Another common expression for the foreign exchange market is “gambling,” it manifests market “rationality,” grounded on coincidence and luck. “Sometimes it’s like a casino in which the player bets on red, black, or zero,” according to one trader. But if you can learn to take hold of a car and it necessitates background knowledge of its mechanics, then in gambling the common wisdom is that luck is the decisive element.
The metaphor “gambling,” wielded regarding the currency market, addresses both the acceptance of risks and the emotional interaction of the market participants. Being gamblers, foreign exchange market traders can become thoughtless. “To get carried away… to lose prudence and desist from understanding why they bought this position,” according to one trader. Furthermore, the metaphor of “gambling” reduces and connotes a specific form of the responsibility and influence of market participants on the results of gambling: ‘Some of the best returns of fund managers derived from people who are unbelievably lucky,” another trader says. As in the metaphor of the machine, other market players are usually less essential as they do not get in on the algorithm of gambling.
“Sometimes it’s like chess. The player sits and observes how the situation upraises on the market as well as the development of chess. The player has to speculates what his/her opponent next move, and what he/she will do when someone does something. And the market is a game of chess with sophisticated parameters, where the player plays against a large number of contenders at the same time,” one trader believes. Closely connected with the metaphor of “gambling” in relation to the currency market are such metaphorical market concepts that mean more strategic games such as “a game that resembles chess” or “professional poker” in which the combination of chance and strategic thinking becomes obvious. “Exchange trading is a game for the mind,” as one trader says. These kinds of games necessitate interaction with other participants; aside from luck, these games also address the elements of discipline, skills, and experience. Hence, they can be regarded as a link between metaphorical areas of gambling and sports.