Lizelle and I went on that road trip I mentioned and on Saturday night we ended up at a very large music show at the Grand West Casino in Cape Tow.

Now walking into this Casino I had a real ` What on earth` moment.

It was more of a What the  $%^&& moment but this is a family friendly Blog so I cant really put my true feelings on here.

There were 1000`s of people just sitting, pulling levers every 4/5 seconds!!!!

Put money in and pulling….putting in money and pulling…..putting in money and pulling (How is that for repetition?)

Yet I didn’t see any pay outs with all this `repetition` going on!!!

Now what has this to do with us Pierre?

Gambling people!!

Is Forex Trading Gambling ?

How many times have your friends or other people say – Forex trading is gambling!!

Sure mate maybe in their eyes it is………….

But while I was standing there looking at these monkeys behind the slot machines I couldn’t help asking myself some questions…….

1)  There are 100`s of slot’s – how do you decide which one to play? I can look at charts and immediately see which currency pair will be the better option for the week. 

2)   Sure we had a couple of mother in laws behind the slots……..but are they as trust worthy as my 200 EMA mother in laws?

3)  I didn’t see any 34 or 55 EMA`s hanging around the hall that can help me with the direction, entry or profit take on these slots……or if I am going against the trend by taking a counter trade!

4)  I didn’t see pivot points on any of these slots so how on earth will you have a road map for the week.

5)  No pivot also means no previous support/resistance areas to keep an eye on.

6)  I couldn’t spot which slots were `HOT` as they didn’t have a Stochastic or RSI on it!!!

7)  No MACDEE indi to show me divergence on the slots and warn me that there is a change in the `conditions` of the slot

8) I couldn’t spot any `cool zones` on the slots like I have on my charts with the Earth and Sky zone giving me a higher probability and put the odds on my side

9)  I couldn’t work out where is enough enough on the slot yet I could do it by placing a stop when I trade a currency pair.

10)  I  couldn’t work out what my expected `payout ` will be yet I had some kind of an idea where I can take profit when I trade. I can aim for a 1: 2 ratio where I make double the amount I put in…..I couldn’t do this at the slot.

11)  I couldn’t protect my money once it went into the slots……yet I could do it once my trade is in profit!!

12)  I couldn’t find a trigger or some kind of confirmation before I put my money into the slot…..yet I could do it when I trade!! GBP/Dollar 30 min chart with a 12/26 EMA cross in the zone.

13)  I looked hard and long but didnt spot any Euro Index or Dollar Index in the room that can give me more information and confirmation on which slot to trade……..yet I could use the Dollar Index to short the CHF  this week  trading Forex

14) There is a couple more……I don’t think a slot player will tell you when he or she found a `HOT` machine. Yet we do it all the time in the Blog and forum. We tell you what is `hot` and what not – Sharing is caring here at Forex Mentor Pro!!

So lets have a look at only one pair, the GBP/DOLLAR and apply the above.

Now looking at this chart……..it will be like sitting in front of a slot isnt it ? Just putting money in and pulling blindly the lever  and hoping for the best !!!!

Hang out with me at Forex Mentor Pro, get to know my methods and apply my tools to your slots and practice a bit of repetition…….. now the odds are swinging big time !!

On Tuesday Morning :

5) GBP/USD on the 4 hour chart:

Difference between last week’s open/close: Min 34 pips

Did we open with a GAP? No

Earth and Sky Trading Zone for the week:

Price is under the 200 EMA
34 EMA (sky) is under the 55 EMA (earth)
Direction: Short
Potential trading zone: 1.5706 to 1.5766

Potential area to look for reaction: At the 1.5710 and 1.5759 levels

Potential Profit take areas: The 1.5600 and 1.5586 and 1.5536 levels

MACDEE Divergence: No
Stochastic: No mans land

Counter Trades:

Potential Counter Trades: The 1.5536 level.

Potential Profit take areas: The 1.5681 level.

Notes: Price burned its fingers yesterday at the WR1 pivot at 1.5759 so this level will be key this week!!! While it hold…my bias is to look for shorts.

So the next time someone tells you Forex Trading is gambling……you have my permission to kick his ass !!

Regards

Pierre Du Plessis

www.forexmentorpro.com

Is Forex Trading Gambling ?