitcoin is not a get rich quick thing, you need to study for months before making a single trade, if you ignore that and start trading right away then unfortunately you are going to end up with a lot of trouble and won't make any profit.

palle11

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Quote from: irhact on June 27, 2023, 02:29:42 AM

You're correct, trading can be learnt. You can decide to learn how to trade and dedicate some specific amount of months to undergo serious training where you learn all that's needed to become a professional trader and you do all this with practical and not just verbal. In the simplest of terms, trading is a skill while gambling isn't. You can learn from the mistakes you made while trading and try to improve on them but when gambling, learning from your mistakes won't mean you'll have a successful bet the next time you gamble.

This is a very important difference for trading and gambling. Apart from the rigorous time of proper and professional learning of the ropes which are so many to mention, from learning the general market analysis, currencies and coins interphase and interaction like $ especially, you now begin to learn how to operate on the trading platform or channel, how to place orders and what have you including stoploss, take profit, trailing stop, all the buy limit and sell limit plus your emotions all have to be learnt. Most important difference therefore is you can learn or relearn on the mistakes you made but I don't really know if we can call anything mistake in gambling rather we consider it as bad luck on that day.

Quote from: irhact on June 27, 2023, 02:29:42 AM

Gambling shouldn't be compared to trading, just because most traders gamble when trading by making decisions based on how they feel doesn't mean that's how trading works. This type of traders don't last long in the market as they end up losing majority of their money.

Any trader that gambles on the trading will keep gambling on it until he learns how to use the non gambling features of trading.

irhact

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Quote from: Russlenat on June 18, 2023, 02:44:30 PM

Gambling is purely based from luck and chances, while trading is based on knowledge and skills, and some good and working strategies to win the trades. Though I believe trading also needs luck as much as it is as there are times trading end up still at a losing end. And when gambling, even if you have the knowledge and strategies, winning is not guaranteed while trading increases its chances of winning your trades and making you profitable if you know how to analyze the market and adopt whatever the market trends.

You're correct, trading can be learnt. You can decide to learn how to trade and dedicate some specific amount of months to undergo serious training where you learn all that's needed to become a professional trader and you do all this with practical and not just verbal. In the simplest of terms, trading is a skill while gambling isn't. You can learn from the mistakes you made while trading and try to improve on them but when gambling, learning from your mistakes won't mean you'll have a successful bet the next time you gamble.

Gambling shouldn't be compared to trading, just because most traders gamble when trading by making decisions based on how they feel doesn't mean that's how trading works. This type of traders don't last long in the market as they end up losing majority of their money.

cytpoway121

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Quote from: palle11 on June 18, 2023, 06:06:34 AM

Trading is not gambling. You require luck in gambling but you require work in trading.

What is your thought.

Yes, trading is not gambling. i agree 100%
Yet again, you need a bit luck in every endeavors so No, you require work + luck to achieve climax in everything you do including crypto currency trading. Every day, every month; we all together read news about bitcoin funds being liquidated in futures (the individuals whose funds were liquidated are traders, qualified and competent one too).

I always say that in trading, you do not need to be perfect but excellent; and need a bit of luck too. it doesn't take away your competency

Chipstars

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Quote from: Litzki1990 on June 26, 2023, 12:39:53 PM

In order to profit from gambling, one should have some understanding of gambling in addition to relying on one's own luck. As much as imagination is needed, luck is needed. But in the case of trading, nothing will happen if we depend on luck, but if we trade depending on luck, then we will suffer more in that trading. To be successful in trading, zero percent is dependent on luck and 100% of your skills must be used. One should never get involved in trading without having sufficient idea or knowledge about trading. First we need to know about trading after getting full understanding about trading then we have to get involved with trading then we can get success.

If you plan to get lucky with trading, maybe it's better to come to the casino instead. At least you don't have to wait months to know if you are winning or losing. Trading without a strategy or at the very least a plan is gambling. If you ever fomo'ed or sold at a loss (in a panic) you were gambling.

