Casino Vs Forex
Chips are the currency of casinos and poker games around the world. Walk into any brick-and-mortar casino and you’ll see more than a few chips. Even the sound they make as they clink together is as timeless as the bright lights of the Vegas Strip.
There’s a lot of money in Vegas, but it all starts with those little round chips you see circulating the casino floor. So why do casinos use chips instead of cash? At first, you’d think it would be easier to deal with cold, hard cash. There would be no need to constantly cash in and cash out. The casino wouldn’t have to hire cashiers simply to exchange chips for cash. Things would run easier, wouldn’t they?
Well, casinos use chips for a few reasons, and it’s not just tradition. Let’s take a look.
1. Psychology
Casino rate is just a cheaper rate for guest who play in the casino, but not enough to be awarded a room comp. It is a middle ground so to speak. For example if you get an inventation for a free room it comes with a catch, minimum betting requirements. The exchange rate of a currency pair tells the price of the base currency (the first currency in a pair) in terms of the counter currency (the second currency in the pair). For example, if EUR/USD is trading at 1.20, this means that one euro costs $1.20, or that it takes $1.20 to buy one euro. It Casino Vs Forex is our priority to provide players with an entertainment site Casino Vs Forex that follows the international gaming standards. Social responsibility and player’s protection remain as our prime concern. 88ProBet strives to provide a comfortable and responsible gaming environment by offering assistance to players in need.
The primary reason casinos prefer chips over cash is because chips add a little mental separation between the gambler and his valuable money. It’s a little easier for you, the gambler, to place a big bet because it’s just chips. Logically, you know what those chips represent. But since it’s not actual cash in your hand, you feel slightly less inhibition towards taking bigger risks.
- (In forex trading, hardly can a newbie make more than a veteran does). E) Forex trading requires more technical knowledge than sports betting. A forex trader must have a deep knowledge.
- Online brokers compared for fees, trading platforms, safety and more. See a side by side comparison of Forex.com vs Oanda.
Basically, it’s a matter of psychology. You can also think about it like this. If you wanted to place a $500 bet on blackjack and all you had was cash, you would have to sit there and count out the currency. It might be twenty-five $20 bills or a small wad of fresh, crisp hundred dollar bills. It’s very real and it’s staring you in the face. It gives time for what you’re doing to really sink in.
But if you use chips, all you need to do is throw a single, purple chip down on the table. It doesn’t look like much. It’s just a single, lonely chip sitting there in the middle of a green felt sea. All it takes is a second and the money is gone.
2. Security
Chips provide casinos with an extra layer of security. Casinos control those chips and have a number of tricks they can use to discourage or foil those with criminal intent. A few years back, a man parked his motorcycle in the Bellagio’s valet area, ran inside with a gun and robbed a craps table for $1.5 million worth of chips.
The Bellagio noticed that a good portion of the thief’s ill-gotten gains consisted of $25,000 denomination chips. A few days later, the Bellagio announced to the world that it would soon discontinue all of its current $25,000 chips. Those chips would all become worthless after the deadline set by the casino.
This put the thief in the awkward position of having to cash in a lot of valuable chips in a short amount of time. He was later caught trying to sell his chips via the TwoPlusTwo.com poker forums. The “buyer” reported the attempted sale to police and the bandit was later caught.
Some casinos also add RFID (radio frequency ID) chips to their chips. This allows them to keep track of their high denomination chips and easily detect frauds. If someone comes in with a bunch of clever counterfeits, those chips won’t authenticate and the casino won’t mistakenly cash out a bunch of fake chips.
If a bunch of RFID-enabled chips are stolen, the casino can determine (depending on the circumstances) exactly which chips went missing. The casino can then remove those individual chips from its inventory and render the stolen chips worthless. All the while, no other chips are affected.
3. Convenience
One reason casinos use chips is a simple matter of convenience. In fast moving games, it would be a nightmare to wait for players to fumble around with dollar bills for every single bet. Money gets bent, it doesn’t stack easy, it’s hard to track and it takes up a lot of space.
High stakes games would complicate these matters even further. Just imagine trying to play a game of $4,000/$8,000 fixed limit Holdem with a bunch of hundred dollar bills. It simply wouldn’t work. Chips make things easier for everyone.
