How Forex Trading Is Similar To Playing Poker?

People often say that Forex trading is nothing like gambling. While this statement is true, there are some similarities that are very evident, and a lot can be learnt from them. Forex trading is a lot like playing poker. For one, both have high profit prospects and risks just as high! Experts warn newbie traders to not treat Forex trading like gambling because many traders end up relying completely on luck to bring profits. However, profiting as a currency trader requires that you implement cutting-edge Forex trading strategies and exercise absolute discipline, both of which are required even while playing poker. 

forex trading strategies

Here are some similarities between poker players and Forex traders: 

1) Discipline: 

Poker isn't always won by luck, it is won by discipline. In a domain like poker, impulses will take over you at any instance. It is crucial that you stick to your plan and stay disciplined till the very end! A methodical approach is what gets you the win. Similarly, in the world of Forex trading, discipline is one of the most important traits. Without trading discipline, it is very easy to give in to overtrading and greed.

2) Precise Decision-Making: 

Nick-of-the-moment decision making can either make or break your trade! And this scenario is similar in poker. You have to be both quick and sharp with your decisions to see profits. As a Forex trader, you will be faced with a lot of crucial decisions, and one bad move is all it'll take to leave you cascading downwards.

3) Accepting Losses: 

Everyone loses money, even skillful poker players and talented Forex traders! How you deal with losing money is what makes all the difference. When you lose money, accept your losses, rework your Forex Trading Strategies and move on. 

4) Making Smart Investments: 

You can't go about making blind calls, be it while dealing your hand at poker or trading currencies. Your moves need to be smart and calculated if you're going to make profits as a trader! 

5) Emotional Control: 

Giving in to emotions can lead to you making biased calls and not doing what needs to be done. So to be an adept poker player and a sharp Forex trader, you have to have absolute control over your emotions.  

When you venture into the world of Forex Trading in Sri Lanka, you will observe a lot of these traits in traders. At the core, playing poker and trading currencies may be different, but the mindset required to succeed at both is the same. Perfect your trading approach with the experts at WesternFX by your side! Avail our world-class brokerage today and find unrivaled success come your way. Call us now to get started!