Litzki1990

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In order to profit from gambling, one should have some understanding of gambling in addition to relying on one's own luck. As much as imagination is needed, luck is needed. But in the case of trading, nothing will happen if we depend on luck, but if we trade depending on luck, then we will suffer more in that trading. To be successful in trading, zero percent is dependent on luck and 100% of your skills must be used. One should never get involved in trading without having sufficient idea or knowledge about trading. First we need to know about trading after getting full understanding about trading then we have to get involved with trading then we can get success.

Myleschetty

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Quote from: sulendra12 on June 26, 2023, 10:57:18 AM

Quote from: palle11 on June 18, 2023, 06:06:34 AM

~snipped~

Little bit of luck helps a lot, it's not even for gambling only. Sometimes when you do everything in your daily life even on your job, you need little bit of luck so at least you can do your stuff better. You can't search for luck or anything, it just happens in your life(that's why there is a term of unlucky), it's not on-topic but you got what I mean.

Trading requires more of knowledge and analyzing instead of relying on luck but still sometimes there will be one day you will lose and the other day you will not. It's pretty normal in trading and I'll take that as a experience.

Yes, luck is needed in almost all the area of human life or activity but we shouldn't forget that luck doesn't just come in and always come in after man have applied his own knowledge. Therefore, knowledge is what is needed first either in trading, gambling, or other business niches after the knowledge and some hard work then luck comes in.

Chipstars

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Quote from: AbuBhakar on June 26, 2023, 11:26:20 AM

Quote from: Chipstars on June 26, 2023, 11:21:39 AM

Gambling is in general an entertainment business. Casinos like ours provide players with the thrill of the chase, however, for some it grows into addiction. Healthy gambling with good risk management and size control can be quite a pleasurable (and sometimes even cheaper) experience compared to going out and partying.

Nice advertisement for gambling since you are from a casino but still I don't consider gambling better than going in to party because having a social life is still the best source of entertainment than soaking myself on bets that gives me risk. No offense but I really enjoy playing gambling, in fact I'm always gambling right after I meet my friends for a couple of drinks but I won't partying to gambling because it gives more entertainment to socialize with other people.

But hey, We different preference in terms of how we get entertainment.

Hi AbuBhakar,

Your perspective is absolutely valid, and I appreciate you sharing it. Different strokes for different folks, as they say.

Just like you, many people find the thrill of socializing and meeting new people more engaging than placing bets (I know I do). The camaraderie, laughter, and conversations we share, when we go out with friends, are indeed irreplaceable.

Our point was never to pitch gambling as a superior form of entertainment, but rather to acknowledge it as an option among many. Each person has their own ways of seeking thrill and enjoyment, and for some, that's a hand of poker or spinning the roulette wheel, before calling it an early night and preparing for a productive day tomorrow.

Ultimately, whether it's trading, gambling, or partying with friends, it's all about striking a balance and doing what brings you joy without neglecting other aspects of your life.

Stay safe and have fun in whichever way you choose!

AbuBhakar

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Quote from: Chipstars on June 26, 2023, 11:21:39 AM

Gambling is in general an entertainment business. Casinos like ours provide players with the thrill of the chase, however, for some it grows into addiction. Healthy gambling with good risk management and size control can be quite a pleasurable (and sometimes even cheaper) experience compared to going out and partying.

Nice advertisement for gambling since you are from a casino but still I don't consider gambling better than going in to party because having a social life is still the best source of entertainment than soaking myself on bets that gives me risk. No offense but I really enjoy playing gambling, in fact I'm always gambling right after I meet my friends for a couple of drinks but I won't partying to gambling because it gives more entertainment to socialize with other people.

But hey, We different preference in terms of how we get entertainment.

Chipstars

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Quote from: palle11 on June 18, 2023, 06:06:34 AM

I have read many discussions about trading and gambling, some people have rather joined the two as gambling. That is not totally true. For traders who agree that trading is same with gambling, they are just lazy to go into work and adopt the ethical way to trade and those are:

1. To cut your losses and increase your profit: You can conveniently do this by using stop loss or take profit adjustment or trailing stop but in gambling, is one straight end once you have gone on the bet, you either loss all you bet or win or you bet for.