4. Data
This last point applies specifically to casinos that use RFID-enabled chips. The vast majority of casinos haven’t gone full RFID on all their chips, but the industry seems to be slowly trending that way. Casinos that use 100% RFID-enable chips can collect vast amounts of data.
RFID chips allow casinos to catch dealer mistakes, to catch players who attempt to sneak in extra chips to the table after betting has closed, to track how chips move around the casino and more. Casinos can use this information to streamline profits, track trends and avoid losing money to crooks.
One day, casinos may even use RFID chips to identify how skilled specific players are. Casinos could then use that information to determine appropriate comps for individual players. Or, they could figure out who the card counters are and encourage them to go play somewhere else.
Is Forex Trading the same as Gambling?
I have been asked many times 'Is Forex trading the same as gambling?'.
My answers:
Yes, it is gambling when one treats the Forex market like a huge Jackpot machine or Roulette table where the hope of winning is dependent on nothing else but pure luck.
The problem with casino gambling is that the odds are stacked heavily against the gamblers.
In Forex trading, the trader needs only to overcome the odds of a few PIPs spreads payable to the broker before he/she can attempt to make a profit.
Trading 'blindly' in the Forex market with no plan or strategy will cause the Forex gambler to lose money just like any game of chance.
The consequence is worsen when the Forex gambler does not apply stop losses in his trading.
No, it is NOT gambling when one treats the Forex market like any other business or profession where opportunities can be seized and risks can be mitigated.
The difference between the Casino and the Forex market is that, most are games of chances with the former versus a contest of strategy for the later.
Unlike a game of chance, the Forex trader can rely on price patterns and analysis to decide on the opening and closing a position with a probability of winning in his favor.
One of the main issues with gambling, is that it is addictive.
Gamblers step into casinos with nothing but their hope to make money. When they lose money, the desire to recover losses will lead them to gamble more, and often more aggressively.
A Forex trader can easily become a Forex gambler when he lets his emotions dictate his actions to trade impatiently and illogically.
Casino Vs Forex Demo
Unlike gambling, trading is much more than just betting on an outcome.
A good trader has and adheres to a trading plan that gives him the statistical edge of winning.
He monitors the trades in progress and trail his stops to maximize his profits and minimize his losses.
Automating his profitable trading plan will give him the added advantages of freeing him the time to trade around the clock and without the emotional ups and downs that can cause many good trades to turn bad and bad ones to become worse.
The fact is:
The buying and selling of currencies is no difference from the trading of goods which we try to buy at a lower price and sell them off at a higher price to make a profit.
Why Forex?
No other businesses and professions can beat the $5 trillion a day Forex market in size and the advantages and benefits of Forex trading.
The entry barrier is low. A trader doesn't need a University degree and years in practice to trade.
All he needs is an internet connection and a couple of hundred dollars to trade for real, 24/5.5 days a week.
The daily swings of a hundred PIPs or more for the major currency pairs offer the astute traders ample and unmatchable opportunities to ride the trends or to take the profits.
The earning potential is unlimited and the freedom to work for yourself is priceless for those who care to master the skills of trading.
A good trader is like a successful surgeon or business owner.
The pre-requisite is for them to master their skills before they can start to earn a good living for themselves.
The Holy Grail in trading is no different from good practices adopted and perfected by these professionals and businessmen.
They adhere to proven principles and adjust their approaches to changing market conditions to stay ahead of their competitions.
Please click on High Probability Trade Setups and Triggers + Trading the EURUSD to see how price patterns can be used to trade profitably.
My Observations:
Casino Vs Forex News
It's always better to trade with your own system than to rely on others' because the market is dynamic and requires you to adapt to stay profitable.
Trading with an EA based on profitable trading strategies is a bonus as it will free the trader from having to monitor and react to changing prices.
As an IB, I know of some traders who are making profit consistently in their trading, manually or otherwise.
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Based on my analysis of the Traded Volumes, Funded Amounts and Current Balances, many of the profitable traders opened and held on to their trades before closing them within the following few days.
In my opinion, the trader who has the patience to wait for the optimal price to enter the trade, take the first profit with a partial close and let the remaining lots ride the trend will survive and become profitable under most market conditions.
This approach allows the trader to minimize losses from erratic price movements and still capture profits whenever the price continues to move in the right direction.
Casino Vs Forex Stock
Why Forex?