Why do forex traders see binary options as "gambling"?

Flinty13Flinty13 Posts: 22
I've known a fair few forex traders who have looked down at me for liking binary options, they say it's "gambling" and I would have more luck going into a casino. I don't get why they would say that when they should know it isn't like that, all of us here know binary options is decent if you know what you're doing.
After around 2 years of consistently hitting 70-80% win rates I'm moving to a live account next week :) Surely no person would hit that percentage if it were gambling

Comments

  • The_Geek_MHThe_Geek_MH Posts: 645 mod
    it's viewed as gambling because of the yes/no outcome and time constraint. Forex is an open position, can stay open forever technically, and equities provide ownership. Binary is a pure speculation, will it go higher, will it go lower. . . which is often confused with gambling. Gambling is random, based on chance, speculation is an educated position on the market based on fundamental and technical analysis. .. which is basically gambling to those who don't know.
  • Flinty13Flinty13 Posts: 22

    it's viewed as gambling because of the yes/no outcome and time constraint. Forex is an open position, can stay open forever technically, and equities provide ownership. Binary is a pure speculation, will it go higher, will it go lower. . . which is often confused with gambling. Gambling is random, based on chance, speculation is an educated position on the market based on fundamental and technical analysis. .. which is basically gambling to those who don't know.

    That's exactly what I was thinking and it's what I say to newbies and forex traders but they still don't understand
  • RestrictoRestricto Posts: 11
    I think it has to do with margeting, which demonstrates binary options as a game, where after a few clicks you can make millions.
  • Blue Sky BinaryBlue Sky Binary Posts: 157 ✭✭
    Flinty13 said:

    I've known a fair few forex traders who have looked down at me for liking binary options, they say it's "gambling" and I would have more luck going into a casino. I don't get why they would say that when they should know it isn't like that, all of us here know binary options is decent if you know what you're doing.
    After around 2 years of consistently hitting 70-80% win rates I'm moving to a live account next week :) Surely no person would hit that percentage if it were gambling

    Hello,

    This is because they do not understand binary options. 95% of retail traders in FX lose money because they can't manage risk and/or don't know how to trade. In Binary Options 98% lose money for the same reasons. Neither are gambling, however, they are just conducted by amateurs.

    Team BSB
    Blue Sky Binary - Research, Education & Technology. Signal Hive - The No.1 Binary Signals Marketplace.

  • Flinty13Flinty13 Posts: 22

    Flinty13 said:

    I've known a fair few forex traders who have looked down at me for liking binary options, they say it's "gambling" and I would have more luck going into a casino. I don't get why they would say that when they should know it isn't like that, all of us here know binary options is decent if you know what you're doing.
    After around 2 years of consistently hitting 70-80% win rates I'm moving to a live account next week :) Surely no person would hit that percentage if it were gambling

    Hello,

    This is because they do not understand binary options. 95% of retail traders in FX lose money because they can't manage risk and/or don't know how to trade. In Binary Options 98% lose money for the same reasons. Neither are gambling, however, they are just conducted by amateurs.

    Team BSB
    Also very well said, thank you
  • BossBoss Posts: 77
    Options can be compared to gambling, and those who've never worked with them or have lost money on them because they weren't smart enough.
Sign In or Register to comment.

Who's Online2

  • 2 Guests