2. A trader can adjust his risk appetite by reducing the lots size to suit his account and determine his appropriate leverage but in gambling, a bettor has to go with the odds provided for the gay. He can't reduce or increase it against the fixed odds.

3. Traders use analytical tools to determine what market price will be and wait for appropriate timing but gamblers play by the rules of casino.

Trading is not gambling. You require luck in gambling but you require work in trading.

What is your thought.

You're right, trading and high-skill gambling like poker share similarities in risk management, decision-making under uncertainty, and the need for skill development. Both require strategy and discipline, not just luck. Interestingly, many professional poker players transition into trading due to these parallels. However, unlike gambling, trading allows for more control over risk and analytical strategy implementation. They're not the same, but they're not entirely different either.

Gambling is in general an entertainment business. Casinos like ours provide players with the thrill of the chase, however, for some it grows into addiction. Healthy gambling with good risk management and size control can be quite a pleasurable (and sometimes even cheaper) experience compared to going out and partying.

sulendra12

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Quote from: palle11 on June 18, 2023, 06:06:34 AM

~snipped~

Little bit of luck helps a lot, it's not even for gambling only. Sometimes when you do everything in your daily life even on your job, you need little bit of luck so at least you can do your stuff better. You can't search for luck or anything, it just happens in your life(that's why there is a term of unlucky), it's not on-topic but you got what I mean.

Trading requires more of knowledge and analyzing instead of relying on luck but still sometimes there will be one day you will lose and the other day you will not. It's pretty normal in trading and I'll take that as a experience.

Dr.Bitcoin_Strange

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Quote from: Dr.Osh on June 25, 2023, 08:17:05 AM

quite a lot of people think that trading is the same as gambling. well, they baselessly say that. quite a few people are creating classes to teach others about trading and how to trade from all aspects. in fact, some people are willing to pay to get information about what they are going to trade.

Yeah, it has been an argument several times, both on this forum and outside here. Some people think that as long as one can gamble, they can also trade perfectly because they can just choose a coin to buy and sell off if the price just grows a bit. But gambling requires a whole lot of knowledge and ideas put together before you can make some more successful trades; otherwise, there will only be losses to encounter. Gambling is a pure bet on luck, almost 99% luck and just 1% skill. No matter how much skill you have in gambling, you will not make any win without luck on your side.

Captain Corporate

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Obviously lottery is not the same, but maybe poker? Because to be honest at poker you play against others and not against the house. So if a poker professional ends up explaining to you how they would make any type of change, you are going to obviously end up with learning a few tricks at least, doesn't mean you are going to make a profit right away, you may still lose, but you will become better, but you can't be a "better lottery winner" type of thing, that's pure luck. This is why there are always gray areas when we are talking about these type of things. You can't just have one answer to respond all the questions, sometimes its true, sometimes its not, depends on the situation at hand and should be considered one by one instead

Silberman

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Quote from: Dr.Osh on June 25, 2023, 08:17:05 AM

well, when you don't try harder in trading, and only guess, then buy altcoins without knowing about the information about these altcoins, then you will most likely get a loss. If the price goes down, then you are lucky, but when the coin becomes a scam, then you will say that crypto is a scam.
quite a lot of people think that trading is the same as gambling. well, they baselessly say that. quite a few people are creating classes to teach others about trading and how to trade from all aspects. in fact, some people are willing to pay to get information about what they are going to trade.

One of the easiest ways to know if an activity depends completely on luck or not is to see if such a skill can be learned by others, so if for example a lottery winner tried to tell you how did they do it, will you be able to obtain the same result? And the most likely answer is no, however if a successful trader taught you how to trade the markets, will you be able to become a successful trader? And in this case the most likely answer is yes, so that should tell us that there is a significant difference between gambling and trading.

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It is important for oneself to conclude that luck can be today and not be tomorrow. And we want stable results. So, it is better to pay attention to learning and experience than to hope for luck.

