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

Flinty13

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

The_Geek_MH

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.

Flinty13

The_Geek_MH said:

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

Restricto

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 Binary

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

Flinty13

Blue Sky Binary said:

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

Boss

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.

Maryldeva

Thanks for the information.

gretahucat

I am a regular gambler on online casinos and also regular casinos.

sanjidasan

Thanks for the information.