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Business News/ Brand Stories / Different activities, similar approach: how cricket laws apply to Forex
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Different activities, similar approach: how cricket laws apply to Forex

At Octa, it is believed that cricket and Forex trading have many things in common despite the former being a team game and the latter—a strictly individual endeavour.

How cricket laws apply to ForexPremium
How cricket laws apply to Forex

The most popular cricket league on the planet, Indian Premier League or IPL is holding its 17th edition from 22 March to 26 May 2024. This franchise Twenty20 tournament boasts an audience of more than 400 million viewers worldwide, which makes it one of the most popular sports events on the planet. While anticipating the outcome of IPL 17, the experts at Octa, a globally recognised investing platform since 2011, cannot help but draw parallels between some distinctive aspects of this wonderful game and Forex trading. 

At Octa, it is believed that cricket and Forex trading have many things in common despite the former being a team game and the latter—a strictly individual endeavour. The prerequisites for success are very similar for both occupations, and the overwhelming popularity they both reached in the last couple of decades constitutes another common trait. Below, is the list of three more features that cricket and trading in the Forex market share with each other. This list, while being far from exhaustive, can help traders apply the specifics of cricket to their journey in the financial markets to achieve success.  

Keep an eye on changing conditions

High-class players usually have a detailed game plan before stepping on the cricket ground. As the game progresses, they adjust this plan based on new circumstances. Throughout the match, the ball's condition deteriorates, which can significantly impact the game as the swing changes and new tactical opportunities arise. On top of that, the opposition of bowlers and batsmen follows its own psychological narrative, with many highs and lows for each side.

In Forex, no prefabricated system is perfect either. Each time you see the market conditions veer from the projected course, you need to adjust your strategy—otherwise, you will be trying to hit the targets that are no longer in view. 

Develop your own style

Donald Bradman, an international Australian cricketer considered by many the greatest batsman of all time, once said: 'After a lifetime of watching and playing cricket, I believe that two ways I learned most about the game were by observation and experience.' At the early stages of Bradman's career, many cricket aficionados called his batting style unorthodox and unsound, but as his success continued year after year, their arguments were debunked. 

Bradman's success goes to show that while mastering the basics and learning from the best is crucial in a journey of skill development, sticking to your own ideas—provided that they deliver consistently—and believing in your hands-on experience is what makes for a distinguished career, in cricket or in Forex.  

Embrace the complexity

The Laws of Cricket, a code that specifies the rules of the game worldwide, contains a significant number of exceptions. For each cricket rule, at least one exception usually exists, if not more, even if most of them are often ignored in practice. On top of that, professional cricket has three main formats: Twenty20 internationals, one-day internationals, and test matches. With a different number of overs per side, each format has its own specifics in terms of strategy. These nuances may seem excessive to outsiders, but the more you watch the game and learn, the more absorbing this multifaceted sport becomes and the more exciting is the spectacle. In the case of cricket, the nuanced rules work admirably to establish a unique character of the game so many people enjoy.

In Forex, while the basics may seem straightforward, there is a huge wealth of details that any trader must master on their way to consistent profits. Knowing the trading patterns and economic laws behind them, understanding various strategies and being able to choose one that suits you best, and using technical analysis to your advantage—all these skills are understandable and attainable for a dedicated student.

Conclusion

To sum up, both Forex trading and cricket offer those involved a tremendous field of opportunity. Despite their not-so-obvious rules and patterns that may seem discouraging to newcomers, both activities can be enriching due to their challenging but comprehensible nature. The trading process can be emotionally satisfying and financially profitable to those who have mastered the market. Professional cricket, in turn, offers knowledgeable viewers an exciting and unpredictable spectacle, which is a reward on its own.

Octa is an international broker that has been providing online trading services worldwide since 2011. It offers commission-free access to financial markets and various services already utilised by clients from 180 countries who have opened more than 42 million trading accounts. Free educational webinars, articles, and analytical tools they provide help clients reach their investment goals.

The company is involved in a comprehensive network of charitable and humanitarian initiatives, including the improvement of educational infrastructure and short-notice relief projects supporting local communities.

Octa has also won more than 60 awards since its foundation, including the  ‘Best FX Broker India 2022’ award and the ‘Most Reliable Broker Asia 2023’ award from the World Finance and Global Forex Awards, respectively.

Disclaimer: This article is a promotional feature and does not have journalistic/editorial involvement of Hindustan Times. Hindustan Times does not endorse/subscribe to the content(s) of the article/advertisement and/or view(s) expressed herein and encourages you to follow the extant foreign exchange regulations.

Hindustan Times shall not in any manner, be responsible and/or liable in any manner whatsoever for all that is stated in the article and/or also with regard to the views, opinions, announcements, declarations, affirmations, etc., stated/featured in the same. The decision to read hereinafter is purely a matter of choice and shall be construed as an express undertaking/guarantee in favour of Hindustan Times of being absolved from any/ all potential legal action, or enforceable claims.

 

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Published: 13 Apr 2024, 04:23 PM IST
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