Both genuinely involve certain risks, so luck is still required. However, if we have the right knowledge and skills in technical analysis and know how to handle market volatility, the risks associated with trading may be bearable. We can use precise, well-known techniques when gambling, yet the outcome generally depends on luck.
When we trade with a thorough grasp of what we are doing, we can reduce the risk and have confidence in the outcome, but when we gamble, even with thorough research, especially in sports betting, the outcome will always be uncertain. We can do both things at the same time but we must be willing to learn how to properly deal with their risks of else there's a huge possibility that we could lose all our funds with just one wrong move.

Dr.Osh

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well, when you don't try harder in trading, and only guess, then buy altcoins without knowing about the information about these altcoins, then you will most likely get a loss. If the price goes down, then you are lucky, but when the coin becomes a scam, then you will say that crypto is a scam.
quite a lot of people think that trading is the same as gambling. well, they baselessly say that. quite a few people are creating classes to teach others about trading and how to trade from all aspects. in fact, some people are willing to pay to get information about what they are going to trade.

OcTradism

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Quote from: BD Crypto on June 25, 2023, 05:32:13 AM

Trading and Gambling are fully different and my opinion is that trading is more effective and profitable if someone trade with proper research and have strategy with risk management. Trading also required luck oftenly because market can be manipulated by good or bad news and by the whales. Gambling is more risky because here you can't analysis but can predict and can't have option to use stop loss.

Before you can trade with proper research and good trading strategy, you already have to pay a lot of costs. Costs from learning good courses, paying for losses with your early trading months and years. I hope new traders can cover those losses and can live well before they can have enough skills to get profit.

Quote

But now most of the new traders are doing trades like gambling. They often enter in the market without maintaining any support or resistance level or sometime rush for fomo buying. Without analysis and strategy trading is more dangerous.

Now? No. New traders are always trading like gambling. They don't learn with trading courses, don't mind about technical analysis knowledge and they only trade because they follow someone signals and believe that they can outsmart the market.

This gambling style is more popular in cryptocurrency market where they can be exposed with many x20, x100 or x1000 stories.

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Quote from: Franctoshi on June 23, 2023, 05:05:30 PM

One critical thing that differentiates Trading from gambling is that in trading, you are in control and not about influencing the market, but in management of your trading decisions, basically about when to enter and exit the market, when to seize a profit, and when to close a losing trade. You would have more chances of profiting in trading than you would have in gambling if you put more effort into learning about trading, whereas in gambling, even when you are good, you can't change things, for example, in football matches, the players do not even know what will be the outcome of their game.

Sports were introduced to enjoy after working day and night for a long period of time some moments of joy were with football, cricket, and other sports but these days people ruined the fun of the sports. Now whenever a gambler watches the match rather than enjoying the moments he always prays that the match should go in the favor of the gambling position. Gambling is a moral disease, trading is not addictive but gambling is because people find easy money making here in trading, the case is completely opposite here people need to put in the effort, same as we do put the effort in providing sort of services.

It really depends on the individual choice of what a person wants and how strongly he has control of his emotions and moral values. Gambling sometimes costs you your life I have personally seen many incidents.

BD Crypto

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Quote from: palle11 on June 18, 2023, 06:06:34 AM

Trading is not gambling. You require luck in gambling but you require work in trading.

What is your thought.

Trading and Gambling are fully different and my opinion is that trading is more effective and profitable if someone trade with proper research and have strategy with risk management. Trading also required luck oftenly because market can be manipulated by good or bad news and by the whales. Gambling is more risky because here you can't analysis but can predict and can't have option to use stop loss.

But now most of the new traders are doing trades like gambling. They often enter in the market without maintaining any support or resistance level or sometime rush for fomo buying. Without analysis and strategy trading is more dangerous.

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Quote from: wxa7115 on June 24, 2023, 10:12:12 PM

When it comes to gambling you are given a set of odds by the casino and you have no other choice but to accept it and play with them, but trading is different in the sense that by just waiting you can change the odds of your trade being profitable or not...

This is only if you really understand trading. But as a rule, the trading of beginners is similar to a casino, since there is no market analysis, which leads to the fact that they blindly open a 50/50 order either long or short. And some manage to multiply their deposit before they lose all their money.

Topic: Luck is what you need in gambling but you have to get to work with trading - page 3. (Read 932 times)